What happens if I don't make my mortgage payments?

If you don’t make your mortgage payments in the state of Florida, you are at risk of foreclosure. Foreclosure occurs when a homeowner fails to make their mortgage payments and the lender or lien holder reclaims the property and sells it to recuperate the lost money. In Florida, the foreclosure process is governed by Chapter 45 of the Florida Statutes. When you fail to make payments, your lender will send you a Notice of Default. This document notifies you that you have defaulted on your mortgage and will be entering the foreclosure process. Depending on your situation, you may be given a certain period of time to cure the defaulted payment. If you are unable to cure the default within the allotted period of time, you may be subject to a foreclosure sale. Once the foreclosure sale is complete, the lender will obtain the property and issue a Certificate of Title to the new owner. If there is money left after the foreclosure sale, the excess money will be paid to you, the former homeowner. However, if the foreclosure sale does not make enough to cover the entire mortgage, the lender can pursue you for the remaining balance in a process known as a deficiency judgement. It is important to note that if you are in danger of foreclosure, there may be other options available. Consulting with a qualified financial advisor or attorney can help you explore other options and put you in a better position.

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What happens if I don't make my mortgage payments?

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