My House Has Been Foreclosed On...Now What?
If your lender has sent you a Notice of Default – the first step in the foreclosure process – you may be wondering what happens next. Will there soon be a knock on the door by someone who is going to throw you and your family out into the street?
Thankfully, the answer is no.
Actually, your lender probably doesn’t want to foreclose on your home and will usually take its time in foreclosing. This is not only because lenders now own way too many foreclosures, but it is also because they must spend money to maintain the property and a home in foreclosure continues to lose value.
This means that your lender may be more willing than they had been previously to negotiate with you for a loan modification, short sale or deed-in-lieu of foreclosure arrangement.
If not, and your home is scheduled for sale at a sheriff’s auction, you may still be able to get your home back since Florida has a right of redemption statue. This means that if you can pay in full the unpaid loan balance plus costs, you can reclaim your home. And even if you cannot, this still buys you some time before you have to vacate your home.
If you are a Florida homeowner facing possible foreclosure and need help, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
