You've tried everything, but the end is looming. Due to unforseen circumstances, you've fallen behind on your mortgage. You've spoken to the bank on numerous occassions, but there just doesn't seem to be a light at the end of the tunnel. They are speaking of foreclosing on your property.
You've heard that there still might be time to prevent your house going to the bank. When you've searched on the internet, there's a lot of talk of the "Right of Redemption." However in Florida, the statute for right of redemption is written differently from many other states, and it is important to know how drastically it varies.
What is a right of redemption?
It provides you a final opportunity to clear the debt from your mortgaged property before it is seized by the bank and you are legally evicted. Using the right of redemption you must pay the remainder of the mortgage to the lender and any fees they may have incurred from filing for foreclosure.
When can I exercise this right?
In many states, there is a grace period allowed after the foreclosure sale is final that permits the mortgagee up to several months to gather enough cash to clear the debt and retain (or regain) possession of the property.
In Florida, this is not the case. While the right of redemption language appears in the statute, it allows for almost no time for you to exercise it. The statute provides that there is no right of redemption after the certificate of sale is filed or according to the timeline specified by a judge in the judgment ( this is extremely rare). In short, relying on the loophole most likely will not help you keep your home.
Can I save my home from the bank?
There are a few options remaining, even after your lender has notified you they are going to seize your property. It is possible that bankruptcy could protect your house and point you on the path to financial independence, once again. What is key, is understanding that by reaching out for assistance and information at this point can only help.
Bankruptcy laws exist for the protection of individuals who have come upon hard times and need a helping hand to get back on their feet. The loss of a job or major medical expenses happen to many people. The mortgage companies foreclose as their last attempt to make back as much money as possible on the investment by selling the property.
The best option when you are staring at foreclosure in the face is reach out for the reliable information you need to find a solution to your individual problem, even if that means a bankruptcy alternative. The internet only works for general questions and answers. A professional, such as an attorney experienced in foreclosures and bankruptcies will be able to offer you the support and knowledge needed.