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If you are facing foreclosure in Florida, you might be feeling overwhelmed and wondering what to do next. The Florida foreclosure attorneys at Loan Lawyers can help you understand your options and establish a strong legal strategy to defend your mortgage rights and home. To learn more about your homeowner rights in foreclosure, contact Loan Lawyers today for a free consultation.
Breach Letter
During the pre-foreclosure stage in Florida, your lender must send you a notice known as a breach letter. This notice is meant to inform you that you are past due on your mortgage payments and the lender will begin foreclosure if you don’t correct the default. Breach letters should also contain information about your various options for avoiding foreclosure.
Notice of the Foreclosure
Homeowners in Florida are also entitled to notice of a pending foreclosure if they cannot correct the default. Florida is a judicial foreclosure state, which means lenders must get court approval before beginning foreclosure proceedings. If your lender gets approval from the court for judicial foreclosure, your notice should come in the form of an official complaint and court summons in the mail.
After your lender starts a judicial foreclosure in Florida, you have 20 days to file a response in court. If you do not respond by the deadline, your lender might ask the court to grant a default judgment. A default judgment would allow your lender to proceed with the foreclosure of your home.
Reinstating Your Mortgage
Most Florida home mortgages have conditions allowing borrowers to reinstate their mortgages. This lets borrowers stop foreclosure by paying off all past-due amounts and fees. Many mortgage contracts allow borrowers to reinstate their mortgages until a specific deadline, usually when the court renders a judgment.
After a successful reinstatement, the lender stops foreclosure proceedings. The borrower then resumes their regular mortgage payments.
Redeeming Your Home
Another way to save your home from foreclosure is by redeeming the property, which is different from reinstating a mortgage. When you redeem a home, you must pay off the entire mortgage and any late fees or interest you owe your lender.
As you might imagine, few homeowners who default on their mortgages have the financial ability to pay off their debts all at once. If redeeming your home is an option, remember that you must redeem the home before your court-ordered foreclosure redemption period expires or your lender files a certificate of sale.
Contact the Foreclosure Defense Attorneys at Loan Lawyers
You shouldn’t have to defend your homeowner rights on your own. If you want to challenge your foreclosure, contact our Florida foreclosure defense lawyers at Loan Lawyers today. Our Fort Lauderdale foreclosure defense lawyer can address your concerns and review your case for free when you contact us for an initial consultation session.
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Loan Lawyers is made up of experienced consumer rights attorneys who use every available resource to develop comprehensive debt solution strategies. Our goal is to take on those burdens, resolve those problems, and allow our clients to sleep soundly knowing they are on the path to a better future.
