What Should People Know About Foreclosure Defense In Florida?

If you have a mortgage and are behind on your payments, you are in danger of being foreclosed on. However, just because a foreclosure action has been initiated doesn’t mean you do not have recourse. It is important to be aware of your rights throughout the process.

Notice of Default

You have the right to be notified of your default in payments. Generally, your mortgage will have a provision that requires your lender to provide a “Notice of Default” prior to initiating a foreclosure action in court. This Notice often requires certain information and disclaimers, such as the right to cure your default, the amount needed to cure the default and a date by which the default must be cured.

Notice of Assignment

Borrowers generally have the right to be notified if their mortgage is assigned to a new lender or servicer. The notification should be done in writing and provided to the borrower within a reasonable time after the assignment has occurred. If there are any changes in your payments or your loan due to this assignment, you should be made aware.

Statute of Limitations

Your lender only has a certain amount of time to file a lawsuit for foreclosure. In Florida, your lender has five (5) years from the date of acceleration to file suit. The date of acceleration should be noted on the Notice of Default initially provided. If your lender fails to file suit within that time period, their action is barred by the statute of limitations and should be dismissed.

Alternative Options to Foreclosure

Even if your lender has initiated foreclosure proceedings, you still have a right to seek refinancing options and/or list your property for sale on the open market. By doing so, you can potentially obtain alternative financing to pay off your mortgage that is in foreclosure and start over with a new lender.

To find out whether any of the above rights have been violated by your lender, consider consulting with an experienced foreclosure attorney.

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