Tag: Facing Foreclosure

Recently, the Florida Supreme Court ruled that lenders can refile foreclosure cases against homeowners who are still in default, even if the case was initiated more than five years ago (i.e. past the statute of limitations). This effectively now gives banks in the state the right to bring cases back to life, meaning that delinquent Florida homeowners may now be getting foreclosure notices after years of delay (more than five years). This latest ruling effectively provides the lenders with as much leeway as they need to start foreclosure proceedings all over again, but it’s important to note that there are caveats to the ruling in terms of foreclosure defense.

What the New Foreclosure Ruling Means

This ruling has left many homeowners concerned, as some experts have indicated that this could allow the banks to resolve open foreclosures and place more and more homes up for sale. In general, when homeowners stop making payments, many of them hope to get their mortgage modified. However, lenders have the option of, instead, filing a foreclosure action.