Receiving a foreclosure notice is a very stressful experience. People often invest a huge portion of their income and savings in their primary residences. It is also far more expensive to rent a property of comparable size than it is to pay the mortgage on a home in most cases.
The idea of losing one’s equity and going back to being a renter is a very frightening one. Those facing foreclosure would often prefer to defend their interest in the property instead of walking away. In some cases, technical failings on the part of a lender can form the basis of a foreclosure defense strategy.
Florida law places many obligations on lenders
Both federal and Florida state statutes protect property owners from unconscionable debt collection practices. When it comes to foreclosure, there are many rules to protect people’s homes. Typically, foreclosure is only possible after multiple missed payments. Additionally, the lender will need to provide specific written notice to the homeowner and give them an opportunity to correct the situation.
If a lender failed to send certain notices or even included inaccurate details in their communications with a homeowner, those errors could provide the basis for a foreclosure defense strategy. Defending against immediate foreclosure attempts can often give someone the time that they need to correct their financial circumstances and get the money they need to catch up on their missed mortgage payments.
There are other defense strategies for someone facing foreclosure, including renegotiating a loan, possibly as part of a bankruptcy filing. Responding quickly and assertively to foreclosure notice will give someone the best chance of preserving their interest in their home.