Foreclosure defense buys homeowners time
Homeowners facing foreclosure are hiring lawyers to defend them in court against their lenders, during which time they can stay in their homes without paying a cent.
As foreclosures continue to mount, borrowers who have run out of options are turning to attorneys to fight back — and they’re living mortgage-free for months in the process.
Although the chances of ultimately keeping a foreclosed home are slim, for $1,500 to $3,000 some lawyers are offering to defend borrowers in court, causing the wheels of justice to turn more slowly.
Duking it out can add months and sometimes years to a foreclosure process that in Florida already takes an average of seven months to complete. Homeowners can use the extra time to save for a move, sell the house or mull other options.