How to Prevent your Home from Foreclosure in Florida

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How to Prevent your Home from Foreclosure in Florida

Foreclosure takes place when your lender takes over your property. Homeowners who fail to make their home mortgage payments may eventually have to experience foreclosure. When the property value falls to the point where the home becomes less worth than the mortgage you are paying, deciding to sell the house is often the best decision for homeowners. Such kind of a deal is called a short sale. It is also a pre-foreclosure sale as the property owner sells the property for less than the amount due on the mortgage.

However, the term short sale is often deceiving because the process can take several months. The paperwork with all terms and conditions can require a lot of time.

Preventing a Foreclosure in Florida

Foreclosures are one of the biggest challenges that today’s struggling homeowners face. Lack of reliable information can leave Florida homeowners in despair. When the worth of your home is less than the total amount you owe on your mortgage loan, you also face a deficiency judgment. This means you not just lose your home but also owe the lender some additional amount.

However, there are a few ways you can avoid getting into this position.

Here are a few tips to avoid foreclosure in Florida

Mediation

Mediation is a type of alternative dispute resolution. In this process, the foreclosing lender and borrower work cooperatively. A neutral mediator facilitates the process of sorting the issue of mortgage delinquency.

In Florida, this program costs nearly $750. The cost includes administrative costs, two mediation sessions, and foreclosure counseling. The mediation program will cost lenders $300 in the 7th Judicial Circuit, in case the program is unable to get in touch with the borrower. Typically, that happens in up to 60% of all foreclosure cases.

Contact a Cash Investor Company

Generally, these companies make a cash offer and close the deal within days. Professional real estate companies can help you close a deal, so you can avoid foreclosure. You can also get in touch with bankruptcy attorneys or cash investors who can save your property from foreclosure.

Seek Legal Assistance

Review your loan documents, so you know if there’s anything you can do when you can’t make payments. Familiarize yourself with foreclosure laws and get to know the timeframes in your state. You can contact the State Government Housing Office or a legal company to know about your available options if any. Dealing with an impending foreclosure is easier when you partner with professional services. Don’t be depressed and lose hope. You don’t always have to lose your home and still successfully avoid going into foreclosure by contacting professional lawyers.

If you are looking to contact a bankruptcy attorney in Florida, you can choose Dsouza and Strachan Law for assistance. Our staff is extremely knowledgeable to help you get out of this messy situation.

Final Thoughts

Foreclosures are judicial in Florida. It means the lender has to file a lawsuit in state court to initiate the process. Moreover, the lender has to file a complaint with the court and summon the borrower.

Generally, the length of the foreclosure process in Florida is between eight to fourteen months. However, hiring a professional foreclosure attorney can make the case longer than 14 months. Citizens, particularly homeowners, must be aware of the laws and policies that can help protect their assets. That way, they can prevent a foreclosure. Contact Dsouza and Strachan Law today to seek legal assistance. Our experienced lawyers will offer the best recommendations to save your property from home closure in Florida.

Sources

https://www.dsouzalegalgroup.com/

https://www.investopedia.com/financial-edge/0510/the-6-phases-of-a-foreclosure.aspx

https://www.bizjournals.com/orlando/news/2020/09/18/wave-of-florida-foreclosures-expected-to-depress-o.html

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