If you have been struggling with your finances, this may have made it hard for you to make your mortgage payments. If you have missed one or several mortgage payments, you are likely worried about losing your home. Our Florida foreclosure lawyers can help you navigate this process so that you can stop worrying about losing your home to your bank. Please give us a call today to set up a free consultation.
Stages of Foreclosure
The first stage of foreclosure is when you stop making payments. Whether you stop making them because you are having financial difficulties or you are aiming to go through a strategic foreclosure, that is the first phase of this process.
If you have missed several mortgage payments, you are likely going to receive a notice that your home is going to be in default. That means you are at risk of being evicted or you may end up losing any rights you have to your home.
The next phase is pre-foreclosure. This grace period can last anywhere between 1-4 months. You can end pre-foreclosure if you pay off the default. You won’t have to be evicted or hand over the home to your lender. If not, you are going to proceed through the next stages.
Auction is the next phase. Your home may be sold at a foreclosure auction. What happens during this phase will vary based on where you live. You can ask our foreclosure lawyers for information particular to where you live.
From here, you will no longer own the home. It will be over, and you will be living post-foreclosure.
Loan Modification to Avoid Foreclosure
You may be interested in loan modification if you are put in a position where your finances have permanently changed, putting you in a difficult spot to make your loan payments. This could be due to the death of your spouse or bread maker in your household. It could also be due to a divorce. These are things that you likely won’t be able to bounce back from so easily.
Loan modification is a change to your loan agreement with your lender. This may be by changing the interest rate to help you get the payments lower. It may also be by changing the length of the loan so that you can have lower monthly payments.
Loan Forbearance to Avoid Foreclosure
A loan forbearance is a good option for someone who needs a temporary solution for their financial struggles. A forbearance is a brief period, typically three months long, in which you will be able to pause your mortgage payments. This does not mean that these payments are waived. It simply means that you are going to be able to pause these payments that will get tagged onto the end of your agreement.
This is most fitting for someone who expects that they are soon going to be able to get back to a place where they are financially sound enough to make their mortgage payments again. You won’t be penalized for missing these payments.
Call Our Florida Foreclosure Lawyers Today
You do not have to worry about losing your home when you have a lawyer in your corner helping you navigate the process of either forbearance or modification of your mortgage loan. If you need help, we would be glad to meet with you for a free consultation. Call us today to get yours set up.