Florida is a lien theory state which means that your property acts as security for the underlying loan. The document that places the lien on the property is known as your mortgage. A mortgage is filed as evidence of the debt and terms of repayment, which is set forth in the note.
If you stop making payments on your mortgage and fall seriously behind you could face the risk of foreclosure. Depending on the court schedule, it usually takes approximately 180-200 days to effectuate an uncontested foreclosure. However, this process may be delayed if the borrower contests the action, seeks delays and adjournments of hearings, or files for bankruptcy.
Filing for bankruptcy may stop home foreclosure and help you keep most of you property.
In Florida, the lenders go to court in what is known as a judicial foreclosure proceeding where the court must issue a final judgment of foreclosure. The property is then sold as part of a publicly noticed sale or auction. If you are behind on your mortgage payments and at risk for foreclosure, seek help now. Do not wait. It is best to contact an attorney who can examine your finances, look at your individual situation, and assess your needs to help you determine a plan that is best for you and your family.
Facing foreclosure is one of the toughest times in a person’s life as you could be left without a house to live in. If you are already facing foreclosure threat, or if you have already received a foreclosure notice, your situation is dire, but not hopeless. If you are behind on your mortgage payments and at risk for foreclosure, seek help now. Do not wait. It is best to contact an attorney who can examine your finances, look at your individual situation, and assess your needs to help you determine a plan that is best for you and your family.
There are methods and strategies to help you and you can avoid foreclosure.
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Bankruptcy may not be for everyone. Mr. Carratt analyzes each client’s situation and creates a Debt Relief Strategy. Serving Tampa Bay & Daytona Beach areas.