When you receive a notice of default from your lender in Florida, foreclosure might seem inevitable. However, you have a few options that could give you some control over the situation. Here’s what could happen after you receive your notice of default.
What are your options after a notice of default?
Once you receive the notice, you typically have a time period to make up your payments before the house goes into foreclosure. If you can do this, you won’t have to worry about losing your house. But if you can’t make your payments, you might want to hire an attorney who could help you with a foreclosure defense.
If you don’t want to go through the legal process, you could consider selling your home. You’ll be able to pay off the mortgage and avoid foreclosure, but you’ll also have to find another place to live. You might also be able to negotiate with your lender so you can stay in the house until you find a new place to live.
You could also give a deed of the house back to the lender. You’ll surrender the property, and the lender will forgive the rest of your mortgage. However, your credit will still take a hit if you choose this option. As a last resort, you could also file for bankruptcy to halt the foreclosure process temporarily. You might even be able to get your finances in order and find a way to keep your house.
What if your house goes into foreclosure?
An attorney could help you if your house finally goes into foreclosure. They might help you negotiate with the lender so you can keep living in your house during the foreclosure. They might also help you reach an agreement with your lender so your credit score isn’t impacted as heavily.