A foreclosure on a home is generally not good news for anyone. Most people who purchase a home in Florida do everything to pay the mortgage until it becomes too difficult, and lenders do not want to foreclose. However, it may be a necessary step for lenders to protect themselves. Before the foreclosure happens, banks are generally required to send you a notice of default. When this happens, you do have options.
Responding to the notice of default
When you get the notice of default, you might have a certain amount of time in which to get current with your payments. However, for many people, this is not possible because they are dealing with the issues that caused the foreclosure in the first place, such as job loss, divorce, a medical emergency or other issues. There might also be situations in which a lender is not willing to work with you. In those cases, you might need to look at other options.
Other alternatives
One possible option is filing for bankruptcy, which puts a stop to any creditor action and may allow you to reorganize your debts. However, you have other options as well. For example, you might be able to sell your home. If you owe more than your house is worth, a short sale is a possibility. You could deed the home back to the lender although the effect on your credit might be similar to a foreclosure.
If you find yourself facing foreclosure, you may want to talk to an attorney about the situation. An attorney may help you determine the best foreclosure defense for you based on your individual circumstances and assist you with any legal proceedings.