If you have fallen behind on your mortgage payments, there is a process that the lender must go through that allows you some time and breathing room before they can formally move through the foreclosure process. Do not assume that the pre-foreclosure process is just time that must pass before the inevitable happens. You can be proactive during this time and potentially reach an accommodation with the lender that allows you to keep your home. You should also monitor the lender’s actions to verify that they follow the law.
You should hire an experienced Florida foreclosure defense lawyer from Consumer Law Attorneys during this time to learn more about pre-foreclosure and potentially fight to keep your home.
What Is the Pre-Foreclosure Process?
Florida law does not allow a lender to foreclose on your home as soon as you miss one payment. Instead, the law requires a 90-day waiting period before the lender can institute formal proceedings. Florida is a judicial foreclosure state, meaning the lender must go through the court system before it can take your home.
Many things may happen during the pre-foreclosure process, including steps that the lender must take before they can actually pursue the legal process. Specifically, the lender must notify you that you have failed to live up to your obligations under your mortgage. Then, they will also need to give you notice of their intent to pursue foreclosure.
What Does the Pre-Foreclosure Process Mean?
The pre-foreclosure process can create a considerable amount of stress. You likely are in some form of financial distress that has caused you to fall behind on your mortgage. Accordingly, you are facing the possible loss of your home unless you can either get current on your mortgage payments or reach some type of accommodation with the lender.
You may also be facing additional angst because you can be financially responsible for paying the lender the shortfall if your home is sold for less than the amount of the loan. You may also be facing additional stressors, such as damage to your credit score and potential embarrassment, since foreclosure may become a matter of public record.
You Cannot Ignore a Foreclosure Notice
You need to take some sort of action when you have received a foreclosure notice. Not responding will not cause the process to stop. Instead, the lender can proceed to court to institute foreclosure proceedings. You may be unable to stop the pre-foreclosure process, but you should still explore your options. You can present your arguments to the lender as to why they should not foreclose on your home.
Other potential mistakes that you need to avoid during this time include never signing any documents your lender gives you without an attorney reviewing them.
You may also be tempted to work with services claiming they can help you avoid foreclosure, making vague and specious promises of what they can do to benefit your situation. Only work with an experienced foreclosure defense lawyer who owes you fiduciary duties under the law and must follow the rules of professional responsibility. Otherwise, you might end up paying a lot of money (that you may not have) for little to nothing in return.
You Have Potential Options in the Pre-Foreclosure Process
Just because you are in the pre-foreclosure process does not mean that it is a foregone conclusion that you are going to lose your home. You can work with an experienced attorney to help determine whether you have any options to avoid foreclosure. Your lender may be willing to work with you because they can potentially lose money on a foreclosure. You may have the following options available to you:
- Making up the missed payments and getting current on your mortgage
- Negotiating with the lender for a mortgage modification that may make your loan easier to pay
- Persuading your lender to accept a short sale, minimizing your potential financial losses (lenders are not under any obligation to accept a short sale, although they may do it if it is in their interests)
- Transferring the deed to your home to the lender in lieu of foreclosure
- Speaking to your lender to see if they will exercise forbearance while you catch up on missed payments
- Declaring chapter 13 bankruptcy, which allows you time to get current on your mortgage payments
How a Foreclosure Defense Attorney Can Help
You should not wait until the lender actually initiates legal proceedings to engage a foreclosure defense attorney. You may be missing out on the opportunity to help yourself in a number of ways and protect your legal rights. It is helpful to contact a foreclosure lawyer to discuss your case and learn what you can do when facing a difficult situation.
A foreclosure defense lawyer can benefit you by doing the following:
- Advising you of your rights as a homeowner under Florida law
- Monitoring your lender’s actions to ensure that they are following the law during the foreclosure process
- Helping you prepare potential defenses if and when the lender takes your case to court to seek a judicial order
- Negotiating with the lender on your behalf if they are willing to talk
- Reviewing your situation to come up with options to avoid foreclosure
All of these benefits can increase your chances of a successful defense against foreclosure. The important thing is to never believe that losing your home is inevitable. There are many things you can do during pre-foreclosure to protect your home ownership.
Contact a Florida Foreclosure Defense Lawyer Today
You can learn more about your preforeclosure legal options when you contact the Consumer Law Attorneys to discuss your situation. Our foreclosure defense attorneys are standing by and ready to speak with you during a free initial consultation. Once you hire us to represent you, we will fight to protect the legal rights that you have as a homeowner in Florida.
You can speak with a Florida foreclosure defense lawyer by sending us a message online or by calling us today at 877-241-2200.
