If a borrower stops making payments toward a mortgage, the lender can take legal action. When a foreclosure petition is filed in a Florida court, it is the lender’s attempt to recover the balance of the loan. In the case of a mortgage, the process forces the sale of the asset (namely, the home) that was used to secure the loan. Learning that you are at risk for losing your home could be one of the most stressful things that can happen in your life.
It is important to clearly understand the terms of your mortgage contract. It is also critical that you know where to seek support if a problem arises. Any number of issues can happen that will spark financial difficulty and make it impossible to keep up on mortgage payments.
For instance, you or your spouse might get laid off at work. If you are like many other Florida families who live pay check to pay check, losing a job might be the financial straw that breaks the camel’s back. Perhaps, a divorce or medical urgency caused your current financial distress.
Lenders often want to avoid foreclosure as much as homeowners. Therefore, if you can’t make a mortgage payment, and especially if it has happened several times, it’s a good idea to discuss the situation with your lender. You might be told that alternate payment options are available. You can also request a meeting with one of the dedicated legal professionals at Cuevas, Garcia & Torres. We are experienced real estate law attorneys in Florida who are fully equipped to address any and all legal problems related to foreclosure.