Serving Consumers in the State of Florida

Q: I can't pay my mortgage anymore, but have been current in my payments until now. Is there anything I can do immediately to prevent foreclosure?

A: It is a good idea to start trying to fix your foreclosure problem before it gets too out of control. The threat of foreclosure won't go away by ignoring the problem. Instead, you may be able to negotiate the terms of your mortgage with the lender if you start missing payments. You can investigate the options available through home loan modification companies also. Many communities offer programs that can help advise people on how to avoid foreclosure. These options, along with many others in Florida, are available through the U.S. Housing and Urban Development website.  

Q: How does the lender have to notify me if my house is being foreclosed?

A: Many lenders consider a mortgage to be in default when payments have not been made for 90 days. The lender may contact you within this time period to let you know that your payments are delinquent. However, foreclosure cannot be filed unless the loan is considered to be in default. After 90 days, the lender hires an attorney to proceed with the foreclosure process. Typically, they will notify you by letter or phone calls. It is important to pay attention to all of these communications because the lender wants to solve this problem as much as you do.

Q: How long does a foreclosure take?

A: The foreclosure process has many facets, so it depends on what you consider "the beginning." If you count from the first time you miss a payment to the auction of your home, then foreclosure may take around 6 months or more. If your bank is in particularly bad financial standing, they may pursue your home faster. There are laws regarding foreclosure proceedings. Talk to a foreclosure and mortgage lawyer at the Coye Law Firm to protect your rights.

Q: Will the fact that my house is being foreclosed be made public?

A: Foreclosures are a matter of public record and are published on the Internet and some news publications. A sign is often placed out front of the home to advertise that it is being offered for short sale or bank sale. Although this can embarrass some people, most now that foreclosures are an unfortunate reality in today's world. If you or your family need support during a foreclosure, there are support groups on the Internet or that meet in person.

Q: What will foreclosure do to my credit rating?

A: Foreclosure does have a negative effect on a person's credit rating. However, depending on your financial history and current debt, it may not be damaged beyond repair. If your home is being foreclosed, don't assume that all hope is lost. When you are facing a foreclosure, it is best to consult a law firm that has comprehensive financial services, such as the Coye Law Firm. Our foreclosure lawyers will not only help you sort out the issues with your home, but can consult you on insurance or tax issues.

Q: Someone contacted me saying that they can stop my house from being foreclosed. I'm not sure if it's legitimate or not. What should I do?

A: Be very careful in who you select to help you with a foreclosure. There are people who claim to be able to help desperate homeowners out of foreclosure but may be nothing more than scam artists. Talking to your lender can help verify if the person is legitimate in their business or not, and it never hurts to ask for someone's credentials before hiring them. A foreclosure lawyer can help you determine if this person will help your foreclosure proceeding or not. It is vital to consult an experienced attorney before committing to anything in the foreclosure process. A consumer advisory has been issued for people to watch out for potential foreclosure con artists. It can be found here.

Q: My home was sold at a foreclosure auction. Are there any options I have left to get it back?

A: There is a redemption period after your home has been sold at a foreclosure auction. In order to get your home back, you need to pay the full amount you owe and all costs of the foreclosure process including attorneys fees. Florida's redemption period is the amount of time it takes the court to determine if the price of the home was fair, usually about 10 days. You and your mortgage attorney may claim that proper procedures were not followed in the sale in order to get your home back. This process may not be done in time or correctly without the advice of an experienced foreclosure attorney. 

Foreclosures are a tough prospect for any homeowner, and if you have experienced one, you shouldn't be left to deal with it alone. The Coye Law Firm can help you negotiate terms of your mortgage, notify you of your legal rights, and find legal ways to stay in your home. Call one of our offices today to protect yourself and your investment.