The Foreclosure Process – Step 2: Notice of Default

The most important thing to remember if you receive a Notice of Default from your mortgage lender in Florida is that there is always something you can do. Oftentimes, people feel helpless or trapped. That’s just not the case. While it can be overwhelming and frightening, it’s important to know you have a few key things in your pocket to help you navigate the situation.

Understanding Pre-Foreclosure

If you receive a Notice of Default from your lender, it means the lender believes you have exceeded the contractual terms for delinquent payments (often that means non-payment for three consecutive months). The notice is to inform you that your mortgage lender is beginning to pursue to legal action that may ultimately lead to the repossession of your home or property.

During this initial phase of legal proceedings, known as pre-foreclosure, your lender may be open to negotiation that could potentially reverse the default status of your loan. Options frequently open for discussion include:

  • For the borrower to make back-dated payments on the loan
  • To negotiate a possible loan modification
  • To arrange a short sale as a way to sell the property before the lender were to ultimately foreclose on the home

What Pre-Foreclosure Means for You

One of the most important things to remember with foreclosure is that it is a long process, and during the process you are able to remain living in your home. It also means you have time to mount a strong defense as you fight to keep your home.

At Silverberg|Brito, PLLC, we know just how important home is to families, and we will do everything in our power to help you during this difficult time. If you have any concerns at all about the possibility of receiving a Notice of Default, please get in touch with us right away for help.

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