The net present value test helps decide if you qualify for a loan modification for a Florida property. Several factors are considered, which a Florida foreclosure attorney explains.

If you are finding it difficult to pay your mortgage or you are at risk of foreclosure, there may be a solution. A loan modification may be allowed.

Overview of a Loan Modification

A loan modification provides you the opportunity to work with your lender so that the terms of your mortgage loan are changed. This can be done on a temporary or permanent basis.

Changes generally affect your monthly payment, term, and rate. The idea is to get your mortgage down to 31% of your gross income.

To qualify, you must meet certain requirements. For instance, if the value of your home is lower than the balance left on your mortgage, you may qualify. Or you may qualify if you are showing signs of being in default.

Impact of the Net Present Value Test

A loan modification might sound like the perfect solution to your problem. However, you will first need to pass a test called the Net Value Present (NVP) test. If you fail, there is significantly less chance that a loan modification will be done.

The purpose of the test is to benefit the lender, as it will help determine what is more profitable for them in the long-term. It basically comes down to 2 choices: allowing your monthly mortgage payments to be lowered with a loan modification or allowing the possibility of a foreclosure by not doing a modification on your loan.

One of the risks to a lender is that even if they do modify your loan, there is still the potential for the house to go into foreclosure later on. If this is a reasonable possibility, which the NVP formula can help determine, you will fail the test.

However, this is not the only item factored into the NPV formula. While you can get a general idea on some of the components, you should also know that the exact formula is not something a homeowner will be made aware of.

Here are some of the factors that may influence the outcome of the NPV test:

• legal fees and other costs associated with foreclosure of the house;
• average number of months left before it is likely to go into default again;
• worth of the home a year from now;
• likelihood of the owner catching up on mortgage payments if a loan is not modified; and
• current worth of the home.

In addition, the Real Estate Owned (REO) discount will be considered. This is a formula used by the government which estimates the home’s value in a year if it went into foreclosure and the REO discount, which are values and probabilities that are not made known to homeowners.

As a borrower, you will not be provided any information on the formula used or the estimates on your home’s value. The lender will not share with you whether they think your house is at risk of being defaulted on again in the future.

You are basically at the mercy of the NPV test results. Pass, you can save your home. Fail the test and you may be at serious risk of losing it unless you retain an experienced Florida foreclosure lawyer.

The good news is that even if you do not pass the NPV test and your request for a loan modification is denied, you can re-apply again in the next quarter. Of course, you could always secure legal help from a Florida foreclosure attorney.

To learn more about your rights as a homeowner, contact an attorney at The Neustein Law Group, P.A. We serve residents of Miami-Dade County, Broward County, Palm Beach County, as well as surrounding counties throughout the state of Florida. If you are at risk of defaulting on your mortgage, there may be other options. Contact us today – 888-400-ATTY (2889) or 305-531-2545 (Direct).

There are a few tax implications involved in the foreclosure of a home. For help with your situation, seek assistance with your tax professional FIRST and then a Fort Lauderdale foreclosure attorney.

When you are facing a mortgage foreclosure in Florida, there are tax implications of which you should be aware. For investors or homeowners it could mean serious financial consequences, but there may be some relief available.

The Mortgage Forgiveness Debt Relief Act of 2007

This act passed by Congress can prevent tax consequences for certain owners whose homes are in foreclosure. Homeowners facing financial difficulty may find that alleviating this tax concern may help significantly.

In general, if you lost your home in foreclosure or through a short sale, the discharged amount is taxable income. There are some exceptions, however. For instance, it does not apply to a non-recourse loan, where a mortgage company’s only option is to repossess your home or use it as collateral.

Other exceptions include bankruptcy and insolvency. Insolvency is when the fair market value of your assets is less than the total of your debts. This is a bit more complicated, so you will likely require a professional to help figure out if this exception applies to you.

If you do not have a non-recourse loan, then your debt income is taxable. What’s more, if there are reportable earnings from the sale of your home, this may also be taxable.

Determining Income to be Reported Stemming from a Foreclosure

Discharge of indebtedness income (DOI) is generally reported to the IRS by the taxpayer. The lender will provide the appropriate form for this: Form 1099-C. As a taxpayer, whether or not you receive a 1099-C from the lender, you must disclose DOI to the IRS.

The first step is to figure out the cancellation of debt income. You will first submit the entire amount of your debt before the foreclosure. From Form 1099-C, box 7, you will submit the equitable market worth of your home. Subtract the value of your home from your debt before foreclosure. Generally the value that is determined with this formula is the same as what is found in the Form1099-C, box 2. This is your taxable income. If you meet one of the exceptions, you will submit it on Form 1040, line 21, Other Income.

The second step is to figure out the gain from the foreclosure by entering the equitable market worth of your foreclosed home. If this is a non-recourse loan, you will enter the debt amount before the foreclosure. You will then enter the modified basis in the home. This is generally the purchase price in addition to any costs for major home improvements. Now, subtract the modified basis of your home from the fair value of your home. This will show the gain from your home’s foreclosure.

There are exclusions that may apply and you definitely need to contact your tax professional since even the most experienced foreclosure lawyer is not licensed to give tax advice. For instance, if you owned the home and it was your primary home for at least 2 years during the 5 year period ending on your foreclosure date, you can eliminate a maximum of $250,000 from income.

If you file a joint return as a married couple, the amount excluded is $500,000. If your gain is greater than $250,000 or you do not qualify, you must reveal the taxable amount on Schedule D, Capital Gains and Losses.

The tax implications are just one complicated component a homeowner has to deal with when facing a foreclosure. A Fort Lauderdale foreclosure attorney may be able to help.

For assistance in determining if there are other options, contact an attorney at The Neustein Law Group, P.A. Our law firm serves residents of Miami-Dade County, Broward County, and Palm Beach County and other areas throughout Florida. We may be able to provide alternatives that prevent a foreclosure. Contact us today directly at (305)531-2545 (Direct) or 888-400-ATTY (2889) (Toll Free).

A mortgage-to-lease may be right for a home owner who is about to lose his or her home in Palm Beach County, Florida. There may be other options available, though.

The idea of losing your home may lead you to extreme stress and worry. But there may be other options such as a pilot program called mortgage-to-lease that is being offered to some Bank of America and Fannie Mae customers. You may also find a helping hand from an attorney at a Palm Beach County foreclosure law firm.

Overview of the Mortgage-to-Lease Program

Bank of America is one of the well-known banks discovered to be engaged in what is being called the ‘robo-signing scandal’. This involved banks signing off on foreclosures without properly analyzing them. As a result, some owners may have unnecessarily lost their homes. Perhaps as a way to make good on their mess, the mortgage-to-lease program was designed. It could potentially help thousands of owners save their homes.

The way it works is the owner will transfer the title of their home to the bank. In turn, their mortgage debt is erased. The owner then becomes a renter. They can rent their home for as long as 3 years. The rental market rate would be at or below the mortgage rate. Eventually, it may even allow the now-renter to buy back their house.

This could lift a huge financial burden, as the renter would be paying less each month than when they were paying their mortgage. In addition, they will not be responsible for homeowners insurance or property taxes.

To participate in this program, here are some of the requirements:

• earn enough income to pay the monthly rent;
• Bank of America must own the mortgage;
• must remain as occupants in the house;
• mortgage must be at least 60 days past due;
• there cannot be a second mortgage on the home;
• attempts have been made on other loan modifications; and
• house is at high risk of foreclosure.

The idea is that the program could eventually help stabilize housing prices in neighborhoods with several houses for sale due of foreclosure. When certain areas have a high rate of foreclosures, it makes selling a home any other way difficult.

Meanwhile, foreclosure activity in this nation has been ramping up. Some believe it is the result of pending foreclosure cases from 2011 now moving forward. And with Florida being one of the highest ranking states dealing with this issue, the idea of a mortgage-to-lease might sound like a great option for you.

The problem is that Florida is not one of the states in the pilot program. It is currently being offered to homeowners in New York, Nevada, and Arizona. However, if it is successful, it might eventually benefit home owners in Florida, including Miami-Dade County, Broward County and Palm Beach.

Of course, it is hard to say if a mortgage-to-lease would be right for you. There may be other options if you are facing a possible foreclosure on your home.

There may seem to be no way out when you are buried in debt, without a job, and at risk of losing your home. If you have not made your mortgage payments in 3 months, you may be facing foreclosure. However, a Palm Beach County foreclosure law firm may be able to help.

The best way to learn about your rights as a homeowner is to speak with an attorney at The Neustein Law Group, P.A. Our law firm serves not only residents of the Miami-Dade County, Broward County, and Palm Beach County, but residents in counties throughout Florida. We may be able to delay your foreclosure or even stop it. Before you give up, give us a chance to fight for you. Contact us today – 561-235-0700 (Boca Raton Office), 561-232-3788 (West Palm Beach Office), 305-531-2545 (Miami Beach Headquarters) or 888-400-ATTY (2889) (Toll Free).

When you are facing foreclosure, you may consider alternative measures such as bankruptcy or loss mitigation. It is important to understand the differences in evaluating which option might be best for you. If you need legal assistance, a Broward County foreclosure attorney can help.

Overview of Bankruptcy

The decision to file for bankruptcy is a serious one. Before taking the plunge, it is important to understand how it can impact your future.

There are 2 types of bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, all or part of your debt may be completely erased. There is also the risk that your personal property may be sold in order to pay back creditors.

One of the benefits of a Chapter 7 bankruptcy is something called automatic stay. This will stop most of your creditors from collecting what is still owed to them, at least on a temporary basis. This gives you time to protect your home, your bank account, and your wages from being garnished. However, this protection only lasts so long. More importantly, the filing of a bankruptcy should be the absolute last thing you should do (chronologically). It is much more important to defend the foreclosure on the merits of the case prior to filing for bankruptcy. If time is what you need to arrange for a loan modification, arrange a short sale, or figure out your next move, this will give you the most.

At the same time, you are essentially handing over your property to a bankruptcy court, which means you cannot sell your property without permission. There may be a few exceptions that an attorney can explain in further detail.

Chapter 13 bankruptcy is more like a repayment plan in which you pay off some or all of your debts over a period of time. The timeframe will depend on how much you owe as well as your income.

This can be a good option if you are at risk of foreclosure. It may allow you the opportunity to pay your mortgage or make up late payments over a certain period of time. The automatic stay can be helpful here in that your foreclosure process may be stopped until a plan is put in place. However, there is no guarantee that you will be allowed the chance to participate in a repayment plan.

While these are ways to potentially save your house, there are bankruptcy alternatives that may be better. One example is loss mitigation.

An Overview of Loss Mitigation

Loss mitigation may allow a variety of options that can help homeowners save their house. This can be done through various options such as loan modification, forbearance, or refinancing.

If it is found that the mortgage just can’t be managed, then a deed in lieu or short sale might be the way to get rid of mortgage debt. Of course, this also means losing the home.

One of the potential problems with loss mitigation is that unless something drastically changes in the homeowner’s income, they are likely to face foreclosure again. So it may just delay the inevitable.

And with the options of a short sale or deed in lieu, it does not necessarily help if there is a second mortgage on the house or if there are other serious debt issues at play.

Contacting a Broward County Foreclosure Attorney

Deciding whether to file for bankruptcy or to pursue loss mitigation can be a complicated decision to make. There are pros and cons to both options of which a typical homeowner may not be aware. It may be in your best interest to discuss your current financial situation with a Broward County foreclosure attorney to determine what option is best for you in your current situation. Most of the time we advise our clients that filing a Bankruptcy is the last thing you should do chronologically after you have exhausted all other alternatives.

The attorneys at The Neustein Law Group, P.A. serve residents of Miami-Dade County, Broward County and Palm Beach County and a number of other counties throughout the State of Florida. If you are at risk of losing your home and are in serious financial debt, there may be a way to save your home and improve your financial situation and avoid Bankruptcy in many instances. Contact us today – 954-606-0747 (Ft Lauderdale Office), 305-531-2545 (Headquarters) or 888-400-ATTY (2889) (Toll Free).

While 2010 saw a record number of foreclosures across the nation, the current wave of foreclosures is leaving many to wonder why this is happening. In fact, 2011 saw a drop in foreclosures, leading some to believe it was nearing the end. Yet many homeowners do not realize why this is and how it is leading to an increase in 2012.

Increase in Foreclosures in South Florida

In 2010, there were 1.05 million homes foreclosed upon. At that time, Florida was among the top 3 states dealing with this epidemic with more than half of all the country’s foreclosures.

Unfortunately, things haven’t gotten much better for the state of Florida. In fact, foreclosures in South Florida continue to be an ongoing problem, with much of it stemming from the robo-signing scandal. If you are struggling to save your home, you should explore your options with a Fort Lauderdale foreclosure attorney. The robo-signing scandal involved a number of big-name banks signing off on affidavits that allowed lenders to move forward with mortgage foreclosures. Yet these documents were being signed without anyone taking the time to verify the information and that the foreclosure actions the lender was seeking were valid. In addition, many of these robo-signer signatures are forgeries of the alleged affiant and/or the notary.
Once this was discovered in 2011, the foreclosure process drastically slowed, but it wasn’t due to housing market improvements. It was because of investigations being launched into what has become known as the robo-signing scandal. As a result, pending foreclosure cases have been waiting for extended periods of time to go through. So it wasn’t that 2011 experienced an improvement in foreclosure activity but that it was pushed off into the year 2012.

This explains much of the new wave of foreclosures hitting South Florida. Palm Beach, Miami-Dade and Broward Counties are ranked 3rd in potential cases involving the robo-signing scandal. Floridians are dealing with a serious crisis that could take a long time to work through. In addition, there are thousands of foreclosure cases being filed. Home sales continue to drop, jobs are scarce and families are finding it difficult to make their mortgage payments. With this combination, it is no small wonder that there has been a significant jump in mortgage foreclosures.

In fact, some experts say that nearly 1 million homes should have been foreclosed on in the year 2011. Because of the suspicious activity and ensuing investigations, these cases have been moved into the current year. There are many who don’t see an end in sight, at least not for a few years. And there are even some who predict that 2012 will end up being worse than the record number of foreclosures experienced in 2010. Meanwhile, investigations into the robo-signing scandal have led to new practices and ways to resolve it. Yet implementing these procedures will only further delay the process of seeing these foreclosures through.

Contacting a Fort Lauderdale Foreclosure Attorney

Floridians shouldn’t let their guard down. The mortgage crisis continues to be a serious issue. It is also one that continues to grow. This may leave you wondering what legal options may be available if you are facing the loss of your home. The team of foreclosure attorneys at The Neustein Law Group, P.A. serves residents of the Miami-Dade County, Broward County, Palm Beach County and other counties throughout the state of Florida.

You would benefit from seeking help from a Fort Lauderdale foreclosure attorney. Whether you are facing a legitimate foreclosure on your home and are looking for a way to save it, or if you were the victim of the robo-signing scandal, there may be alternatives available. To learn if an attorney can help if you are facing the loss of your home, contact us today – (954)606-0747 (Fort Lauderdale), (888)400-ATTY (2889) (Toll Free) or (305)531-2545 (Miami HQ).

Fort Lauderdale Bankruptcy Attorney Explains Long-Term Effects of Defaulting on a Student Loan.

There are many long-term effects of defaulting on a student loan. A Fort Lauderdale bankruptcy lawyer in Broward County explains how it can It can have a serious impact on your future.

Defaulting on a Student Loan

Neglecting the payments on your student loan or ignoring the lenders who call you can result in default. This can occur anywhere between 270 and 360 days of nonpayment.

You may feel like you have a good reason for defaulting on your loan. It could be that you are unable to find a job in the field you studied, or any job for that matter. It may be that you never finished school.

Some individuals mistakenly believe that later on they can file for bankruptcy and get rid of their student loan debt that way. However, it has become nearly impossible to erase student loan debt through bankruptcy.

That’s because there are strict requirements that must be met. Even if you do manage to meet these requirements, which isn’t very likely, you will still end up having to pay off at least some of your loan.

No matter what your reason may be or how you think you can eventually see your loan discharged, you cannot walk away from a student loan. If you decide to, there are long-term consequences you will face.

Long-Term Effects on a Student Loan Default

Here are some of the potential long-term effects of defaulting on a student loan:

• unable to join the Armed Forces;

• collection agency may take over your loan;

• if you hold a professional license, you may not be able to renew it;

• could be responsible for additional costs in the attempt to collect on your loan, such as attorney fees and court costs;

• denial of subsidized interest benefits;

• lawsuit may be filed against you;

• ineligible for deferments;

• wage garnishment;

• additional federal financial aid won’t be given until loan is repaid or some type of arrangement is made to pay in installments;

• state and federal income tax refunds could be confiscated; and

• if you receive Social Security disability benefit payments, these may be withheld.

In the end, you could not only face these consequences but you will still owe the money.Alternatives to Defaulting on a Student Loan

The good news is that there are alternatives. If you absolutely cannot pay your loan off, you may be able to defer payment. For a set period of time, the principal payment of your loan can be postponed.

Another alternative is forbearance. Your payments may be reduced or postponed, however the interest charges will continue to grow. You aren’t automatically guaranteed either of these options. However, it may be worth looking into and is certainly a better way of handling your student loan debt than defaulting on it.

Contacting a Fort Lauderdale Bankruptcy Attorney

When you owe money, there is the possibility of it being discharged through bankruptcy. The team of bankruptcy attorneys at the Neustein Law Group, P.A. serves residents of the Miami-Dade County, Broward County, Palm Beach County and other areas throughout the state of Florida.

A Broward County Bankruptcy attorney can help you determine if bankruptcy is for you. They may even be able to help avoid the necessity of filing for bankruptcy. To learn how an attorney may be able to help you in your dire financial situation, contact us today: (954)-606-0747 (Broward Office), 888-400-ATTY (2889) (Toll Free) or 305-531-2545 (Direct Headquarters).

A misconception that people have when they decide to walk away from a mortgage in Fort Lauderdale is that they won’t have any more debt. Avoid these other mistakes of a strategic default.

With the housing market continuing to struggle, some homeowners who are desperate to sell their home have made the decision to walk away from their mortgage also known as a strategic default. Or it may be that paying a mortgage seems senseless if the house is worth less than the amount owed. In most circumstances, walking away from a mortgage (also known as strategic default) is not the best option. Before you decide to take this step, call an attorney to discuss possible alternatives available to you as a resident of Fort Lauderdale, Broward County, South Florida.

Mistakes Made When Walking Away from a Mortgage

One of the biggest mistakes homeowners make when walking away from a mortgage is assuming they will not be responsible for the monies owed. In fact, the very thing you were trying to escape could come back to haunt you.

Let’s say the value of your house is $20,000 less than what you still owe on it. It may seem to make financial sense to just walk away. But if the lender ends up selling your home for less than the market value, the money they lose could be your responsibility and you will be contacted to pay for it.

Walking away does not necessarily mean you have eliminated debt. At the very least, it may mean you have just delayed what you owe.

Another mistake that people make is assuming the lender will not work with them. Some effort should be made to work with the bank, servicer or mortgage company. Remember that they do not want to get stuck with a house that can’t sell.

You should be aware of the alternatives they may offer you, such as a loan modification, a short sale, deed in lieu of foreclosure, In Rem Judgment (no Liability) or a consent final judgment with no deficiency (no liability) . A planned foreclosure, rather than just walking away, could be another option and a better one at that. Assuming your goal is to do the responsible thing and offer the property back to the bank, there is a proper way to do it. Many times, your requests to the bank, mortgage company, or servicer fall on deaf ears. Many times, you need to beat the bank in court a few times before they ultimately agree to waive personal liability and agree to one of the settlement options such as deed in lieu of foreclosure, In Rem Judgment with no deficiency, or Short Sale. You may be able to achieve the best of both worlds; keep the property for several months while waiting for the bank to accept your foreclosure lawyer;’s settlement offers while you collect rent or continue to live in your home and ultimately get paid (Cash for keys) up to $30,000.

You have to be willing to take the necessary steps to explain your situation and determine if there is a way to work it out. You might be surprised to find there is a workable solution that makes everyone happy.

Failing to consider the impact walking away could have on your credit is another mistake that people make. In fact, you may be thinking that the answer to your problems is to rent something instead of owning a piece of property. But when your credit score drops, as it certainly will if you default on your loan, it could impact your ability to rent later on, let alone your ability to purchase another house in the near future or if you need a loan for something else. In the short-term it might not matter what your credit score is. But long-term it could be a huge financial nightmare for you and your family.

Another mistake made by people when they are considering walking away from their mortgage is not seeking legal counsel. An attorney can present other options that may preserve your credit and your financial security. It is always best to explore your options first.

Contacting a Fort Lauderdale Foreclosure Attorney

There are consequences when an individual makes the choice to walk away from their mortgage (strategic default). Most people have other options available that they either do not know about or incorrectly assume will not work for them. Never make assumptions about something that can severely impact your future.

The best thing you can do is contact a Fort Lauderdale foreclosure attorney. A lawyer can explain alternatives that may better your financial situation or allow a planned foreclosure if it is absolutely necessary. By going about this the right way with legal counsel on your side, you are protecting your future. An attorney may even be able to work with your lender.

The attorneys at The Neustein Law Group, P.A. serve residents of Miami-Dade County, Broward County, and Palm Beach County, as well as other counties throughout Florida. When you are feeling desperate to find a way out of your financial mess, consulting with an attorney can help you do it in a way that is best for you and your family. Contact us today: 954-606-0747 (Ft Lauderdale Office), 305-531-2545 (Headquarters), 888-400-ATTY (2889) (Toll Free).

How the Mortgages and Foreclosure Investigation Settlement Will Benefit Floridians

A recent settlement of $32 billion in total dollar value and $25 billion in credits will provide some benefit to Floridians. The state is expecting to receive $8 billion in total dollar value and at least $4 billion in credits. This stems from the shaky mortgage practices of 5 large banks in our nation. Victims of foreclosures in Fort Lauderdale, Miami-Dade, Palm Beach and other areas throughout Florida that were part of the robo-signing scandal may find some financial relief.

Benefits of Settlement to Florida homeowners

The state of Florida was one of the hardest hit in the robo-signing scandal. This involved the practice of banks signing off on foreclosures without having all of the paperwork in order.

It means that some foreclosures may have been illegally done, and other ones may not have even been necessary. This has resulted in the loss of thousands of homes and investment properties. If you have reason to believe that you were a victim, speak with a Fort Lauderdale mortgage foreclosure attorney to get a thorough understanding of your rights.

One of the benefits for Floridians is that they have a guaranteed $4 billion settlement from 3 of the involved banks. Florida is 1 of just 2 states that have been able to negotiate this. If the banks fail to follow through on this particular settlement, they will face serious penalties.

At least $3.1 billion of the settlement is allotted for Florida homeowners who are in serious financial trouble. It will allow for loan modifications that may include money in forbearance being forgiven, principal loan balances being reduced and the provision of other types of loss mitigation.

About $334 million of the settlement will help fund foreclosure and other housing-related prevention programs. Taking steps to make sure a problem of this magnitude never happens in Florida again is vital.

In order to provide some financial help to those Floridians whose principal balance is greater than the market value of their home, $309 million is allotted. However, there are requirements that must be met in order to qualify.

Homeowners will be eligible for refinancing only if:

• their interest rate is higher than 5.25%;

• the value of their loan is greater than the market value; and

• mortgage payments are current.

Those who are eligible should expect to receive something in the mail about the program, or you can contact your bank.Another benefit is that about $171 million will be available to Floridians whose homes have been lost through foreclosure. It is intended to provide partial compensation for the loss suffered.

Payments will range between $1,800 and $2,000. There are qualifications that must be met, such as the homeowner’s loan must have been with one of the 5 banks included in the settlement. It will require an application to be filled out, and you must go through a screening process.

The good news is that even if you qualify, you may still be entitled to additional compensation through the ongoing Office of the Comptroller of the Currency review process. Depending on the circumstances, any settlement reached through this may be reduced by the amount you received as partial compensation.

Contacting a Fort Lauderdale Mortgage Foreclosure Attorney

If your home was foreclosed on due to the fraudulent practices of the banks involved in the settlement, or if you are facing a foreclosure now and would like to know if you are able to save your home or investment property, contact a Fort Lauderdale mortgage foreclosure attorney as soon as possible.

An attorney at The Neustein Law Group, P.A. may be able to help. We serve residents of Miami-Dade County, Broward County, Palm Beach County and other areas throughout the state of Florida. For a better understanding of your rights and how the settlement in Florida may specifically impact you, contact us today – (954)-606-0747 (Fort Lauderdale) , (888)400-ATTY (2889) (Toll Free) or (305)531-2545 (Direct).

A Common Thread between Foreclosures and Hurricanes in South Florida

Impact of Hurricane Season on Foreclosed Homes in South Florida

Of all the country, Florida experienced the second most foreclosures in 2011. There was a slight decline in home foreclosures compared to 2010, although that may be the result of investigations launched against banks accused of shaky mortgage practices.

Those investigations slowed home foreclosure cases, but many of them are expected to be restarted in 2012, making an increase in Florida possible.

At the same time, there are already thousands of homes that have been left vacant due to foreclosure, putting these houses and others around them at higher risk when hurricane season arrives. It is unlikely that lenders will be making trips out to these homes in order to ensure they are boarded up and otherwise protected.

In 2010, Miami-Dade County took measures to address this situation. Not only is an unprotected home a risk for blowing debris, but when the home is damaged it could drive down the value of other houses in the area.

A Foreclosure Registry was created where the lending company or bank is responsible for registering the foreclosed house with the Building and Neighborhood Compliance Department. It must be done within 30 days of the foreclosure notice.

When the house is registered, the lender, mortgage company, or bank is responsible for its upkeep. So one of the first things that happens is an inspector is sent to determine if any immediate repairs are needed. If repairs are required, the bank or lender will receive a bill for the work. Otherwise, repairs that are not urgent are the responsibility of the bank or lender. They will have a certain time frames in which to make them.

This is also intended to deal with the aftereffects of a hurricane should one strike and damage a foreclosed house. Despite the good intentions, many homeowners who live nearby these vacant houses note that the repairs take too long to be completed.

Some say it can take as long as 3 months. On the other hand, Miami-Dade County has made some effort. Other counties, such as Broward, do not have a program of this nature in place, so many of the homes are not properly secured before a hurricane nor are they cleaned up afterwards.

Seeking Help from a Fort Lauderdale Foreclosure Lawyer

While some homeowners’ biggest worry is preparing for the hurricane season, as important as that is, others are struggling to save their homes from foreclosure. If you are at risk of losing your house, you’re probably interested in your legal options.

The best way to educate yourself of your rights is to seek help from a foreclosure lawyer in Fort Lauderdale who has experience handling foreclosure actions. You may not have to lose your home or investment property. Do not delay, as time may be of the essence. By acting now you may delay or prevent the foreclosure from taking place.

If you are behind on your mortgage, contact the team of foreclosure lawyers at The Neustein Law Group, P.A. Our law firm serves residents of Miami-Dade County, Broward County, Palm Beach County, and other counties throughout Florida. If you have been struggling financially and are looking to save your home or investment property, act now. Don’t assume that there is nothing you can do. To learn more about how we may be able to help you, contact us today – (954) 606-0747 (Fort Lauderdale Office), (305) 531-2545 (Miami Beach HQ) or (888) 400-ATTY(2889) (Toll Free).

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