Unable to Pay For Your Home, Well in Florida You Have Rights

Ray Garcia

Written by

Real Estate Attorney - Miami, FL

Contributor Level 11

Posted almost 5 years ago. Applies to Florida, 2 helpful votes


If you are unable to pay your mortgage you have certain legal rights in Florida


Origination Problems

Since Florida has had a large number of fraudulent loans originated, when defending a foreclosure, it is imperative to review all of the documents that you have in your possession from your closing. There are various federal laws and state laws that require lenders to comply with in closing a home purchase, such as the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA) and the Florida Fair Lending Act. Furthermore, during the real estate boom, it became common practice for lenders to inflate the income of homeowners in the Uniform Residential Loan Application in order to qualify the borrower for a larger loan than he or she could afford. Additionally, lenders and brokers falsified the employment of the borrower and the assets titled to the borrower.Lenders in the State of Florida were notorious for this. Don't forget that in Fl


Securitization Problems

Many loans originated in the State of Florida, especially South Florida were pooled together and ultimately transferred to securitized trusts which then sold their individual interest to investors. During this process many notes were lost or transferred to securitized trusts that did not exist at the time of transfer, were never actually transferred or the transfer violated the rules of the trust. These issues create many defense for you in the foreclosure. Be cognizant of who is suing you because you may be able to properly defend your foreclosure through a skilled legal understanding of the various state and federal lending laws along with an understanding of how banks have transferred loans in recent years.

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