This article will help you discover:
- The two main consequences of letting your home fall into foreclosure.
- The typical structure and steps of foreclosure proceedings.
- How your loan type impacts the options you have, as well as the actions your lender must take before a foreclosure.
What Are The Potential Consequences Of Letting My Home Fall Into Foreclosure?
For starters, one obvious consequence of letting your home fall into foreclosure is that the bank will want their payments. They will ask for the money back through the foreclosure process. Second, if your home falls into foreclosure, your credit will start getting damaged.
These are the two most common consequences of foreclosure. Mostly, the repercussions are the damage to your credit and the stress of dealing with banks. This stress includes banks calling you and sending you letters, and having to deal with a foreclosure trial coming your way.
Luckily, with an experienced lawyer, most of these consequences and worries go away. Reach out to Dubyak Law Firm, P.A. today and ease the stress of these foreclosure consequences.
Does The Type Of Loan Determine The Kind Of Foreclosure?
The structure of a foreclosure is usually the same every time. First is the serving of the complaint. Then, the discovery phase, followed by the dispositive motion phase and the final hearing phase. And finally, the foreclosure sale, if it goes that way.
However, with different types of loans, you have different options. The lender also has different obligations under these loans.
For instance, with the Department of Veterans Affairs (VA) loans, the lenders have certain requirements for credit counseling, which might include phone or in-person credit counseling. These condition precedents must occur before a lender can file a foreclosure.
Depending on the type of loan you have, the lender has different procedures that they must follow prior to filing a foreclosure. If they do not meet these requirements, the case will be dismissed and the lender has to start over from the beginning.
Not only are there different requirements for lenders, but there are also different programs to fix foreclosure problems based on your loan type. It is important to understand what type of loan you have and check whether the lender has taken proper action before filing the foreclosure complaint.
With the guidance of a skilled attorney for Foreclosure Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Foreclosure Law in Florida, an initial consultation is your next best step.