Unexpected layoffs, family emergencies, or medical bills can all cause us to get behind on our financial obligations. Some are easier to negotiate than others, but when we get into trouble with our mortgage lender, the problem can escalate quite quickly. If you’re behind on your home payments and are afraid foreclosure might be coming soon, there are several ways you can try to remedy the situation before you lose your home. Let’s take a look at 5 options you can exercise:
- Get an ally on your side – The state of Florida offers a wide variety of home assistance programs, including The HOPE NOW Alliance and the Florida Hardest Hit Program. If you are behind on payments, contact one of these agencies to find out how they can help keep the foreclosure process at bay. Keep in mind there are quite a number of for-profit companies and groups who try to scam people during this process. Do not sign any documents or make any agreements until consulting with an attorney.
- Work with your lender – It’s usually in your best interest to proactively contact your mortgage lender when you know you are about to fall behind on your payments. Lenders typically offer several options for you to integrate your missed payments into some sort of payment plan or loan modification. Again, if any of the plans they are offering seem confusing or not to your benefit, it never hurts to have a legal professional work with you.
- Know your rights – Florida is a judicial foreclosure state, which means that in order for the lender to proceed with foreclosure, they have to go through the courts. What this means for you is that you have legal protection against this if you meet certain criteria. For example, there are specific stipulations set in place if you are an active service member. Lenders in Florida must follow a certain set of steps to legally begin foreclosure, so make sure everything is in order before agreeing to go to court.
- Be on the defense – If your case does make it to court, you and your legal counsel can choose to take a defensive strategy against the lender. Again, this is where Florida law works to your advantage, as the only way for your house to be taken from you is for the lender to prove it’s necessary. It is up to them to furnish all documentation, and if something is missing, your case might get tossed.
- A more aggressive approach – Using the judicial foreclosure system to your advantage, you might choose to try to save your home by proving the lender did not follow all regulations and guidelines, like sending you certain notices. If this is the method you choose to take advantage of, remember you are fighting against a large corporation and will need experienced counsel in order to win your case.
Have you gotten behind on your mortgage payments and are afraid of foreclosure? Contact Annette Sanchez Law today to explore what your options are for saving your home.
