Most people have at least a cursory knowledge of what foreclosure is. When you are unable to make your mortgage payments for some specified amount of time, you lose your home. But who do you lose your home to, and what options might you have to avoid foreclosure? What are the consequences that come with foreclosure?
The process of foreclosure is an attempt by your lender to recover the balance on your mortgage legally through the sale of your home. The entire process can take as little as months.
There are options to avoid the foreclosure on your home, and the first step is to talk with your lender, as they may be able to help you find a way to avoid foreclosure, particularly if your hardship is temporary. You also may be able to delay a foreclosure, buying valuable time for yourself. This may be better to do with the help of an attorney.
Avoiding foreclosure is important if it is possible. Beyond losing your home, you could be held responsible for the difference between the sale price of your home and the mortgage balance owed. Your credit score will drop significantly, and you may find numerous doors closed in your face in terms of approvals based upon credit history. If you are having trouble meeting your mortgage obligations and if you fear foreclosure may be imminent, you may want to reach out to a debt relief attorney in Florida to further discuss your options and how best to proceed.