Foreclosure is when an insured creditor, usually a bank, attempts to recover the money due to them based on a promissory note selling the collateral. In simpler terms, you have probably borrowed money from a bank or mortgage company to buy or refinance a property.
As part of lending you the money, you made an agreement that if you could not afford to pay them back, they could take the house. Events associated with these actions is the process of foreclosure.
You have 20 days to respond to a default claim. If you do nothing, the mortgage company will sweep you and take over your home within three to four months. A foreclosure attorney who is knowledgeable with property law can help, whether you are ahead of the game or days away from the deadline.
Your home plays a significant role in the life of your family. They are a symbol of unity, security and family memories. The prospect of losing your house due to unforeseen financial problems, such as unemployment or a medical emergency, is frightening and stressful. It is crucial and comforting to know that there are options in this situation.
If you intend to end the foreclosure process for a loan modification, short sale, the sale of your property or bankruptcy file, Jacksonville foreclosure attorney will work diligently to help you understand the benefits and consequences of each option to help you make the most educated and objective decisions possible.
An exit defense against foreclosure action will also buy the borrower more time in situations where the borrower may be suffering financially. Once a struggling borrower begins to increase the spouse’s income, the greater the likelihood that the borrower will not qualify for a mortgage modification.
Also, because of the income requirements associated with filing Chapter 13 to save your home, a proper foreclosure defense can buy the borrower long enough to meet the requirements related to Chapter 13 income tax rebate plan.
In the worst case, when the home is lost in a public auction, a strong defense exclusion also translates into a more profitable outcome for the borrower. A strong defense of the foreclosure lawsuit can delay a foreclosure claim for several months or even years.
Since the borrower does not continue payments on his mortgages during that time, the borrower has the luxury of saving his money over an extended period while demand is pending.
For example, if a borrower can save $ 1,000 a month since He is not paying off his mortgage and refuses to defend against the foreclosure action and the home properly is sold at an auction in four months, the borrower has only able to save up $ 4,000. However, if the borrower aggressively defends the stock and the home is lost in fifteen months, the borrower was able to save $ 15,000.
Even in cases where the home is lost, most of the time it is more profitable to hire a Jacksonville foreclosure attorney to represent your rights.
Throughout the state of Florida, a foreclosure is a legal process, which means that the lender must use the court system to foreclose on your mortgage.
Compared to states with a non-judicial foreclosure process, Florida’s foreclosure process offers the property owner with more opportunities and time to remedy the situation.