Attorneys At A Leading Foreclosure Law Firm In Miami Explains Common Foreclosure Reasons
A homebuyer borrows money from the bank or any other financial institution and purchases a home. He fails making payments of the mortgage loan for whatsoever reason. The lender eventually takes possession of the home or concerned property from the lender through a well-defined process which is called foreclosure. According to skilled and experienced legal hawks associated with a top-notch Foreclosure Law Firm in Miami a foreclosure is one of the massive financial crisis, that one can face in a lifetime. However, borrowers who face it hardly realize the fact in that way. Lenders - on the other hand do not like it either and they do whatever is there in their hands to help a borrower avoid it.
A team of lawyers working at a renowned Foreclosure Law Firm in Miami point out that if borrowers work with the lender and follow the latter's suggestions chances are they might be able to hold on to their property. In worst case scenario they can surely come out of foreclosure with their finances more or less intact. Federal law related to foreclosure actually wants lenders to work with a borrower who is gradually falling behind in making mortgage payments. Thus, it is also a lender's responsibility to provide such borrowers with options that help. According to the mortgage attorneys one of the most severe mistakes that homeowners commit in this context is ignoring their financial hurdles and avoiding building transparency with the lender or servicer.
Attorneys at the Foreclosure Law Firm in Miami emphasize that it is also a part of the responsibility of a lender to help homeowners keep their homes and avoid foreclosure while encountering financial hardships. A mortgage is a contract by virtue of which the borrower makes a monthly payment to the lender to settle a loan. Usually, a mortgage spans over 15 or 30 years. If the borrower falls behind on those payments the lender can take the property back.
The reasons why homes go into foreclosure
There can be lots of reasons behind a foreclosure. Some of the most common reasons behind the unfortunate procedure include the following -
• Debt, particularly credit card debts
• Medical emergency or illness that leads to a lot of expenses on medical ground
• Divorce, or death of a spouse or partner who was the breadwinner in the family
• Moving without being able to sell the home
• Natural disaster
• An unexpected big expense