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What leads up to the foreclosure process?

On Behalf of | Jan 6, 2021 | Firm News

Being a homeowner is often something that comes with pride. But along with that pride can come plenty of stress and worry. The cost of homeownership is nothing to shrug at, and maintaining a mortgage can inspire sweaty palms and frequent budgeting.

But sometimes even that budgeting doesn’t quite make ends meet. Florida homeowners heading toward foreclosure may be unaware of what can be expected and what resources they can utilize to fight back.

What is available?

Your fight against foreclosure doesn’t have to be a solo one. The Department Of Housing & Urban Development has a number of efforts that can help you in this trying time, including the Making Home Affordable Program and The Federal Housing Administration.

In the past on this blog, we’ve also spoken about the importance of avoiding lending scams that can further complicate and ruin finances.

What can I expect before foreclosure begins?

According to Property Shark, Florida’s foreclosure process is typically jump-started by multiple delinquent payments that a homeowner is unable to pay and/or set up a payment plan for. This can be a key time for collaboration between a lender and a borrower, though this time has a deadline of 120 days, after which the lender can proceed with the foreclosure process.

If mortgages have a breach clause stipulation, then a lender must tell the homeowner and borrower that they are pursuing foreclosure. Without that stipulation, this is not a necessary precaution. Even if the homeowner does not know that the process is in progress, they can still put a stop to it by simply paying off the missed payments.

If you feel as though you have not had adequate opportunity to negotiate during the pre-foreclosure process, hope may still remain. When real estate situations seem to spiral out of control for complex reasons that you have a hard time understanding, it can be wise to network with and seek the advocacy of a professional who works within real estate law.