The first thing that you should know about foreclosure in Florida is that the process can be stopped. Many homeowners are forced into thinking that once their home enters foreclosure that they should give up the property to their lender. Banks and mortgage lenders know how to intimidate you and are rarely challenged during the foreclosure process. We provide the accurate information and expert assistance that you need for how to stop foreclosure in Florida and start living a normal life again.
There are many ways we can help you stop the foreclosure process depending on what phase of foreclosure you are battling.
Refinance Your Mortgage
You might have equity built up in your home that you can use to refinance your mortgage. There are several things that mortgage lenders and banks consider during a request to refinance. Your credit rating, past payment history, age of the mortgage and the current value of your home are just a few of the elements considered.
Your mortgage agreement could include a section about forbearance of payments. This solution allows you to extend the time available to pay the full amount that you are behind on your mortgage. When your mortgage lender or bank grants forbearance, you can delay the foreclosure process and work to payback late payments without missing new payments. Special criteria are used for granting forbearance.
When your home enters foreclosure, your mortgage is modified to allow your bank or mortgage lender to take your property. Arranging a mortgage reinstatement could restore the original mortgage and allow for late payments to be paid in one lump sum to avoid foreclosure. An analysis of your mortgage documents could reveal that you are eligible for a mortgage reinstatement.
Deed in Lieu of Foreclosure
This method could allow you to avoid the entire foreclosure process no matter what phase you have entered. If your lender approves of this method, you hand over the deed of your home to your lender in exchange for avoiding the foreclosure process. This will eliminate any negative judgements on public record against you that hurt your credit.
When you owe more on your mortgage than what your home is worth, your lender could agree to accept a short sale. Your bank or lender will consider the hardship that you have experienced in repaying your mortgage. The sale of your property does not negatively affect your credit and will make you eligible for a new mortgage unlike the after effects of filing bankruptcy.
This is a lesser known method that can help you avoid the foreclosure process by transforming your home into a rental property and allowing a tenant to pay your mortgage. The amount of rent payments received could be enough to repay back mortgage payments and reinstate the normal monthly payment process.
These solutions represent a portion of what our foreclosure specialists can do for you to help you stop foreclosure in Florida. We help you avoid foreclosure by doing two things very well. The first is that we help educate you on all of your options to make you a smarter homeowner when battling your bank or mortgage lender. The second thing that we do is work quickly to find the best solution to help you avoid foreclosure. Call us toll free at 1-800-589-4106 and let us help you stop your Florida foreclosure today.