Foreclosure is a judicial process where your mortgage company sells your home at a judicial sale, mostly in form of an auction on the courthouse steps.
More often than not, people fear that the mortgaging company can come in an immediately and freeze your home. That’s not the case so you better relax and take a breather first, if you are facing foreclosure but you would most certainly need to stop it. A mortgage company must file a lawsuit with the courts and go through the court which takes a lot of time very easily which gives you enough time to stop foreclosure.
Quite often it has been observed at times real estate investors and others pressurize a person facing a foreclosure into selling their. You must not fall for this option and must leave it as the very last option.
Still you still need to be vigilant to protect yourself from the foreclosure, and try to stop it as soon as you can. Foreclosure in Florida is relatively quicker as you failing to litigate the foreclosure, a default can be entered against you within almost no time and a judicial sale of your property might take place before you can do much.
So it is highly imperative that you must try to stop foreclosure and not let the situation go out of your control as this might very easily result in loss of your precious home.
But once you have been served with official papers you have about 20 days of time to prepare a legal response. This is often the best time that for you to consult with an attorney for stop the foreclosure.
As you have been served with a legal lawsuit which contains legal terms, you must file a legal response and asset any defenses and counterclaims to the mortgage foreclosure you have. Failing in doing so, you might need to kiss a good bye to your property and lose it under the Florida law forever.
There are many methods under the Florida law to try and stop the foreclosure.
You can try to negotiate a private payment plan with your bank or the mortgage company. These are often called forbearance or loan modification agreements.
To help you stop the foreclosure, attorneys charge about $1200 to represent you in a simple foreclosure case, which might be a good option in certain cases where the mortgage company has committed fraud or violated Federal law.
You can consider all your options and make your move wisely to stop the foreclosure.