How Should I Respond to a Bank Foreclosure Notice Due to Coronavirus?
The coronavirus pandemic has created financial hardships for families across Florida. There are legal protections in place for homeowners who have been unable to pay a mortgage during this global crisis. If you have received a foreclosure notice from your lender, it is important to know your legal rights, so you are not wrongfully kicked out of your house during a time when it can be dangerous to go outside.
Your Legal Protections From Foreclosure
Current federal rules from both the Department of Housing and Urban Development (HUD)and the Centers for Disease Control (CDC) are helping Americans stay in their homes. The HUD rule applies to any mortgage that is backed by the federal government. This includes all Fannie Mae and Freddie Mac loans, which are the vast majority of mortgages in the United States. The VA has also extended a foreclosure moratorium on VA loans. These protections are currently set to expire on December 31, 2020.
So what should you do if your lender threatens to foreclose? A Florida foreclosure lawyer can prepare a written response that invokes all legal protections to which you are entitled. A foreclosure lawyer can also help you explore repayment, workout, and assistance programs that might help you secure the loan. Remember, it is expensive for a lender to go through the foreclosure process, so they will often prefer to work out a repayment plan with a borrower who is committed to the plan. The earlier you work with your lender, the more options you will have for bringing your loan current and stopping collection efforts against you.
The experienced foreclosure lawyers at Quattrocchi and Torres have helped many Casselberry and Oviedo homeowners understand their legal rights throughout the foreclosure process. Call 407.452.4918 or contact us online for your free consultation with an experienced Florida foreclosure attorney.