How to Avoid Foreclosure and Save Your Home
When you buy your new home, the last thing on your mind is foreclosure, but unfortunately economic hardship can fall on anyone. If you find yourself nearing the prospect of foreclosure, there are steps you can take to avoid foreclosure and save your Florida home.
What to do if your home is at risk for foreclosure
If you are struggling to make your mortgage payments or begin missing payments, don’t panic – take action. There are several options to help you experience relief with your payments, some of which are temporary and some are more permanent solutions. Options for avoiding foreclosure include:
- Seek forbearance – if you experience a temporary or sudden economic hardship, forbearance can enable you to temporarily suspend or reduce your payments for a specified period of time. Forbearance is not the same thing as forgiveness – you will still be responsible for any delinquent payments, but it does offer relief when needed.
- Reinstate your loan – reinstatement allows you to pay back your missed payments in one lump sum.
- Refinance – you may have a few refinance options including a short refinance or refinance with a hard money loan via a private lender.
- Loan modification – a mortgage modification allows you to modify your loan or its terms.
These and other options may be available to you to prevent a foreclosure, and the earlier you act, the more options you have for avoiding potentially losing your home.
If you have questions about what to do if you’re facing a Florida foreclosure, contact us at Jacobs Legal today. Our team has extensive experience protecting homeowners and consumers like you against big banks and other lenders seeking a profit. We are here to help you! Don’t delay in getting help if you find yourself facing the threat of foreclosure.