The foreclosure process can take its toll on the homeowner and the entire family. Without speaking to a foreclosure attorney most homeowners don’t know exactly what to expect which can easily become overwhelming, especially since families facing foreclosure are already experiencing financial hardship. During the initial consultation Graham Legal’s foreclosure attorneys will explain in detail the foreclosure process.
When does the foreclosure process begin?
The moment that the homeowner defaults, misses the first payment, the clock starts ticking. Usually, the bank will enter a “Written Notice of Default” shortly after the missed payment, which officially begins the foreclosure process in the court system. Without any representation, the mortgage lender can be granted a judgment as early as six months from the time a “Written Notice of Default” is issued. In recent years, Florida homeowners have agreed to surrender their homes in bankruptcy to get a discharge of their mortgage debt. As of October 1, 2018, the new law prevents homeowners from fighting a foreclosure after agreeing in a bankruptcy to give up the property to the lender. With an experienced foreclosure defense lawyer representing the homeowner, the entire foreclosure process can be extended to over four years.
The possible outcomes of a foreclosure suit:
Without an attorney, the bank will receive a court order allowing them to sell the property through an auction. After the bank sells the property, they will likely proceed to file a suit for the remaining balance still owed on the mortgage (deficiency). This leaves the original homeowner in a difficult financial bind, as they now need to pay for another place to live and continue making payments on their previous mortgage. With an attorney, as mentioned earlier, the foreclosure process is significantly extended allowing the homeowner to get back on their feet. After the complaint is filed by the mortgage lender, there is a short period of time by which the defendant’s attorney needs to file and answer. Going forward from this point the homeowner will need a foreclosure defense team that is highly experienced to litigate and negotiate the terms of the resolution to the foreclosure case. A foreclosure suit can end in many ways. Plenty of favorable solutions are available with a skilled foreclosure defense attorney representing the homeowner. Don’t face foreclosure alone, The Graham Legal team can help. To learn more about the options available, call us today to schedule a free consultation with our attorneys.