Upcoming Foreclosures

Foreclosure questions?

I live in Florida and I just received a summons from my mortgage company and it says I have 20 days to respond. Does anyone know the process of foreclosure and can I still save my house with a loan modification? My bank isn't open today and I have so many questions if anyone know anything about the law here in Florida or the time I have I would really appreciate the feedback. Also I heard something about filing for bankruptcy would help???

Public Comments

1. You should take a simple letter down to the court house stating that you are aware of the summons and that you are trying to work it out. they can (but dont always) speed up the foreclosure process if you do not file that. you will have 3 months until a motion for final summary judgement is filed. that is the amount that the bank will ask for at the actual foreclosure. right now it takes another 30 days for the final summary to be set. Once the final summary is set it is another 30 days until the foreclosure. in essence you are looking at 5 months before foreclosure. you can still negotiate with your bank yourself. call them up they have a special dept just for that. the bank can streamline a loan modification for you. they will usually ask for a 2-3 months worth of mortgage payments up front as an act of good will. i have heard of people waiting a couple months to save up some extra cash before calling the bank. just be careful if you do anything like that to not wait too long. the bank needs 2 weeks to do their paperwork.