Were You Served With a Foreclosure Action?

The First Step is Calling a Lawyer

If you received a foreclosure action, your home and your financial stability are at risk. The first step is talking to a reliable attorney. At Crary Buchanan, our Port St. Lucie foreclosure defense and bankruptcy lawyers are here to help you protect your home and avoid foreclosure. To learn more about your foreclosure defense options with our firm, contact our office today and schedule a consultation.

“When will I receive a foreclosure action?”

If you missed three to four mortgage payments, your mortgage lender will probably initiate the foreclosure process. The foreclosure process begins when the lender sends you a Notice of Default, a formal notice that the mortgage holder (you) are late on your payments. This notification will include vital information about your home loan, such has how much you owe and how to make your payments current. If you do not bring your payment sup to date, the lender will file the next document, Lis Pendens, which states the lender’s intentions to pursue litigation.

Notice of Action & Foreclosure Action

If the mortgage remains unpaid, the lender will initiate a Notice of Action to further indicate an impending lawsuit. The formal foreclosure process begins when this notice is posted. After the Notice of Action, the lender will file a Foreclosure Action, which is a formal lawsuit against the mortgage holder. This notice will indicate when the house will be sold (typically three to six weeks in the future).

The mortgage holder can update payments on the home at any time during the foreclosure process. If the homeowner is able to become current on the loan payments, the lender may decide to stop the foreclosure process. Once the payments are current and the lender decides to forego legal action, the mortgage holder will resume ownership of the property.