COMMONLY ASKED QUESTIONS:
What is a foreclosure?
When a secured creditor, usually a Bank, attempts to recover money because they were based on a promissory note by selling the property. In other words, you have probably borrowed money from a bank or mortgage company to purchase or refinance a home. In exchange for lending the money, you made a promise that if you could not pay them back they could take the house. These are the events associated with the actions as part of the foreclosure process.
Can the bank agent come to the house and evict me?
No! Only a court ruling may force you to leave your home. Finally you may be expelled but there are procedures within the court system that the mortgage holder must follow first within the foreclosure process and then another set of procedures for expulsion.
When do I need to move from my home as foreclosure procedures are being executed?
YOU SHOULD NOT! The process of foreclosure even when it comes to the end only transfers ownership of your house to the highest bidder. This transfer of ownership becomes complete in a weekend following the auction of foreclosure. After the auction, you automatically become a tenant in the house you formally owned from the start. At this point the new owner must follow legal procedures in your state to expulsion.
What if I don't want to keep my house or I have already exhausted all options and I’m still not able to keep my home?
Generally you may then try a short sale or also deed in lieu or even can opt for the insolvency which would apply to the bankruptcy process before it allows it to happen the foreclosure of a mortgage.
In the day of the sale of the foreclosure of my house, does the attorney and potential bidders have to come inside the house?
No. If you would like to invite them inside the house you are free to do so but you are not under any obligation and they may not force you to let them enter the house.
At what point do I absolutely have no other choice?
You have not lost until you decide that the fight is finished. Even after a foreclosure of a mortgage, even after an expulsion you still have much of a right to buy your home again in the free market as any one else.
Foreclosure happens quickly in Florida
You have just 20 days to respond to a default lawsuit. If you do nothing, the mortgage company will steamroll over you and take over your home within three or four months. Our attorneys can help, whether you are ahead of the game or days away from the deadline.
Your home plays an important role in your family's life. They are a symbol of family memories, security and unity. The prospect of losing your home due to unexpected financial problems, such as unemployment or a medical emergency, is frightening and stressful. However, it is important to know that you have options in this situation.
Whether you seek to end the foreclosure process by filing for Loan Modification, Short sale, sell your property or rather file Bankruptcy, COSTA LAW, PL, will work diligently to help you understand the benefits and ramifications of every option in an effort to help you make the most educated and objective decision possible.
A solid defense to a foreclosure action will also buy the borrower more time in situations where the borrower may be struggling economically. Once a struggling borrower starts to increase his/her income, the greater the odds that the borrower will qualify for a mortgage modification.
There are numerous alternatives to foreclosure:
- Loan Modification
- Repayment Plan
- Settlement Agreement
- Short Pay-Off
- Short Sale
- Deed in Lieu