Like in most states, a foreclosure process does not start unless several months of mortgage payments have been missing. It can range from 3 to 6 months, depending on state laws. Your lender must keep you informed of your account’s state and send a notice of delinquent on every missed payment. However, if you fail to take necessary action to prevent foreclosure, your lender is authorized to initiate foreclosure. Orlando Florida uses a judicial foreclosure process, so foreclosure usually starts when your lender proceeds to court to obtain a permit to foreclosure your home.
Once the case is filed in court, you can go against it by rendering defenses that make it unfair for your lender to foreclose your home. Depending on how robust your defenses are, you can use this process to stop foreclosure on your home or delay foreclosure to gain more time. As soon as you receive a court summons, you will need to hire an attorney before taking any step to prevent doing something that can later stand against you. You should have your attorney reply to the summons and represent you provided you want to fight the case.
If you lose the case and a final judgment of foreclosure is passed, an auction date will be set, and when your home is sold, you will be given at least 10days to evict the property. Is this the end? Do you give up your home? No, there is another option you can try.
File for bankruptcy. It’s advisable only to consider filing for bankruptcy if all other options have failed. However, you can save your home and stop foreclosure on its track by using this method. You will need a foreclosure attorney’s service to help you out and make sure the attorney is well informed on state laws.
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