4 Myths About Foreclosure Laws in Florida
Losing a property to foreclosure is not only stressful, but it can also make you feel alone facing complicated foreclosure laws in Florida. Many homeowners don’t even realize they’re entitled to a refund when their property sells for more than they owe. Predatory claimants such as the bank, HOA, your county, your city, and even the buyer will submit competing claims. Without an equity recovery attorney in your corner, you may not know the full scope of your rights. Here is the trust behind four myths about foreclosure laws in Florida.
Foreclosure starts after a single missed mortgage payment.
It’s less than ideal to miss a mortgage payment, but foreclosure proceedings don’t start because of a single missed payment. Usually, banks won’t begin to foreclose until a borrower misses three payments. Even after a homeowner receives a foreclosure notice, the legal proceeding can take up to six months to resolve.
The biggest mistake homeowners make is not reaching out for help when they realize they can’t make their mortgage payments. By staying communicative with the lender and hiring a foreclosure attorney, it may be possible to keep your home or mitigate the worst consequences of foreclosure.
Banks are eager to take homes from borrowers.
For many homeowners struggling to make monthly mortgage payments, lenders feel like villains waiting in the shadows for them to make a single mistake to seize their home. But in actuality, the foreclosure and auction process is expensive and time-consuming for lenders.
Often, alternatives to foreclosure are possible when homeowners reach out for help from their lender or an attorney. Sometimes filing for bankruptcy can stop foreclosure proceedings and give homeowners support to move forward with healthier spending habits.
You’ll never be able to buy another home after a foreclosure.
The most common myth about foreclosure and the source of the most stress when thinking about the future is that you’ll never be able to buy another home. There are undoubtedly severe consequences to your credit score when you go through a foreclosure. And Florida has a lengthy waiting period before borrowers are eligible for mortgages again.
However, this waiting period can be a good thing in the long term. It gives homeowners time to reevaluate their finances, take control of their debt, and begin saving a downpayment for their next home. While financial crises like bankruptcy, eviction, and foreclosure can be a setback to your plans, they’re never permanent.
Homeowners can deal with foreclosure on their own.
Even working with an attorney can’t prevent a foreclosure from happening in some situations. No matter what stage of foreclosure you’re in, don’t try to go through the process alone. After your property sells at auction, you may be entitled to the surplus amount if it sells for more than you owe.
Claim Surplus is a team of attorneys who work alongside borrowers who have lost their homes through foreclosure to get the refund from the sale of their home.
Claim Surplus works with homeowners to understand foreclosure law in Florida and secure their equity.
The team at Claim Surplus works with homeowners who have lost their homes to foreclosure or tax deed sales. The system is complicated, especially for individuals and families to navigate during a stressful time in their lives. The team behind Claim Surplus comprises equity recovery attorneys who have years of experience fighting to get foreclosed homeowners their refund. We represent clients across Florida and Ohio and devote our expertise to defeating and refuting other claimants.
You don’t have to become an expert in foreclosure law in Florida; work with Claim Surplus to get the full refund from the sale of your foreclosed property.
