Losing a home to foreclosure is among the top fears for many homeowners. Homeowners who want to protect their homes from being sold in a foreclosure sale should enlist the help of a qualified Miami foreclosure defense attorney as soon as possible. With the proper legal counsel, homeowners can better pursue foreclosure alternatives and assert their rights, such as their Right of Redemption.
Even after a foreclosure process is set in motion, it is possible for a homeowner to keep his or her home because of their right to “redeem” either their mortgage before the foreclosure sale or home after the sale. While some states only allow for pre-foreclosure redemption, Florida also allows post-foreclosure redemption.
Saving Home Pre-Foreclosure
All homeowners have the Equitable Right of Redemption, which is the right to redeem one’s mortgage before their home is sold in a foreclosure sale. To exercise this right, homeowners must pay all of their missed mortgage payments (plus fees and costs). However, homeowners with defaulted loans typically cannot come up with the significant amount of cash needed to pay their debt lump sum. Fortunately, homeowners who work with a Miami foreclosure defense attorney can pursue foreclosure alternatives like a loan modification or refinancing, particularly earlier on in the process.
Saving Home Post-Foreclosure
Florida homeowners also have the Statutory Right of Redemption, the right to redeem (repurchase) their home after a foreclosure sale, but before the sale is finalized. To exercise this right, homeowners must pay the purchaser of their foreclosure property the foreclosure sale price (plus interest, fees, and costs). Unfortunately, the time period Florida homeowners have to pursue a post-foreclosure redemption is very brief, commonly no more than 10 days. After a Florida foreclosure sale, a home is redeemable until either of the following occurs, whichever comes later.
- The court clerk files the certificate of sale, approving and finalizing the sale.
- The date specified in the foreclosure judgment is reached.
If you are at risk of losing your home to foreclosure, consult with an experienced Miami foreclosure defense attorney. Our Florida foreclosure defense experts can inform you of your right of redemption options, assist you through the redemption process, or help you pursue foreclosure alternatives.
Call Graham Legal today for a free consultation.