3 More Steps You Can Take to Avoid Foreclosure in Florida (Part 2)
Avoiding foreclosure in Florida requires organization and action. If you have slipped behind on your mortgage payments, start taking action today by reviewing these three important organizational steps to take early in the foreclosure process. The more you have prepared and educated yourself on what’s to come, the better your chances are of walking away from the situation with a more favorable outcome.
Once you have organized your financial documents, educated yourself on your consumer rights, and established a workable budget, it’s time to get started pursuing potential foreclosure defense strategies. Here are three more steps you can take to avoid a foreclosure in Florida:
- Seek permanent or temporary loss mitigation – If keeping up with your current payments is difficult, you can take steps to mitigate the damage and help you keep up with the loan. One such strategy is to seek a loan modification, which would be a permanent change to your existing loan terms. You may be able to negotiate your interest rate, term length or other loan variables depending on your circumstances and remaining balance.
Another option may be to pursue a forbearance agreement that would temporarily pause or reduce your loan obligation. You could then catch up on missed payments with a modified repayment program.
- Talk to your lender (but talk to your lawyer first) – Call us at Jacobs Legal right away if you begin falling behind on mortgage payments. In addition, it’s also important to talk with your lender. If you ignore the problem, it will only get worse. The earlier you act, the more foreclosure alternatives you will likely qualify for.
- Consider whether you want to keep the home – One strategy to avoid foreclosure is to short sale your property. In doing so, you may use the proceeds to pay off the mortgage loan and walk away with much less of a ding on your credit than if you were to be foreclosed upon (foreclosures stay on your credit report for seven years).
For answers to all of your foreclosure questions, get in touch with us at Jacobs Legal right away.