That doesn’t mean you’ll instantly lose your home, however. Specific foreclosure guidelines are required by law, many of which give you the opportunity to either stop or delay the bank action.
Get an attorney to guide you through the foreclosure process and build your best defense against losing your home. Eric Lanigan and Roddy Lanigan are experienced Orlando foreclosure attorneys who will find out what you want to do and then, provide alternatives so that you know what you can do to stop the foreclosure.
When you bought your home, you entered into an agreement with a bank when you signed the mortgage, which is basically a promise that you’ll make regular, monthly payments toward the principal, interest and applicable taxes for your property.
The bank holds the mortgage, which gives it the legal right to reclaim the property if you don’t live up to the terms of your note. You hold the title. When a bank files a foreclosure claim you are being sued for the title of the home.
When a mortgage holder begins foreclosure proceedings, it must file a lis pendes, notice of impending legal action – with the courts.
Then you will be served with a notice of the complaint against you, usually by an officer of the sheriff’s department. Once you receive the notice of the complaint, you have 20 days to reply – and in many cases it’s in your best interest to issue an answer, even if the courts eventually reject it.
Don’t do this on your own. Contact Eric Lanigan and Roddy Lanigan to allow them to review the paperwork, hear the issues, and help draft a response to answer the lawsuit based on the information that you provide.
Don’t wait, don’t delay, don’t try to work this out on your own. You need legal documentation, you need actual legal capabilities to accurately account for information on your case.
If you receive a complaint regarding an impending foreclosure action, call Lanigan and Lanigan.
After an answer is filed, a preliminary hearing will be filed. In many cases, it will take some time for this hearing to be scheduled – a delay that can work to the advantage of the homeowner.
You can use that time to try to become current with your loan or arrange another settlement – such as a short sale or a deed in lieu of foreclosure – that will have a more favorable outcome to your credit ranking than a foreclosure would.
After a preliminary hearing – or in place of it should no answer be filed – a summary judgment hearing will be filed within 45 days. That hearing will determine the next course of action – either a judge will allow the mortgage holder to go forward with the foreclosure.
Or, if your answer proves valid, you will be granted additional time to work out the details. The actual foreclosure takes place approximately 75 days after the summary judgment is issued.
If you’re facing the loss of your Central Florida home through a foreclosure you should be aware of your rights and have a qualified lawyer on your side. This is your biggest investment and the lender has an attorney, you should have an attorney on your side to save your home.
