What to Do After Receiving a Notice of Foreclosure
On the day when you miss your first mortgage payment, the clock starts running a countdown until the moment when you open your mail to find a letter from the bank with a notice of foreclosure. The bank will normally first send you a notice of default with a warning that you will face foreclosure if you fail to cure the mortgage by sending in the payments you have missed before a set deadline. Once the deadline has passed, it will send an attorney to the courthouse to file a foreclosure complaint against you, as well as a lis pendens, a notice to the public that you are being sued. This all leads up to the day when you receive the notice that the bank intends to carry out a judicial foreclosure on your mortgage. Along with a copy of the complaint and lis pendens, you will also receive a summons to appear in court.
At this point, you have a choice: You can either do nothing or you can fight to stop the foreclosure. Many people in your predicament choose the former, whether because they are ready to give up and move on in their lives or because they see no way of turning the situation around. If you choose the second option, you must take action immediately because under Florida’s foreclosure laws, you have only 20 days to file your answer to the lawsuit.
What the 20-Day Rule Means to You
Failure to take action within 20 days means that you will be waiving your right to contest the foreclosure. The bank will then be able to go to court to request a summary judgment against you and you will in all likelihood lose the case by default. Don’t let this happen to you. Contact an Ocala foreclosure defense lawyer at The Law Offices of Justin McMurray, P.A. now for a free initial consultation so that we can review your case and begin developing a strategy for you.