Floridians Deal With Nation's Highest Foreclosure Rate

Time Magazine's recent story entitled Where are All the Foreclosure Lawyers? reveals to the country what many Florida residents already know – Florida's foreclosure laws are convoluted and confusing and most struggling homeowners cannot afford representation to mount a defense.

Because there is generally no financial aid for homeowners facing foreclosure, many mortgagees are unable to defend their homes from bank actions.  Chapter 13 bankruptcy can stop a foreclosure, but it ought not be a homeowner's only recourse.

Mortgage modification programs, loudly touted by mortgage industry lobbyists fighting legislation in Congress that would allow bankruptcy judges to modify the terms of a mortgage in a bankruptcy, have done little to stem the tide of foreclosures.  Time notes that the Boston-based National Consumer Law Center reported that many large banks and other mortgage servicers have decided it's cheaper to foreclose than to offer more affordable loan terms.

Because foreclosure in Florida requires court involvement, it is always in your best interest to seek legal counsel to discuss your options. Consumer firms like Clark & Washington offer no-cost consultations, while firms that specialize in foreclosure defense may charge a nominal fee. Either way, do not assume that you have no choices and do not wait until the last minute before acting.