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!

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