Foreclosure can be a very scary word, even if you’re not entirely sure what it actually means. Any word which relates to losing your home can’t be pleasant, can it? Owning a home isn’t all about being pleasant, however, so, even if you’re not in any financial trouble at the moment, you should make sure you know exactly what you’re getting into. Our Wesley Chapel real estate foreclosure attorney answers some of the most common foreclosure and home ownership questions they hear.
The Answers You Need about Foreclosure
The following points should answer some of your foreclosure-related questions but, if you need more specific advice or are facing foreclosure, you should seek expert advice from an experienced real estate foreclosure attorney.
- Foreclosure is a legal process whereby the owner’s legal rights to a property are revoked. The property will then be sold to cover any outstanding mortgage or other secured debts
- The number of payments you can miss before foreclosure proceedings begin will depend on your mortgage. Different loan agreements and mortgage providers will specify their own terms. Check your paperwork or contact your mortgage provider if you’re unsure
- A Notice of Default will be filed and served when foreclosure proceedings begin. This will be done at the County Recorder’s Office local to the property
- Mortgage providers, or providers of any secured loans or those where your property is used as collateral, can foreclose if you miss a certain number of payments
- Foreclosure to recover outstanding property taxes can occur. This can be initiated by federal, state, or local tax officials
- The foreclosure process can vary in length depending on the type of loan involved. For example, FHA and VA loans generally result in a quicker foreclosure process than Conventional loans
- You can stop a foreclosure by bringing your mortgage or loan payments up to date. Your lender may also be willing to arrange a payment schedule
- Filing for bankruptcy halts foreclosure and can give you some time to arrange a plan through the courts
- If any proceeds from the property sale remain after all creditors have been paid, you may be entitled to some funds. It’s unlikely that much, if any, will remain once all loans and fees have been paid
How a Wesley Chapel Real Estate Foreclosure Attorney Can Help
As a foreclosure is a very serious legal matter, you should always seek help from a real estate foreclosure attorney as soon as you become aware of a problem with a mortgage or secured loan repayments.
Our Wesley Chapel-based foreclosure defense attorneys, with over 40 years’ experience, may be able to help you keep your home despite financial troubles, through working hard to protect your rights. If you’re facing the potential trauma of losing your home to foreclosure, contact us today to schedule a consultation, where we can discuss your individual circumstances and make sure you’re in the best possible position to succeed.
DHW Law’s dedicated real estate foreclosure attorneys can be contacted on 813-962-3176.