Delay Foreclosure

In times of financial struggle, it’s easy to fall behind on payments towards your loans. This can include property mortgages as well. In the event that you fail to pay your monthly mortgage payments, after a certain period of time your loan lender will declare you in deficit and begin the foreclosure process. Foreclosure involves the repossession of your property due to multiple missing payments. In most states, this foreclosure can take anywhere between 30 to 60 days. If you need more time to try to retain your home before entering foreclosure, there might be steps you can take to delay foreclosure. Below, our Florida foreclosure defense attorneys outline some of the most common and potentially effective ways to delay your property foreclosure.

Require Documentation

One way to delay foreclosure and buy yourself more time is by requesting that the lender provide you with all of the documentation required for this foreclosure. With large lenders like national corporations, they have hundreds of thousands of records to keep track of. Many lenders tend to be hasty and attempt to initiate the foreclosure process before they have rounded up all of the required documentation. In all foreclosures, all lenders have to be able to display all necessary documents. When you ask for the documentation, you may be able to buy yourself some more time if proper preparation steps were not taken. In even more rare cases, the lender may have even lost these documents which could pose a further conflict. In this case, it’s vital you communicate with a foreclosure defense attorney immediately.

Apply for Loss Mitigation

Loss mitigation describes the process of how a third party can assist a homeowner, bank division that deals with mortgages, or a law firm that acts as a negotiating party between the borrower and the lender. When homeowners are in default, federal laws ensure that homeowners can apply for loss mitigation through their lender up to 37 days prior to their scheduled date of foreclosure. If this mitigation is agreed upon by the lender, you will enter a temporary agreement to delay the foreclosure or stop it completely as long as the terms are met. Terms vary depending on the lender and your individual circumstances, so it’s important to speak to your lender in-depth about this option. Additionally, while reviewing the loss mitigation application, the lender may be required to suspend foreclosure.

Loan Modification

Something that most people might not know is that most lenders don’t want to enter foreclosure. Some borrowers may feel that lenders are just looking to foreclose on their property, but the truth is foreclosure is expensive and time-consuming. Many lenders often lose money after foreclosure, too. To avoid entering foreclosure and delay the process, asking for a loan modification can pause, either temporarily or permanently, your foreclosure. A loan modification is essentially the adjustment of terms of your loan whether that be interest rates, term length, or the total amount due. If interested in a loan modification, reach out to your lender sooner rather than later.

Schedule A Free Consultation To Learn How To Delay Foreclosure

Foreclosures are one of the most detrimental possibilities of homeownership. If you can’t afford to make your monthly payments, it’s important to speak to your lender as soon as you know you will fall behind. Your lender may be willing to renegotiate the terms of your mortgage. However, if you don’t make your payments for an extended period of time, the lender has the right to enter the foreclosure process. When this happens, the ways to delay foreclosure are few and might be difficult. To understand all of your options in an impending foreclosure case, reach out to the knowledgeable experts at the Foreclosure Defense Group.

Schedule an appointment today to discuss how you can delay foreclosure and make the most beneficial mortgage decisions.

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