Is your home close to being foreclosed? Are you looking and desperately seeking options that’ll save your house from foreclosure? If so, you’ve found the right article.
In this post we explore the options available to you and what you can do right now to stop your home from being foreclosed in Florida.
Let’s get started.
The first option available is that of refinancing. Keep in mind, however, you’ll only be eligible for refinancing if you have equity and you haven’t skipped making a mortgage payments in the previous 12 months. To find out if refinancing is an option for you, make sure to consult your bank and set up a plan of attack. If refinancing is an option, you’ll be able to easily come up with new terms and keep your house from reaching foreclosure status.
Another option for you to consider is Forbearance. What this ultimately allows you to do is extend the length of your mortgage, meaning your missed payments will be forgiven and added to the end of your mortgage. This can prove to be a great option for many. In order to successfully execute an forbearance, we recommend hiring a foreclosure defence attorney.
Seeking a loan modification is another way you can stop foreclosure in Florida. This is a great option because it gets you reduced internet rates, lower monthly mortgage payments, and in some instances it can even decrease the amount you have to pay. But keep in mind, it’s especially hard to make happen – especially if you’re going through the process by yourself. It’s strongly recommended you hire an attorney otherwise your chances are pretty slim.
Lastly, you can also consider having a short sale. This is usually a pretty stressful and tiresome process for the homeowner, but it will stop a foreclosure. What ultimately happens if the bank agrees to do a short sale is you basically sell your property and the bank gets to keep the amount of the final sale price.
Now that we’ve covered some of the most popular options for stopping foreclosure in Florida, it’s important to realize that the one you pick ultimately depends on your unique circumstances. It’s best you hire an attorney and go through each and every option available to you.
Although stopping foreclosure can seem like a daunting task, you’ll realize that it’s not as tough as it seems. With a little bit of work (and luck), you’ll be able to stop the process with one of the strategies listed above.