Are you a Florida homeowner who has fallen behind on your mortgage payments? Are you afraid that you could lose your home in the foreclosure process? If so, it’s time to stop worrying. With the help of an experienced Florida foreclosure defense lawyer, you can take immediate steps to protect your home.
At Loan Lawyers, we know you want a financially secure future for you and your family. We are an experienced total debt solution law firm with a proven track record of success. We can work with you to explore all your options.
Here, we provide a comprehensive guide to protecting your home when you face the threat of foreclosure so you can fully understand your rights. To discuss the specific facts of your case, contact us today for a free consultation with a foreclosure defense attorney and learn more about saving your home, regaining your financial stability, and restoring your peace of mind.
Foreclosure in Florida: What You Need to Know
The foreclosure process begins when you receive a notice of default. Typically, this happens when you fall 90 days behind on mortgage payments. You will then have 120 days to reach an agreement with the lender to make up your missed payments or negotiate some other resolution that allows you to avoid foreclosure.
However, suppose you cannot reach an agreement during this period. In that case, the lender can initiate the foreclosure by filing a lawsuit that seeks a court order authorizing the sale of your home. From there, you typically get 20 days to file an answer. If you file no answer, the court can issue a default judgment that allows the sale to go forward. A court can also order the sale of your home if you file an answer and contest the lawsuit but the challenge is unsuccessful.
If the court rules against you, the lender can sell your home at an auction. It typically occurs within 20 to 35 days after the judgment is entered. Before the auction, the lender must publish a notice of the foreclosure sale for two consecutive weeks, with the second notice published at least five days before the auction date.
If the home is sold at auction for less than the amount of the mortgage, the lender can seek a deficiency judgment to collect the remaining amount. If the winning bid exceeds the amount owed, you would be entitled to those additional proceeds.
After a certificate of sale is filed, you will have 10 days to redeem your property by paying the full amount of the winning bid at the auction. However, after those 10 days, the sale must be certified, and a certificate of sale must be issued to the buyer. Shortly after that, you should expect to receive an eviction notice requiring you to leave the home, as you will no longer have a legal right to continue living there.
How to Stop Foreclosure in Florida: Your Options
Losing your home can be a nightmare. But it doesn’t have to happen. Even if you have received a notice of default, you may be able to avoid foreclosure and stay in your home. How can you stop a foreclosure? Here are some options to consider:
- Forbearance
For many Florida homeowners, this is the first option to consider. It involves negotiating with your lender to halt foreclosure for some time while you work on a resolution, such as a loan modification.
- Loan Modification
A lender may be willing to adjust the terms of your mortgage if you can no longer manage payments under its current terms due to difficulties such as the loss of your job or the need to make medical payments. Typically, the lender will cut your interest rate or extend the length of the loan, which will result in lower monthly payments.
- Refinancing Your Mortgage
Like a loan modification, refinancing can allow you to stay in your home by adjusting your monthly payments. Typically, the lender will add your missed payments to the total amount owed to arrive at the monthly amount. However, to refinance your mortgage, you will usually need to have equity in your home or a substantial difference between its current market value and the mortgage debt owed.
- Filing for Bankruptcy
If your home is your “homestead,” or primary residence, it is a protected asset if you file either a Chapter 7 or Chapter 13 bankruptcy. In fact, by filing a bankruptcy petition, you can obtain an automatic stay of foreclosure proceedings. However, filing for bankruptcy can have many other consequences. You should consult an experienced bankruptcy lawyer before pursuing this option.
- Foreclosure Defense
If you challenge the lawsuit, you may have several defenses available to you. For instance, the party seeking foreclosure may be a party who cannot prove that it owns the mortgage, or it may have initiated the foreclosure after the statute of limitations has passed. In some cases, a foreclosure can be halted by showing that the lender engaged in unfair or predatory lending practices. It will be crucial to work with an attorney who understands Florida foreclosure laws, has experience in foreclosure litigation, and knows how to fight foreclosure and win.
- Deed in Lieu of Foreclosure
Although it will not allow you to stay in your home, you can avoid the possibility of owing a substantial amount in a deficiency judgment by simply handing over the deed to your home to the lender in exchange for the lender agreeing to forego collection of the remaining debt that you owe.
- Selling Your Home
You could also choose to sell your home in a straight sale or short sale. In a straight sale, you put the home on the market on your own and use the proceeds to pay off the mortgage. In a short sale, the lender finds a buyer. However, the lender could still seek a deficiency judgment if the sale price falls short of the amount owed.
How Loan Lawyers Can Help You Stop Foreclosure in Florida
At Loan Lawyers, we believe in providing our clients with exceptional legal representation at an affordable price. We handle most consumer cases on a contingency fee basis (meaning we only get paid if we win), and all other matters are handled at substantially reduced rates with reasonable payment plans. You can count on us to:
- Provide a free, no-obligation half-hour confidential consultation to go over your foreclosure issues and answer any questions you have about the process.
- Listen to you and discuss realistic options to help you save your home and get out of debt.
- Give you a road map of what to expect and get you started on your path towards saving your home and getting out of debt.
When you work with Loan Lawyers, you will be treated with respect, dignity, and kindness. We will always put your interests first and advise you and your family based on your individual situation and needs. You will always be able to speak to your attorney or support team, and all your phone calls will promptly be returned within 24 hours. Additionally, all costs and expenses will be disclosed upfront. You will never face any additional or hidden charges.
Contact Our Florida Foreclosure Defense Attorneys Today
If you have missed your mortgage payments or if you have already received a notice of default, you can turn to Loan Lawyers to provide the comprehensive and compassionate legal help you need. Contact us today to schedule a free consultation to speak with a member of our legal team about your rights and options and learn more about how we can help you reach the peace of mind you deserve.
