![]() ![]() If you miss a mortgage payment and don’t pay within the grace period indicated in your promissory note (usually 10 to 15 days) when your mortgage is due, your lender will charge a late fee. Under federal law, with some exceptions, you must be over 120 past due on your payments before a lender can begin the foreclosure process. How Past Due Must I Be Before I’m in Default? The mortgage gives the lender a security interest in your property that enables them to take your property if you don’t make payments on the promissory note.The promissory note is your promise to repay the loan and the terms for doing so. ![]() When you bought your home and obtained your mortgage, you no doubt signed both a mortgage and a promissory note. They will file a complaint in the circuit court where your home is located in order to get a a judgment of foreclosure and writ of possession. In Florida, a lender needs to take you to court to foreclose your mortgage. Both federal and Florida laws give you rights and protections before a lender can foreclose on your hom. If you can’t pay your mortgage, a lender can’t just come in and take over your home. This article, however, addresses the Florida foreclosure process, so those facing foreclosure have an idea what to expect and can get the help they need. You may have special circumstances that will help you if you are facing foreclosure, and your Florida debt collection defense attorney can help answer your questions. This has left many wondering what exactly is the Florida foreclosure process? The Florida foreclosure moratorium ended a year ago, and now the federal foreclosure moratorium has not been extended further. ![]()
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