Having an impending foreclosure can feel unsettling. Your home is in jeopardy. You have rights in a foreclosure process. It is vital for you to know what they are. Please keep reading to learn what your rights are.
If you are looking for free legal advice, please call our Florida foreclosure defense lawyers right away. We can meet with you for a free consultation to help you understand what your rights are and what we can do to navigate this foreclosure process.
What is Foreclosure?
When you are behind on your mortgage payments, the bank that holds your loan can seize the home from you. Essentially, your home is used as collateral for your mortgage loan.
You may begin to wonder if you ever owned the home at all. Your bank, for all intents and purposes, will be able to repossess your home to resell it up until you pay your final mortgage payment. After that, you would never have to worry about losing your home to the bank again.
However, most mortgage loans are 15 – 30 years long. That is a lot of time for unexpected financial duress to hit and wreak havoc.
If you find yourself facing foreclosure, please keep reading to learn about your rights.
Your Rights in a Foreclosure
You may feel like you are in a helpless situation, but believe it or not, you have several legal rights throughout the foreclosure process. Please keep reading to learn more about what your legal rights are.
Right of Redemption
If you look at your mortgage contract, check if you have the right to reinstate it. It will be in a section titled “Borrower’s Right to Reinstate After Acceleration” and you can learn from that section how you can reinstate your mortgage loan.
Even if there is no section for reinstatement, you may be able to request one from the court. This would require you to have the money needed to reinstate your loan. In this case, a judge would be more likely to help you avoid foreclosure.
To reinstate your loan, you would be required to pay your debts in order to redeem your property before the foreclosure is finalized.
If you would like to learn more about your redemption rights in a foreclosure, please reach out to our Florida foreclosure defense lawyers right away.
Right to Challenge the Foreclosure
It is your right to challenge your foreclosure in a court of law. This is something that anyone has a right to regardless of where they live.
The only requirement would be that you need to be in a judicial foreclosure. If you are facing a nonjudicial foreclosure, you have the right to file a lawsuit. This right is extended to people who are at the mercy of a lender who has made a mistake or violated the law.
Right to Notice of the Foreclosure
If you do not receive a notice of a pending foreclosure, then your rights in a foreclosure are being violated. In judicial foreclosures, you are entitled to receive a complaint and summons which notified you of the impending foreclosure. In a nonjudicial foreclosure, the notices that you are entitled to receive include a notice of default in which you will learn that you are in default on your mortgage loan. The second notice is the notice of sale. This is notice that your house is for sale by your mortgage lender.
If you do not receive these notices, you need to reach out to a lawyer right away for help fighting your foreclosure.
Call Our Florida Foreclosure Defense Lawyers
If you are facing foreclosure, you may be worried about what to do next. Knowing that you have rights in a foreclosure can empower you to fight to save your home. There are many benefits of hiring a Florida lawyer. We can help you learn how to navigate the foreclosure process. Please contact us right away to schedule your free consultation.