Options to Stop Foreclosure in Florida

Options to Stop Foreclosure in Florida

Under Consumer Financial Protection Bureau servicing rules, lenders must wait until you are delinquent on payments for 120 days before filing a foreclosure action. Most Florida mortgages require a breach letter, or notice of default, which means that the lender must send you notice of their intention to foreclose.

If you’ve received a notice of default from your lender, you will typically have at least 30 days to cure the default. Failure to do so could result in an acceleration of the mortgage debt and the sale of your home.

You need to take quick action to stop foreclosure. This can include:

Calling your lender – if you can contact your mortgage company and work out a payment plan – or if they will accept a forbearance agreement whereby payments are suspended for a short period of time – this can be a good option. Unfortunately, mortgage companies have been inundated with these requests over the past years, and just getting a return call can take up to three months! By then, you’ve lost your home.

Short sale – this is a sale of your home that can take place in as little as two weeks. You still lose your home, but your credit is not damaged by a foreclosure.

Refinancing – some lenders will work with their customers to refinance their existing loan, but you need to have a substantiated means of paying or you probably won’t be approved. And, again, the wait is long.

Unfortunately, in each of these situations, you are just one of thousands, a number instead of a real person with a real problem. A Florida real estate lawyer can explain all your options to you, cut through the clutter in working with your lender, or even advise you of alternatives you may have not considered. The important thing is not to wait and do nothing — this could expedite the foreclosure process and cost you your home.

Jurado & Farshchian, P.L. assists homeowners who are dealing with distressed loans, refinance transactions. and foreclosures. Contact one of the experienced Florida real estate attorneys at Jurado & Farshchian, P.L., at (305) 921-0440, or email us at info@jflawfirm.com.

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