In Florida, borrowers who become delinquent on their mortgage loans need fast legal help. The lender has the right to sell the property after a predetermined amount of time. If the borrower doesn’t take action, they will lose their home. A local attorney offers advice about Foreclosure Defense in Wellington FL.
What Happens During Foreclosure?
Foreclosure involves legal processes where the lender seizes property from the borrower due to a mortgage loan default. When financing a home, the property is used as the collateral to secure the loan. If the borrower defaults on the loan, the borrower has a limited period of time to catch up the payments or they lose the property.
Are There Ways to Stop a Foreclosure?
Yes, an attorney requests a mortgage modification if the contract has any predatory lending terms. For example, lenders must provide the best interest rate available to the borrower when the mortgage is initiated. If a more suitable rate was available, the contract is adjusted and the payments are altered.
How Does a Quick Sale Help a Consumer
A quick sale helps consumers sell the property themselves before the foreclosure starts. It gives them a chance to get a larger portion of the outstanding loan balance. During foreclosure, the lender sells the property at auction. Any outstanding balance is required from the borrower. The lender could use further legal action to collect.
Why is Bankruptcy Beneficial?
Bankruptcy offers an automatic stay and prevents any legal action by the lender. The duration of the automatic stay depends on the chapter selected by the borrower. Chapter 13 protection lasts for up to fiveyears, and the liquidation process offers help for no longer than six months.
In Florida, borrowers face foreclosure when they are at least 90 days delinquent on their mortgage loan. The process allows the lender to take the property and sell it at auction without the approval of the borrower. The mortgage loan and foreclosure remain on the borrower’s credit report for at least seven years. Borrowers who need Foreclosure Defense in Wellington FL are encouraged to learn more about Law Offices of Sean I. Koplow and schedule an appointment right now.
