What is a Foreclosure?
The foreclosure process begins when you fail to make your mortgage payments.
Once your bank complies with certain conditions, your bank will have the
authority to take legal action against you in order to obtain their money.
However, all too often debtors feel cornered and overwhelmed when they
get that first notice. As a result they choose to do nothing and wait
it out. Doing nothing is absolutely the last thing you want to do. Speaking
with a Sarasota foreclosure attorney about your alternatives to foreclosure
and examining all your options will put you in the position where you
can breathe a sigh of relief knowing that your decision was the right one.
Served with a Foreclosure Notice?
Have you recently been served with a
foreclosure notice? If so, you may be feeling distraught, confused and overwhelmed
by the thought that you may be on the fast track to losing your home.
Homeowners across the nation are battling with delinquent mortgages and
many of them are weighing whether or not they should simply give up the
fight and walk away from their investment. Truthfully, if you are in this
dire situation as a Florida resident, like many who have been in this
situation before you in recent years, you are not alone.
What Should I do Upon Receiving a Foreclosure Notice?
After you have missed a certain number of payments, the bank or lender
will send you what is called a "notice of acceleration." This
notice is a formal demand telling the owner they must pay the total amount
of delinquent payments within a specified period of time (usually thirty
days). Then, the lender will file a complaint for foreclosure and record
a "lis pendens" in the public records. Once you are served the
complaint, a summons and the lis pendens, you will have just twenty days
to respond to this complaint.
This is a critical period during the
foreclosure process, because if you fail to respond you could lose your right to a foreclosure
defense permanently. Within your response, you will be required to list
your defenses to the mortgage foreclosure action; otherwise you may not
be able to argue these defenses at a later date.
If you have been served a foreclosure notice, you must contact a foreclosure
attorney right away. There are effective foreclosure defenses as well
as alternatives to foreclosure that should be considered, and there are
many options available that may lead you to a more favorable outcome and
a brighter future. As in any financial investment, it's critical to
minimize your losses. Without the assistance of a legal professional,
you could be kept in the dark about your options. Failure to take the
necessary steps to inform you can lead to disappointments, great financial
losses and regret after your home is foreclosed upon.
Were you served a foreclosure notice? If so,
contact Sarasota foreclosure attorney
Sheryl A. Edwards today!