Foreclosure Lawyer Clearwater, FL
Being unable to pay your mortgage and facing possible foreclosure may call for the help of a foreclosure lawyer Clearwater, FL, can depend on. The prospect of losing your home can be terrifying, and those who are struggling to make ends meet may be experiencing a rollercoaster of emotions, shame, fear, and disappointment. It’s only natural that during the process, you will be left with several questions over what to do next and how best to manage the situation you have found yourself in. We know that you will have questions, which is why contacting Carolyn Secor, P.A. for a consultation should be one of your top priorities.
What is the foreclosure process?
According to federal law, a lender can not initiate foreclosure proceedings against the borrower until the mortgage has been delinquent for at least 180 days. However, it is the lender’s responsibility to contact the borrower 36 days after the missed payment to discuss alternative options to ensure the borrower can remain current on the account. Your lender is also likely to send you a letter informing you that you are behind on your payments. Florida is one of the few states where lenders must take legal action to proceed with foreclosures. The borrower will then have 20 days to respond to the court notice. During the legal process, the lender will ask the judge to grant a motion in favor of the lender, allowing them to foreclose on the home and put it up for sale.
Is there a way to prevent foreclosure from happening so that I can remain in my home?
When a person wants to prevent the loss of their home, it’s imperative to consult with our Clearwater, Florida foreclosure lawyer. If you are delinquent in making your payments, you may likely be struggling with debt, and our team can assist with getting you back on track. There are a few options to avoid foreclosure, but bear in mind that not all of them will allow you to stay in your home; they include:
- Filing for bankruptcy
- Selling your home and paying off the mortgage
- Considering a loan modification
- Seeking assistance from a debt consolidation firm
What is an automatic stay?
Once a person files for bankruptcy, they are granted what is known as an automatic stay. The automatic stay protects debtors from further actions that creditors could take. Meaning, creditors are no longer able to make attempts to collect a debt or engage in the process of foreclosure.
What happens to the foreclosure if I file for bankruptcy?
Much of the time, it’s in your best interest to file for bankruptcy before foreclosure. Once you file for bankruptcy, the automatic stay is granted, and foreclosure actions must come to a halt. If you want to keep your home, are behind on your payments, and are struggling to catch up, bankruptcy may be the right option. Determining the right chapter to file will be critical but know that typically Chapter 13 bankruptcy is the most common way to retain your home. However, to do so, debtors must have a consistent income that qualifies for the wage earner’s plan.
Carolyn Secor, P.A. knows that each one of our clients has needs that may differ from the last, which is why we work tirelessly to listen to our clients and their needs. We want to assist our clients in strategizing the next steps in their best interest, customized to meet their needs. Get started by contacting our Clearwater, Florida foreclosure lawyer.