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Important information to know about foreclosure

| May 20, 2020 | Foreclosure |

Owning a home is a goal for many Floridians and it often takes years of planning, saving, and searching to find the property that is just right for a home buyer. Once they are into their new home, they may put down roots, build a place to raise their family, and make memories that will last for lifetimes. A home is more than a place to live. For many, a home is a place of stability, comfort, and peace.

Unfortunately, the careful plans that many people make to ensure that they can stay in their homes forever suffer setbacks when unforeseen circumstances threaten their economic well-being. The loss of a job, an unexpected illness or death, or any number of other unanticipated events may change a person’s ability to pay the mortgage on their home. When a person does not make their mortgage payments and falls behind on their loan, they may face the legal process of foreclosure from their lender.

Foreclosure occurs when a bank or other lender seeks to repossess a home for which the mortgage holder is in default on payments. The lender may take possession of the home and sell it in order to recoup losses they suffered when the owner failed to stay current on their payments. At its core, though, a foreclosure can lead to a family losing their home and the stability that comes with owning residential real property.

While foreclosure may seem like a scary and overwhelming process, it is also a process that gives home owners options and affords them certain rights to protect their residences. When facing a possible foreclosure proceeding, it is important that an individual is proactive to understand and prepare for what may happen. Attorneys who work with real property clients and particularly those who defend individuals facing foreclosure proceedings are excellent resources for individuals who wish to fight to keep the homes that they love.

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