It is a shame that every year, so many people lose their homes because they cannot meet mortgage payments.
The only way to escape seizure is to respond to the first sign of distress. If the homeowner thinks that payments can be difficult, he or she may contact the mortgage company. For example, the lender may be able to create a plan. For example, temporarily cut payments or give the owner more time to collect the money. The federal home equity system also provides advice to citizens on how financial problems can be solved.
Florida Mortgage Process
The mortgage lender must file a petition for foreclosure after 120 days have expired until the applicant is due. The borrower will send a letter to the homeowner stating that the loan is in default and will remedy the default. The letter must also include a date, usually within 30 days, when the debt is due or sold.
The Fair Foreclosure Act, passed in Florida in 2013, has accelerated bringing someone home. In other words, homeowners have less time to apply for withdrawal, modification of the loan, or some other alternative, as every pledger can request withdrawal more quickly.
If someone has exhausted all other options, the default filing will extend the foreclosure. The provision of Chapter 7 or Chapter 13 imposes a mandatory lock, which means that creditors can not resume their collection activities. The selling of a home can also be delayed for up to three or four months. The borrower is going to raise the money to pay the loan during this period. It should be noted that the lender may request the suspension of his residence.
Chapter 13, which calls for consumers to repay their debts on a year-long payment plan, is another alternative. That would allow someone to stay at home.
Bankruptcy proceedings are often complicated and must be carried out by a professional lawyer. Anyone who has questions about this issue should speak to a Florida bankruptcy lawyer.
For information on foreclosure defense call us at (877) 399 2995. We offer litigation document review support, mortgage audit reports, securitization audit reports, affidavit of expert witness notarized, and more.