Lenders sometimes foreclose on a home when owners have stopped making mortgage payments. In such cases, a homeowner is said to be in default on his or her loan. Foreclosure is a legal process handled in the Florida court system. Fortunately, many Florida homeowners have been able to overcome the financial issues that placed their homes at risk.
From the lenders’ perspective, activating the foreclosure process means a ton of paperwork and other behind-the-scenes tasks that make their jobs more stressful. In short, they don’t want to have to foreclose on your home. This is why, if you run into serious financial problems, you’ll want to contact your lender right away, to discuss whether your mortgage payments can be temporarily deferred or an alternate payment plan arranged until you get your finances back on track.
If you’ve only missed one mortgage payment, there may indeed be several options available to fix the situation before your lender calls in the loan. However, if you have missed numerous payments over an extended period of time, you may access other options to halt the foreclosure process. Bankruptcy typically provides immediate financial relief and often helps you keep your home.
Cuevas, Garcia & Torres, P.A., has been providing guidance and support for many years to Florida residents facing threats of foreclosure, as well as many other legal problems concerning real estate. Having an experienced legal team prepare a debt reorganization plan on your behalf may be the key to a successful outcome. If you have questions about bankruptcy or want to discuss your rights concerning your mortgage, you can request a consultation at any time.