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Steps You Can Take to Avoid a Foreclosure in Florida

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Over the years, your home has come to represent so much more than just a shelter to keep you safe and protected. Memories have been made there, and its emotional significance cannot be undervalued. That’s just one reason why it’s so important to do everything you can to save it from foreclosure.

If you are struggling financially to keep up with your mortgage payments or have maybe even missed a payment or two, you still have many options to avoid a foreclosure in Florida, but now is the time to take action. Here are some important steps you can do prevent a foreclosure:

  1. Get organized – Create a central file for all of your home and loan documents where you can keep records of your billing statements, payment records, tax and insurance information, escrow statements, and any correspondence between you and your mortgage servicer.
  2. Develop a budget – Review the financial information related to your mortgage that you’ve organized as well as get a handle on your total monthly income and expenses. Based on your calculations, create a realistic budget that you can stick to – one that meets your current situation, not the situation you were once in.
  3. Contact a Florida foreclosure defense lawyer – Your legal rights and responsibilities are complex, and your bank may intentionally complicate things for you. Contact us at Jacobs Legal so we can help you understand your documents and what options you have for fighting a potential foreclosure.
  4. Understand your options – When you act early, you will likely have more options at your disposal for regaining your financial footing. They may include forbearance, repayment plans, or loan modifications.
  5. Contact your mortgage servicer – If you begin to have difficulty making your payments, call your servicer to discuss options. Many offer a 15-day grace period on late payments and may be open to discussing a foreclosure alternative. The sooner you act, the better.

Foreclosure laws vary by state, so if you have questions or concerns about a potential foreclosure here in Florida, don’t delay in contacting us to schedule a confidential consultation to discuss your situation.

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