Owning a home is a huge financial commitment for a Florida resident. Many individuals save for years before they are able to make down payments on properties where they intend to live. Once a person has closed on a residential property, they generally will have a mortgage with a lender for the remainder of their home’s purchase price.
Paying a mortgage usually involves making regular monthly payments to the lender over a period of years or decades. When a homeowner fails to make timely and complete payments on their loan, their lender may choose to foreclose or repossess their property. Foreclosure can be financially and emotionally damaging to individuals who want to stay in their beloved residences.
This post will talk about foreclosure and what homeowners can do when they are afraid it may be coming. This post does not provide legal or financial counsel. Whenever foreclosure is a possibility, it is a good idea for a homeowner to reach out to their trusted debt relief and bankruptcy attorney.
Stopping foreclosure before it starts
One of the best ways to address a potential foreclosure is by recognizing when it may occur. If a homeowner cannot manage their monthly mortgage payment, they may wish to work with their lender to lower their payments to amounts they can handle. Many lenders will work with their mortgage payers to keep their mortgages in repayment and working toward satisfaction.
If keeping a home is not an option for a homeowner due to financial inability, they may be able to arrange a pre-foreclosure sale. A pre-foreclosure sale can help a homeowner relieve themselves of their property and provide their lender with compensation for some or all of their mortgage balance. An attorney who is familiar with foreclosures can help with this process.
Defending claims of foreclosure
Not all homeowners want to part with their properties or want to renegotiate the terms of their loans. In some cases, mortgage lenders make mistakes and homeowners can successfully defend claims of foreclosure. Before taking on a foreclosure claim with a defense plan, it is important that a homeowner understands their legal rights. A debt relief and bankruptcy attorney can help them prepare for their legal proceedings and weigh their different options.