New rules, faster foreclosures, make hiring a Miami foreclosure attorney a critical step in protecting your rights

Fewer South Florida homes are entering foreclosure and new rules aimed at speeding the foreclosure process make hiring a Miami foreclosure defense lawyer more important than ever when it comes to protecting your rights as a homeowner.

Hiring a Miami foreclosure defense attorney is critical for homeowners looking to get out of foreclosure in Miami. Courts are changing the mediation process and banks are taking other steps to streamline the process to better protect themselves against loss, the Miami Herald reported. Homeowners may face more scrutiny of their finances and a shorter-foreclosure process. Until now, the lengthy foreclosure process has allowed some homeowners to remain in their homes for months, or even years, without making payments.
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Online auctions, mandatory mediation and the hiring of retired judges to focus on foreclosure cases, are all speeding up the process. New measures, including an upcoming Fannie Mae program, are also designed to shorten the length of time required to process a foreclosure.

New rules handed down by the Supreme Court require borrowers to receive financial counseling and provide full disclosure documentation 30 days before mediation. At mediation, lenders must have a representative present with the authority to settle a case. Experts believe the process could reduce the court’s foreclosure caseload by half.

Forced mediation and financial disclosures could also increase the risk for homeowners who have made a decision to walk away from their mortgage — sometimes called strategic default. A Miami foreclosure lawyer will be in the best position to help protect your legal rights and the financial well-being of you and your family.

Broward and Miami-Dade have also moved to an online auction of foreclosed properties. The systems have sped up the process of selling bank-owned real estate, which previously required three weekly auctions in the courthouse lobby. Miami-Dade is now auctioning about 1,000 properties a week with about 20,000 in the sales queue.

Flood of South Florida foreclosures starting to recede – 06-27-2010 – MiamiHerald.com.pdf

If you are trying to stop foreclosure in Miami or need advice on how best to deal with a pending foreclosure, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.