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What are your rights in a foreclosure situation?

On Behalf of | Apr 8, 2021 | Foreclosure Defense |

Unfortunately, some Florida homeowners end up facing foreclosure. Whether it’s due to an unexpected medical expense or the loss of a job, missed mortgage payments can result in a foreclosure on your home. If you’re currently undergoing a foreclosure, you have certain rights that you need to be aware of.

What is a foreclosure?

A foreclosure is a legal process in which a creditor takes possession of a home in the event that the borrower does not follow through with their financial obligations for the mortgage loan. When a lender receives legal ownership of the property, they will sell it to get their money back from the loan. In most states, mortgage lenders have to advise you of their intended action of filing for foreclosure. When this happens, a foreclosure defense attorney may be able to assist with your situation.

In most situations, a mortgage lender may only start the foreclosure process when the borrower is at least 120 days behind on their monthly mortgage payments. As a borrower, you’ll receive a breach letter. This is a formal letter that must be sent by your mortgage lender to inform you that you’re in default on your loan. It should state how long you have to cure the default on your debt and what happens if you do not cure the default by the time allotted.

What happens if you don’t receive a letter?

All states require that you get a notice of default on your mortgage as well as a notice of sale. The notice of sale can be mailed, posted at your property or even published in the local newspaper. If you don’t receive either of these notices, then you may be able to fight the foreclosure.

When your financial situation changes as a homeowner, it can put you at risk for defaulting on your mortgage loan and ending up in the foreclosure process. It’s advisable that you contact a professional attorney to assist you with any foreclosure issues to help ensure that all of your rights are being followed by the mortgage lender.