When people purchase homes in the Miami area, many will have mortgage payments that fit within their budgets. Mortgages are spread out over decades and during that time, unexpected situations may cause people to fall behind on their payments. If this happens, the mortgage company may start foreclosure proceedings.
This can be very scary for homeowners. People do not want to lose their homes and also it can really hurt their ability to own a home in the future. That is why it is so important for people to be able to avoid the foreclosure if they can do so. It may not seem like there is anything people can do, but there may be defenses to the foreclosure.
Potential defenses and options available with foreclosures
First, it is important to know that people need to act quickly after the foreclosure starts. People need to answer the claim within 20 days of receiving it. There are also many requirements that the mortgage company must follow in order to prove the foreclosure. It is more complicated than simply proving that people may have missed monthly payments. There is also a sequence of actions that the mortgage company must follow to properly execute a foreclosure.
People also have the opportunity to reinstate to become current on their mortgage obligation. If people can come up with the money to pay the amount they are behind at any time during the foreclosure process, the mortgage company needs to dismiss the foreclosure. People may also be able to work out a settlement with the bank, which can also allow them to keep their homes.
When people in Miami receive a foreclosure notice, it can cause great concern for people. However, being served with a foreclosure notice does not mean that people will automatically lose their homes to the bank. The mortgage company may not follow the proper steps and people may have options that will allow them to stay in their homes. Experienced attorneys understand these complicated matters and may be able to guidance through the process.