How to Protect Yourself: Tips for Avoiding Florida Mortgage Foreclosure
Contact your Florida Mortgage lender or Florida mortgage loan servicer as soon as you realize you may have a problem and may have missed a payment. Recent studies show that at least 50 percent of all Florida homeowners in foreclosure that have defaulted on their Florida mortgage or missed payments never contact their Florida mortgage lender. This is a mistake. Florida mortgage lenders can discuss options with you to help you work through payments to stop a Florida foreclosure sale. Florida bad credit mortgage lenders prefer to have you keep your Florida home and most will work with you. Be honest with your Florida mortgage lender about your financial circumstances. For more information about contacting your Florida mortgage lender, refer to www.hud.gov/foreclosure or use this linkhttp://www.hud.gov/offices/hsg/sfh/econ/contactyourlender.cfm.
Gather Stop Foreclosure information. Learn all that you can about how to stop a Florida foreclosure.. Review your Florida home loan documents to determine what your Florida mortgage lender may do if you can’t make your payments. Review Florida laws, Florida Statutes and lean how fast the Florida foreclosure process is. Attend a Stop foreclosure information session. Information on local sessions may be available on http://www.freddiemac.com/avoidforeclosure/workshops.html#FL.
Contact a Stop Foreclosure Florida nonprofit housing counselor. Stop Foreclosure help and information is available to you. The HOPE NOW alliance provides a 24-hour hotline to provide mortgage counseling assistance in multiple languages.You may also obtain a list of HUD-approved counseling services in Florida at http://www.hud.gov or at this webpage: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL .
Understand Stop Foreclosure relevant terms: If you are working with your Florida mortgage lender or an approved Florida housing counselor to Stop a Florida Foreclosure, there are several options:
- Stop Florida Foreclosure By Reinstatement:
- Stop Florida Foreclosure By Forbearance:
- Stop Florida Foreclosure By Repayment Plan:
- Stop Florida Foreclosure By Loan modification:
If you and your Florida mortgage lender agree that you can not keep your Florida home, there may still be options to avoid foreclosure:
- Stop Florida Foreclosure By Short Payoff:
- Stop Florida Foreclosure By Deed-in-lieu of foreclosure:
- Stop Florida Foreclosure By Assumption:
- Stop Florida Foreclosure By Refinancing:
Avoid a Florida foreclosure prevention or loss mitigation companies. If you fall behind in your Florida mortgage payments, many for-profit companies will contact you promising to help you stop a Florida foreclosure. Some may even appear to be affiliated with your Florida mortgage lender. Many also list their services on the internet and ask that you fill out a referral form online. It is best to avoid dealing with these stop foreclosure companies. Most Florida stop foreclosure companies will charge you a hefty fee upfront for information that your Florida mortgage lender or a HUD approved counselor will provide to you for free. You can obtain the same stop foreclosure program or a better plan for free by contacting your Florida mortgage lender or a HUD approved counselor. Use your money to pay the Florida mortgage instead.
Review all options and do not fall victim to a foreclosure recovery scam. If any Florida mortgage business or individual offers to help stop your Florida foreclosure immediately by signing a document authorizing them to act on your behalf or to set up Stop Foreclosure financing for you, DO NOT SIGN without consulting a Florida stop foreclosure professional (an attorney or HUD-approved counselor). This may be a trick to get you to sign over title to your Florida home. You are then vulnerable to losing your Florida home and all of your equity in your Florida home to the so called “Stop Foreclosure Rescuer.”
Make Sure You Carefully examine your finances. Can you cut spending on optional expenses, delay payments on credit cards or other unsecured debt until you have paid your Florida mortgage? Do you have assets that you could sell to help reinstate your Florida home loan? Can anyone in the household get a second job to help with income? These efforts to manage your finances may help you find income to apply to your outstanding payments and will demonstrate to your lender that you are willing to work on your finances and make sacrifices in order to keep your Florida home.