People in Florida struggling to make ends meet may find themselves facing foreclosure if they are unable to pay their mortgage. In a foreclosure, the mortgage lender, often a bank, can take possession of the home and force the occupants to leave. A foreclosure can have a serious impact on a person’s credit report, but they may not know what to do if they face the threat. If a person receives a foreclosure warning, it is important to act quickly. The longer a person waits, the more difficult it can be to restore the mortgage and avoid further proceedings.

If possible, people should contact the mortgage lender as soon as they realize they may have difficulty paying. There may be other adjustments or extensions that can be arranged before the problem becomes more challenging. Because dealing with these kinds of financial difficulties can be so painful, it could be tempting to ignore or throw away letters from the mortgage lender. However, these notices can include useful, necessary information about options available to prevent foreclosure as well as key details about potential future legal action. Knowing these details can help people to protect themselves and their homes.

It is important to understand the foreclosure timelines in Florida, the specific provisions in a person’s loan if they are unable to pay and the loss mitigation options available under federal law. A housing counselor funded by the federal government may help people understand their rights and develop a financial plan to avoid foreclosure.

People may also try to cut costs everywhere or sell off assets in an attempt to pay their mortgage debt. Those who want to negotiate with their lender or who must respond to the action in court may work with a foreclosure defense attorney to protect their rights.