Every day, more are more Florida homeowners are finding themselves in a financial situation where they are struggling to make their mortgage payments. According to RealtyTrac Inc., in 2012, one in every 32 Florida households received a notice of default, auction or repossession, which is more than double the average national rate of one in every 72 households.
When a borrower skips a mortgage payment, they are given a two week grace period to make the payment. After this, if a mortgage payment is not made in 30 days, the mortgage is considered to be “in default”. Once the bank declares a mortgage to be in default, a report, called the “Notice of Mortgage Default”, is sent out to the borrower, as well as all three major credit bureaus, which means the borrower’s credit score can immediately be affected. A mortgage default is dangerous because if left uncured, the bank has the opportunity foreclose on your Orlando home.
Many people execute what’s called a “strategic default”, where they skip their mortgage payments on purpose and let the bank file foreclosure because they can’t pay back the default amount and foreclosure defense is the easier option. That’s when our Orlando foreclosure defense attorneys step in and investigate the bank’s handling of the loan. There are several mistakes that we almost always catch, and allowing your bank to foreclose can be the best option because we can stop the process and stall the lawsuit for years.
If you, as a borrower, receive a Notice of Mortgage Default, contact our foreclosure attorneys at The Freedom Law Firm as soon as possible so that we can prepare for the Orlando foreclosure defense. Hiring an Orlando foreclosure defense attorney to help with a mortgage foreclosure in Orlando is one of the best decisions a borrower can make. Call 407-883-2618 to speak with one of our experienced foreclosure attorneys at The Freedom Law Firm to discuss the options regarding your foreclosure. We want to help you – call anytime, day or night!