It is difficult to say if a homeowner has waited too long to hire a foreclosure attorney. Usually the longer one waits, the worse the situation can get. So the sooner you act on trying to save your Florida home, the better your chance may be.
If you have received notice of your home being at risk of foreclosure and you don’t respond, it usually takes just a few months (sometimes sooner) for the lender to sell your home. There may be ways to prevent this, which many homeowners don’t realize.
Overview of the Foreclosure Process
Knowing how the foreclosure process works can give you a better understanding of why it is so important to seek legal help as soon as possible. Don’t assume that you don’t stand a chance.
The process starts when the homeowner stops making payments. It could be for a variety of reasons, such as the loss of a job or some other unforeseen hardship. The lender will attempt to contact you and discuss your lack of payment.
The next step of the process is that you will receive a notice of default. Payment for your mortgage will be demanded. Without taking any steps to try and remedy the situation, which may include securing a foreclosure attorney, the lender will hire their own attorney. They are responsible for filing a complaint against you.
You will receive a copy of this complaint and be given a deadline in which to respond. It is generally 30 days. A failure to respond will result in the lender’s attorney filing a motion for a default judgment. It will likely be granted and an order of sale will be issued to the sheriff's office.
An appraisal is done to determine the value of your home. Your home will either be put on public auction or a foreclosure sale will be initiated, of which you will be notified. Once your home sells, a judgment of sale is entered and a new deed is ordered for the buyer. They now have ownership rights to your home and can have you evicted by the sheriff.
Meanwhile, you will receive a deficiency judgment against you from the lender if it is necessary. This is in the event that what you owe on the mortgage is greater than what the house sold for. That difference will be owed.
While it may sound like there are enough steps to drag it out, all of this can literally happen within just a couple of months. So acting quickly is vital. Sometimes you may even be in the midst of talking to your lender about a way to resolve the situation, yet a foreclosure could still end up being processed without you knowing.
If for some reason the loan modification you agree to is later rejected, the ability to rework it may be lost if the foreclosure process has already started. Acting before it starts is the best way to protect your home. When there seems to be no way of preventing a foreclosure, you should seek legal help. There may be a way to save your home.
Contacting a Foreclosure Attorney
An attorney can help you a number of ways. They can sometimes work out an alternative to foreclosure. But unless you contact someone right away, your home may be in jeopardy.
If you would like to evaluate other options and find a way to stop a foreclosure, contact an attorney at The Neustein Law Group, P.A. We serve residents of the Miami-Dade County, Broward County, Palm Beach County and many other areas throughout Florida. If you would like an attorney to help negotiate with the lender, contact us today– 888-400-ATTY (2889) or 305-531-2545.