Foreclosures can impact most aspects of your life. It will rid you of properties, impact your credit score, and affect your ability to obtain another mortgage in the future.
A judicial foreclosure proceeding in Florida means that you are in default of your mortgage payments for your home. It begins when the lender files a lawsuit in court and asks for an order allowing a foreclosure sale in which the proceeds from such sale will be applied to your outstanding balance or debt. If you want an in-depth explanation for this, it is always best to consult a lawyer. But be sure to choose the best lawyer in Pembroke Pines, Florida, if you live in that area!
For your ready reference, there are ways to stop foreclosure. You can reinstate the loan, redeem the property before the sale, or file for bankruptcy. Our attorney in Hollywood, Florida, will advise you to take these initial steps first if you can.
Reinstating the loan you took can be done even if Florida does not provide a statutory right to reinstate a loan before the sale. Many mortgage contracts provide the borrower this right in the form of a right to cure the default after the acceleration and reinstate the loan. Be sure to check your loan documents and see if this right is available to you.
You can also redeem the property before its sale by paying off the full amount of the loan. If this fails, filing for bankruptcy might be an option. Once you file for bankruptcy, an “automatic stay” goes into effect.