3 Ways to Avoid Foreclosure in Florida (Part 1)
No one ever plans to fall behind on mortgage payments, but it can happen to anyone, especially during difficult economic times. If you’re not able to act early and fight for what’s yours, missing your monthly mortgage payments can come with very real consequences.
In the next two posts, we will dive further into some specific steps to take if you find yourself struggling to keep up with mortgage payments and are at risk of facing foreclosure.
First, we’ll discuss the importance of getting organized and prepared. Next, we’ll discuss specific action steps to take once you have your documents and budget in order.
What you can do to avoid a Florida foreclosure
- Prioritize organization – Paperwork and files can quickly pile up and become disorganized even for the most well-intentioned and organized of people. Add in a mix of hard copy and digital files, and it can be an organizational nightmare.
Spend some time gathering all of your home and mortgage documents and put them in a single spot. Among the important papers you should collect include your loan documents (including copies of the mortgage and promissory note), monthly billing statements, payment records, escrow statements, property tax information, insurance information, and copies of any correspondence between you and your lender.
- Educate yourself on your rights – As a homeowner, you have rights. Educate yourself on what they are so you can put up the strongest defense in a foreclosure case. Steps you can take include reviewing your specific loan documents and asking your lawyer questions if you don’t understand the fine print. Be sure to know what you are accountable for including late fees or other service charges if you fall behind on payments. Also spend time learning about Florida’s foreclosure laws and what your lender legally can and can’t do. You have rights and they must be protected.
- Review and establish your budget – In addition to organizing and re-familiarizing yourself with your mortgage documents, you should also spend time gathering other financial records. Knowing your current income and expenses is important so that you can create a new budget you can realistically stick to. If you find yourself facing larger monthly expenses, you may be able to negotiate with the provider.
Foreclosure is a scary and overwhelming prospect, but know that you have options, and we are here to help. Our team of experienced trial lawyers at Jacobs Legal will get to work putting up powerful defenses to push back against your bank. Get in touch with us at Jacobs Legal right away.