Foreclosure help in Florida

Foreclosure Help in Florida

Few things such as the prospect of foreclosure in Florida, can be devastating to the families. You bought a home, you have plans to live in it for long, bring up your children, and you love everything about it. Yet, there have been certain circumstances that made the foreclosure imminent. Fortunately, there are many options available for you that can provide foreclosure help in Florida. Several strategies are legal and implementing them can resolve your concerns so that you can go along with your life.

What are the top strategies that can assist with foreclosure help in Florida?

Here we are talking about the best three tried and tested ways that can help you prevent foreclosure. These are ethical processes that will avoid foreclosure and reduce the pain and frustration you face. Not all the strategies may apply in all the situations, but at least one of the three will work for you:

Talk to your lender and come on a common platform: The first strategy is to come out with a foreclosure workout plan. You must sit down with your lender and honestly tell them what your current situation is and why you cannot repay the loan for a certain period. When you talk to them clearly, they are likely to help you out so that you stay in your home and at the same time, pay the mortgage amount.

You must know that lenders won’t get any benefit out of foreclosure. They are only interested in getting their mortgage, and for this reason, they are always willing to work with the homeowners to come on a single point. It can include reprieve on the mortgage payments or a catch-up strategy where outstanding mortgage payments are divided in a way that you can pay them off.

Bankruptcy: You may find filing for bankruptcy as an extreme measure, but it will avoid the foreclosure process. When you file for the bankruptcy, you tell your lenders you are unable to pay the money you owe to them. Hence, filing for bankruptcy will stop the foreclosure process. It is an extreme step and may require you to sell off some of your assets so that you are in a position to pay off the creditors. It will also hurt your credit score for a long time. So, it should not be the first step, go for it if nothing else seems to help.

Short sale: It is where you sell your home and put the money you got from the sale towards repaying the mortgage loan. It is a method that’s preferred by the people facing foreclosure because it is fast and super effective. You still have to leave your home, but your credit score is not impacted much, and you can take another loan in a short while.

It is always good to talk to the foreclosure attorney or a HUD-approved counselor to prevent home foreclosure.