Foreclosure Lags Hold Up More Than Just Homes

February 19, 2012
By David Goldman on February 19, 2012 8:04 AM |

Jacksonville Foreclosure Defense TeamAn interesting by-product of "waiting in the wing" is the tendency for other areas of life to be affected. The Florida foreclosure backlogs have people doing just that - waiting - and it is beginning to take a negative toll on many homeowners. Recently, attorneys in Florida have noted how the foreclosure process has affected clients in other ways, such as those looking to discharge their debts in bankruptcy.

Some clients in Florida can have their debts discharged in bankruptcy fairly quickly. But many are finding their financial lives still on hold when a home is pending in foreclosure... a process that can take up to 3 years in Florida. By that time, the clients may have paid off past debts and repaired their credit. Even so, with the foreclosure still pending, it remains difficult to secure financing from a lender. For example, if the client wants to purchase a new home, many banks will not lend to borrowers who have a foreclosure judgment on record within the past 36-months.

Until Florida's foreclosure procedure is cleaned up, banks are reluctant to file more foreclosures to add to the 368,000 still pending. As a homeowner, you can avoid the effects of "waiting" for a foreclosure judgment by taking action. Call a Jacksonville Foreclosure Defense Attorney and schedule a consultation to see what options are available to you. Many times these consultations are free. Navigating the harsh waters of a Florida foreclosure can be made easier by enlisting the help of Jacksonville Foreclosure Defense Attorney early on in the process.