How You Must Be Aware Of The Legal Process Of A Florida Mortgage

Florida mortgages are different

Florida mortgages are different. There are several legal instruments that exist in Florida that serve to establish a mortgage. To protect yourself as a homeowner, you should understand The Legal Process of a Florida Mortgage before you ever enter into one.

Florida mortgages are secured by two documents known as the mortgage and the note. Both are legal and recorded documents. The mortgage serves to create a lien on the property. If you do not pay your mortgage, the lender can reclaim rights to your home. The note shows how much your home loan is, and the amount of your regular mortgage payments.

Florida lien theory assumes that the mortgaged property is the security for the loan to buy the property. Lien theory dictates that mortgaged property is held by the borrower, by name. When you pay your mortgage in full, you own the property, and the lien is removed.

Lien theory is all well and good unless you have problems paying your mortgage payments. If that happens, you will have more trouble than ever. Miss many payments, and your lender will call you delinquent, and eventually put your home in foreclosure.

Becoming delinquent in your payments is particularly problematic in Florida. The lien theory state laws make it easier for a lender to reclaim your home once you get into serious delinquency problems. You should be prepared by knowing what could happen if financial circumstances bring you to that condition.

A grace period usually exists so that you can make a late payment. Often, after 16 days, the lender will begin to add late fees to the amount you owe. When 30 days late arrives, the lender may require that you make extra mortgage payment amounts. After 45 days is reached, the bill collectors will begin to call and try to get you to pay anything.

Once you get to the place where you have bill collectors calling, you will find that some attempt to be helpful and others are simply calling to get you to pay what you owe. If you go past 60 to 90 days, your lender has the right to send you a Notice of Default, which also is the warning signal that foreclosure proceedings may be right around the corner.

Foreclosures on mortgages have rules and regulations that govern them because they are technically legal procedures. The foreclosure must be advertised for a legal time, and then it can take place. In Florida, you do have the Right of Redemption, which means that you can attempt to redeem your property by making some kind of agreed upon payment on the mortgage. This is an important thing to know so that no lender will be able to tell you that after you default you can do nothing to save your home.

If you have any mortgage problems, you may wish to consult a Florida attorney to help you save your home. There are many who specialize in Florida mortgage law, and many advertise online. The key thing to remember here is that you must act quickly to ask for help because the legal process moves very quickly.

Try to never be late on your mortgage payments. Once you have problems, you will view The Legal Process of a Florida Mortgage much differently than when you can keep on time with your mortgage. Keeping current is the best financial solution for your mortgage.

by: Jules Johnson

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