Foreclosure is not a certainty
As many people in Florida know, getting into debt can be a serious issue. To make things worse, climbing back out of debt is often difficult as interest rates can cause the problem to increase at an alarming rate. Before you know it, you could be faced with court dates and the potential of severe consequences, such as the loss of your home.
This can be a common issue for individuals struggling to manage mortgage repayments. If the terms of the mortgage agreement are breached, for example as a result of missed payments, the lender may seek to repossess the property concerned. Usually, this results in the sale of the property in order to settle the balance of the remaining debt, a process known as foreclosure.
This is an alarming prospect, particularly as it is not uncommon for property sold in this way to fetch far less than its true value. Furthermore, it could also mean you are left without a home and without anywhere else to go. If you have other debts, these could also be hanging over your head during this troubling time.
Fortunately, there are ways to avoid foreclosure and hold on to your property. However, this can be a difficult matter to settle by yourself. In general, it often means negotiating a more manageable payment plan with the individual or organization to whom you owe money. Another consideration is bankruptcy, although sometimes this can still affect your property.
Our page on foreclosure has more detailed information on the options that may be available to you. Furthermore, a lawyer may be able to offer invaluable advice and assist you if you need to challenge an attempt to repossess your property.