Homeowners who have recently been foreclosed on have the right to get their home back – even if someone has recently purchased it from a foreclosure auction. Homeowners still have rights following a foreclosure, so it is important that you understand them if you are in a similar situation.
Homeowners’ Right to Redeem
After a homeowner in Florida defaults on their mortgage, their lender may file a lawsuit in order to foreclose on their home. However, after this occurs, the homeowner still may be able to redeem their house. This must be done before the certificate of sale is filed or by the date specified in the original foreclosure judgment.
How Much Does This Cost
Redeeming a foreclosed home can be rather costly. In order to redeem their home, the homeowner must pay the full debt that they owe – including interest and attorney fees. For this reason, redemption is a fairly uncommon occurrence. Most homeowners who have recently defaulted on their mortgage don’t suddenly have the funds to cover their full unpaid loan; however, there are other circumstances which can result in foreclosure other than not having the required funds.
Other Methods to Avoid Foreclosure
As stated above, there are many factors that can result in foreclosure that may or may not include a person not being able to pay their mortgage.
If you lender made any errors that contributed to your missed payments, then you may not be at fault. Additionally, it is not uncommon for lenders to attempt to take advantage of their debtors. If you are able to prove that your foreclosure is the result of unethical actions taken by your lender, you may not be at fault. Here is a more detailed explanation of these alternative defense strategies.
If you have gone through, or are currently going through a foreclosure, an experienced foreclosure defense attorney can help you understand all the steps you can take to prevent a sale or help you avoid losing your home at public auction.