Foreclosure Solutions for First Coast
Connecting You with the Foreclosure Attorney Jacksonville FL You Can Depend On!
Foreclosure Solutions for First Coast
Only a few Americans have enough cash to buy a home outright. Perhaps this explains why 62% of US citizens carry a mortgage. When you purchase a loan to finance your property, you are obliged to make timely payments until the debt pays off, and you finally become the homeowner.
If you fail to repay the borrowed money for some reason, the lender will retain ownership of your home and may sell it to pay off the home loan. Not surprisingly, the mortgage loan is one of the primary sources of debt owed by Americans.
Mortgage payments are the largest bill of a homeowner, and anyone can fall behind with their payments during a financial crisis.
Typically, lenders give some time to homeowners to help them stay in their houses. However, that’s not possible every time.
Eventually, the mortgage lender takes legal action to possess the home through foreclosure. In other words, they repossess the house, sell it, and use the money to pay your debt.
The process is undoubtedly devastating for any homeowner; leaving your happy place can be challenging. However, hiring knowledgeable Jacksonville foreclosure lawyers at the right time can help you with the foreclosure process.
At Foreclosure Attorney Jacksonville FL, we connect you to Jacksonville foreclosure lawyers who know the legal landscape and maximize the chance of saving your home.
Our professional Jacksonville foreclosure attorneys are here to help you avoid the unpleasant consequences of foreclosure.
About Us
Battling in the court for a home is probably the last thing any homeowner would want to do, and taking the burden of foreclosure into your hands is not a wise decision.
Although the time a lender takes to file the foreclosure lawsuit varies, most lenders try to do it as soon as possible.
Time won’t be in your favor if you’ll try to handle things alone. The mortgager can move things quickly if you fail to respond to the foreclosure lawsuit. However, getting in touch with a foreclosure defense attorney Jacksonville FL at the early stages helps you avoid the trouble.
We analyze your situation at Jacksonville Florida Foreclosure Lawyers and connect you to skilled Jacksonville foreclosure attorneys who understand the foreclosure process details. We update you regarding the latest laws and present you with all the possible solutions.
Our Jacksonville foreclosure lawyers are ready to negotiate with your lenders and the court to turn the situation into your best interest and help you avoid pitfalls. We ensure that you are given the right to defend yourself and protect your property.
While any Jacksonville foreclosure attorney out there can claim to handle the challenging foreclosure procedure for you, not all are experienced enough to make the process a successful one.
When undergoing a foreclosure, you are already facing a financial crisis. So, instead of paying hefty amounts to a foreclosure lawyer Jacksonville FL that make false promises and eventually fail to work things in your favor, it is better to hire reputable attorneys who understand the nitty-gritty of foreclosure.
They won’t only offer you a plethora of solutions considering your current situation, but they’ll be by your side throughout the process.
The lawyers at Foreclosure Attorney Jacksonville have years of experience and success stories from past clients. Our foreclosure attorneys Jacksonville FL stick by the clients until the situation turns in their best interest.
Many people hire a foreclosure attorney Jacksonville FL, but only a few report it was worth it. At Jacksonville Foreclosure Attorney, we have a history of satisfied customers that successfully reclaimed their properties through our services.
If you are in deep water owing to your foreclosure, do not hesitate to connect with us today!
What Is Foreclosure?
The Jacksonville Florida Foreclosure Lawyers Locals Can Depend On!
Foreclosure is a process through which a home lender repossesses your property when you default on your mortgage. Although the precise process varies per state, in most cases, the lender takes legal actions to repossess the house and sells it at auction.
If the house doesn’t sell, the lender takes your home’s ownership. At this point, the property is considered real estate-owned (REO).
The lender then hires a local real estate agent to list the REO for sale. The agent acts on behalf of the lender to sell the house and represents them throughout the process.
Parties Involved In Home Loan
The mortgage is not a straightforward process. It involves several parties that play their part during the foreclosure, too. The key parties include the following:
The borrower. The borrower, also known as the mortgagor, is the homeowner who borrows money and offers their house as collateral to the lender.
The servicer is the company that controls the loan account. It is the organization you make your mortgage payments to. Oftentimes, the servicer is a third-party that handles the loan account for the lender and charges a fee in return. The firm typically collects and processes your payments. In the event you fail to make payments, the servicer initiates and tracks the foreclosure process.
The lender. As the name implies, it springs from loans. A lender is also known as the mortgagee.
The investor purchases loans from the lenders.
Types of Foreclosure
Some foreclosure processes involve legal actions while others do not. Typically, this depends on your location. However, the most common types of foreclosures include the following:
The Foreclosure Process
Foreclosure doesn’t happen overnight. From the time you miss your first payment to when your home forecloses, you are given a timeline to make your delayed payments.
So, if you fall behind with your mortgage payments, your home won’t be taken outright. Instead, you’ll go through a series of steps before encountering foreclosure.
When you make a mortgage commitment, you sign a few repayment agreements. Foreclosure occurs when you break these agreements with the lender and fail to make alternative repayment arrangements – consider loan modification, for instance.
However, these agreements vary by jurisdiction and lender. Therefore, it’s best to refer to them to determine what terms and conditions govern your mortgage.
We’ll walk you through several steps involved in the mortgage process.
As the name suggests, the first missed payment is the first time you fail to make your mortgage payment. Generally, lenders offer you a grace period of up to 15 days to pay the mortgage after the due date.
If you don’t make payments within the grace period, you’ll be charged a late fee. Additionally, some lenders might send you a warning about potential foreclosure when you fail to make timely payments. A few, on the other hand, may report it to credit bureaus.
When you continue to miss your payments, you are in default. Although the default terms vary per lender, a few would consider you in default after 30 days of payment delays. Some, however, may give the timeline of 15 days only.
Once you’re in default, the next step highlights whether you are in a judicial or non-judicial foreclosure. The former typically occurs when your mortgage contract doesn’t include a power of sale statement.
On the flip side, the latter happens when you have such a clause in your agreement. Generally, non-judicial foreclosures are less costly and more efficient.
When you fail to make your payments for 3-6 months, your lender files a Notice of Default and sends it to you via mail. If your state allows it, they might post it on your home’s front door.
This notice highlights your missed mortgage payments and how much you owe to turn things in your favour.
While this sounds enough of a hassle, the Notice of Default may also appear on your credit report, hurting your score. Consequently, it makes it harder for you to refinance your mortgage or secure other credit types.
However, note that this notice, by no means, indicates that the lender is foreclosing your home or you do not have alternatives to prevent the trouble. Hiring Jacksonville Foreclosure Lawyers can certainly help you at this point.
Before the situation gets any worse, it’s better to get in touch with a professional foreclosure attorney Jacksonville FL timely and resolve the issue immediately.
Pre-foreclosure is the time between the Notice of Default and the auction of your home. If you pay the owed amount during this time, you can stop the foreclosure process. Of course, you still own the house, and you have time to protect it from foreclosing.
Note that you can also go for a short sale to pay back the money you owe. It involves a mortgage lender accepting payoff less than the amount owed to facilitate the home sale for the distraught owner.
As a home seller, it will affect your credit score but far less than how a foreclosure would. You’ll leave your home without cash at hand, which would probably make it challenging for you to find a residence to live in.
The time between the Notice of Default and your home selling varies per state.
If you do not get your hands on the money to bring the mortgage back into a good position within the given time, your lender proceeds with filing a sales notice.
Simply put, your home will be up for auction at an allotted time. The lender has several ways to publish your Notice of Sale. However, the process varies per state.
For instance, they might publish it in a newspaper to make the announcement public, post it on your property, or perhaps at a public place in your area.
Your home needs to be advertised for investors to show interest in buying it. However, you still have the right to reclaim your home until the sale through right or redemption.
Following your home sale, you’ll have a time of a few days to collect your belongings and leave home. If you do otherwise, the law enforcement personnel can force you out of the property. At this point, you have no option but to leave the premises.
Why Foreclosure Happens
Any circumstances that impact you financially can contribute to your missed mortgage payments. Regardless of the reason, the lender will initiate the foreclosure process.
We’ll uncover a few reasons why you might fall behind on your mortgage payments.
Unemployment
Losing your job suddenly can have dire consequences on your finances. Because mortgage payments aren’t small, perhaps you’ll find it challenging to pay them without a job.
Although industries cover unemployment benefits, they are only a percentage of your total earnings and cannot pay the mortgage for you.
Depending on your situation, you may want to go for mortgage forbearance. It helps you delay the payments when you are having financial issues. However, you can go for this option if you know you’ll be employed anytime soon.
Accident or Illness
Individuals suffering from an illness or those who encounter a sudden accident experience a one-two punch during foreclosing. First, they are unable to work and pay for their mortgage. Second, they have to finance their pricey medical checkups.
So, even if they are employed, they are unable to continue their work. If you find yourself in such a scenario, you can investigate the disability benefits offered by the company you work with. This would, at least, pay for your expensive medical bills. However, if the disability benefits aren’t sufficient, you can receive individual disability insurance by contacting an insurance provider.
Nonetheless, most people would not prefer the latter option because it is costly.
So, after you complete the disability benefits investigation, you can get in touch with the lender and ask them for a mortgage modification.
Credit Card Debt
Exceeding your credit card limit can be another reason for a financial crisis and missed mortgage payments. When you pay 18% or more in interest, it can lead to financial problems. Therefore, one must be frugal when using a credit card.
A careless person can quickly max their credit limit and get into trouble.
If you find yourself in the same situation, you can consolidate your card debt and reduce the payment and interest rate. Consequently, you’ll have a single payable bill every month.
Here are a few ways to carry out this process:
- Use a home equity loan to pay the hefty debt.
- Transfer amount to a single card with a low rate.
- Obtain lower-interest consolidation loan.
Increased Monthly Payment
If you borrowed the home with an adjustable-rate mortgage (ARM), you might find yourself struggling to make payments in the long run.
Typically, ARMs begin at a low rate. For instance, you have to pay lesser monthly installments in the starting years. While this option seems enticing to the buyers, it can cause trouble in the future – if you won’t keep enough money at hand.
Why? Because the monthly payments increase in the coming years, say, after 5-6 years. So, as the interest rate increases, so will the mortgage payments.
Even if you are employed, not having enough in your savings can immensely pressurize you. However, you can refinance the ARM into a fixed-rate loan. They are consistent and amortized. Simply put, you’ll completely repay your debt as the loan terms come to an end.
Separation or Divorce
Divorced or separated couples can easily find themselves in financial constraints. While you have the option of martial home, it can make things overwhelmingly tricky.
It’s best to negotiate with your partner and land a mutual agreement. You have to decide who will keep the home.
The individual who chooses to own the house would be responsible for mortgage payments. They can refinance the property to obtain the mortgage in their name.
If, however, none of you wants to keep the home – or afford to make the payments – it’s best to sell the house or rent it out before landing foreclosure.
Consequences of Foreclosure
Our home is a haven where we melt away our stressors, unwind, and relax. Losing your home can be one of the biggest life challenges. Not only does it impact your overall well-being, but it also severely affects your children’s mental health.
Tips to Avoid Foreclosure
Foreclosure is the last resort for lenders when they lose hope of receiving mortgage payments from you. While it is undoubtedly scary for the borrowers, the lenders are in the same boat.
No lender is pleased to go through the daunting process of filing a lawsuit to proceed with foreclosure. Not only is the process time-consuming, but it is also pretty expensive. For homeowners, it is best to connect with their lenders directly.
It is improbable for a lender to let you off the hook entirely, but it’s the least you can do to not lose your house. If you come to terms with the lender and extend your payment deadline, lucky for you. Otherwise, you have more options to explore.
Avoid Ignoring the Notices
While any mature homeowner would not do it, a few might not pay heed to the notices from the lender. This could be one of the biggest mistakes any borrower can commit.
It’s best to stay in touch with the lender and convey what’s causing your missed/delayed payments. If your lender understands, they may extend the date or suggest a few alternatives.
However, if that doesn’t happen, you’ll start receiving notices regarding your delayed payments or where you are in the foreclosure process.
You can talk to a foreclosure attorney Jacksonville FL to understand the foreclosure phases and what legal steps you can take to resolve the problem.
Look Into Alternatives to Stay In Your Home
If you’ve realized that you won’t be able to make further payments, explore a few other options. For instance, you can go for a government foreclosure-avoidance program. A few lenders also offer similar programs.
Alternatively, some lenders might offer you a loan modification, making the loan less costly for you.
Lastly, you might settle a repayment plan with your lender that involves frequent but fewer payments or relief for a month or two.
However, this typically happens when you have a sound payment record, and you are unexpectedly struck with setbacks or trials – a sudden accident, divorce, or unemployment, to name a few.
Explore Alternatives to Leave Your Home
If you can’t seem to do anything about foreclosure, see if your lender agrees to a short sale. While it won’t prevent the damage, it will certainly minimize it.
This will allow you to sell the house and pay off the loan. It can be an option if the value of your property is less than what you owe for the mortgage and you haven’t fully repaid the loan.
If, however, this doesn’t work out, a seemingly less attractive option can be “deed in lieu of foreclosure.”
The process allows you to turn over the home to the lender. In turn, you lower or eliminate the mortgage payments.
File for Bankruptcy
Filing for bankruptcy is yet another option to consider. However, the steps involved are pretty complicated. You can contact the Jacksonville Florida foreclosure lawyers to get precise details of the process and tailor it to your specific situation.
An experienced foreclosure lawyer Jacksonville FL will give you the best advice on what can be done to file a bankruptcy.
Generally, bankruptcy chapters 7 and 13 are the most popular options, and your attorney would likely suggest you one from among these.
Chapter 7 involves liquidating your home to pay off the remaining debt. Chapter 13, on the other hand, includes a court-approved plan. This plan allows you to give out a sum of money to suitable creditors each month, and you get to stay in your home for 2-5 years.
Our foreclosure lawyers Jacksonville FL can recommend which bankruptcy chapter is appropriate for your situation. A few chapters may seem attractive in the first place. However, the situation varies per person, and no two foreclosure cases are the same.
Therefore, you need a guideline to save your property and make payment plans easy. Our team explores potential options to protect your home and suggests several plans to resolve your problem.
Hire a Foreclosure Lawyer
Regardless of how knowledgeable you are regarding the legal landscape, a practicing Jacksonville foreclosure attorney understands the process better than you.
Therefore, hiring an experienced attorney at Jacksonville Florida Foreclosure Lawyers can help you through the foreclosure process.
Loan Modifications
Loan modifications allow you to adjust the loan in a way that makes payments affordable for you. Although load modification is free of cost, not all homeowners can convince the bank to approve it.
Hiring a Jacksonville foreclosure lawyer with us can help you qualify for a loan modification. The bank analyzes some information regarding your income, and our Jacksonville foreclosure lawyers present the information in your best interests to get you approved.
Attend Settlement Conferences on Your Behalf
Settlement conferences are held between two parties to negotiate and present alternatives to foreclosure. If you haven’t hired a foreclosure attorney Jacksonville FL, you’d have to attend these conferences yourself.
Perhaps you have limited knowledge regarding the appropriate options, so hiring an attorney who speaks on your behalf can be your best bet. They’ll likely present solutions that benefit you.
Defend Your In the Court
A foreclosure defense attorney Jacksonville FL can identify the foreclosure mistakes and defend you in court. For example, if your lender violates the state foreclosure laws or goes against the loan contract, the situation can turn in your best interest.
Simply put, you can be a victim of unjust lending practices without even knowing it.
A skilled attorney knows tons of strategies to delay your foreclosure at this point. If the defense turns in your favor, the court might give you a settlement option or dismiss the lawsuit entirely.
Help Achieve Loss Mitigation
A few loans come with loss mitigation options. The process involves you and your loan servicer working together to avoid a foreclosure. This offers a way to stay current on mortgage payments.
However, a few lenders may not disclose this option to you. Perhaps it would be difficult to know about this route without a lawyer. However, a foreclosure lawyer Jacksonville FL can help you benefit from this option – only if it is available to you.
Otherwise, they might offer a few other ways to approach loss mitigation.
Do I Have to Leave My House When It’s In Foreclosure?
No, you do not have to leave your home when it’s in foreclosure. Generally, it takes a few months to a year for the foreclosure process to complete. Of course, it is a legal procedure, and it doesn’t happen in a day or two or even a week.
Nonetheless, once your house is sold, you have to leave it with your belongings right away. Yes, you have some time to collect your possessions before moving out. The time limit can vary per state, but it doesn’t exceed a few days to a few a week.
Does Bankruptcy Help Prevent Foreclosure?
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Bankruptcy comes in handy because it postpones foreclosure. However, neither does it eliminate your lien nor does it permit you to stay in your property without making monthly payments.
Chapter 7 follows liquidation and postpones a foreclosure, allowing you to stay in your home when you fall behind with the payments.
On the other hand, chapter 13, also known as the “wage earner’s plan” offers an option to repay all or a sum of your debts while staying at home.