Foreclosures happen when individuals cannot pay their mortgages on time. They may go 180 days or longer without making payments, but eventually, a creditor may decide to foreclose on the property.
It is very important for you to pay attention if you have been missing your mortgage payments, because ignoring the notices you receive from your creditors won’t help you. The further behind you fall on payments, the more likely it is that you’ll lose your home.
What should you do if you’re facing foreclosure?
If you have already missed a payment on your mortgage, it’s smart to contact your lender. Talk to them and ask about options that they may offer to help borrowers who are dealing with financial difficulties.
You should also be aware of your mortgage rights. Look over your loan documents and see what your lender is allowed to do (and not allowed to do) if you miss your payments. You should also peruse Florida’s foreclosure or contact your attorney for more information about the time frames that apply to your situation.
There are ways to prevent foreclosure that you may want to address with your attorney. For example, a Chapter 13 or 7 bankruptcy might be able to forestall collection activities and save your home from foreclosure.
You may feel overwhelmed by this situation, but know that there are bankruptcy professionals who are willing to help you avoid a foreclosure. Retaining your home is important to you, and you can take steps to protect your property against foreclosure activity even during times of financial difficulties.