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What is the basic definition of foreclosure?

On Behalf of | Feb 23, 2015 | Asset Forfeiture

Filing for bankruptcy is a process that can introduce people to many new terms that they may not have heard or before, or terms that they may recognize but do not know the definition of. One of these terms is foreclosure, which is a word of key importance to anyone who is involved in the bankruptcy process due to the potential risks that it represents.

According to the Florida State Legislature, foreclosure is defined as the process in which the property of a bankruptcy filer can be seized by creditors. This is only if the person filing for bankruptcy has not been keeping up with their debt payment. However, the wait time before property can be foreclosed depends both on the individual lender involved in a case as well as the particular rules of the state the bankruptcy filer lives in. It is possible that someone filing for bankruptcy may have to deal with advanced notification about possible foreclosure as soon as they begin to fall behind in their payments.

However, homes cannot be foreclosed unless the filer continues to miss their payments over a set period of time, though that period may vary from state to state. A notification of being at risk for foreclosure is also not a guarantee that a bankruptcy filer’s home will be foreclosed. There are many different options that someone can look into in order to protect their assets and keep their homes from being foreclosed. Some options may only stall foreclosure, but others allow a filer to avoid it entirely.

Potential foreclosure situations can be scary, but if a filer knows what they might be facing, it could be easier for them to deal with it. Seeking knowledge on foreclosure and what to expect when facing the threat of foreclosure may be a good place to start.

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The Law Office of Kim Covington, is a woman owned debt relief agency, and I have helped families, individuals and small businesses, file for bankruptcy relief under the U.S. Bankruptcy Code, for over 24 years.