Buying a house is one of the most significant purchases an individual can make in their lifetime. Unsurprisingly, a home is one of a person’s most essential properties. No one wants to lose something they have worked so hard for. Unfortunately, missing a couple of mortgage payments may trigger the foreclosure process. It would be best to remember that this process takes time, allowing you to find ways to stop the foreclosure or reach a settlement with your lender.
Review your financial status
It is essential to know where you stand financially. Can you still make the overdue payments? If not, can you find a way to raise money to pay for what you owe? Do you have any other debts you are servicing? Knowing the answers to these questions will help you take stock of your financial capacity. Once you know your financial stand, you can decide on your next steps.
Review your mortgage documents
Your mortgage documents will tell you exactly how your lender will proceed with the foreclosure. Find out if your mortgage has an acceleration clause. This clause allows your lender to declare your entire loan due and payable if you default. Most mortgages will have this clause.
That said, you still have rights even if you have defaulted on your debt.
Your rights as a homeowner
Florida law affords homeowners rights amidst foreclosure. They are the following:
- You must receive a notice of missed payments.
- You must receive a notice of default.
- You must have a chance to apply for loss mitigation.
- You must have a chance to respond in court to the foreclosure notice.
- You have the right to pay off the loan if you can raise the money.
These are just some of your rights. There may be more you can avail of. The foreclosure process can be complicated. It’s best to seek the help of a legal professional to guide you through the entire process.
