In our last blog post, we discussed the importance of getting organized early in the foreclosure process. The better prepared you are and the more you have educated yourself on what may come, the better your chance of walking away from the situation with a more favorable outcome.
Once you have your home and loan documents organized, you’ve learned about your rights, and you’ve established a workable budget based on your current financial situation, it’s time to get to work with pursuing potential strategies. Here are three more steps you can take to avoid a foreclosure in Florida:
- Pursue permanent or temporary loss mitigation options – Commonly these strategies include seeking 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 pursuing a forbearance agreement with a modified repayment program.
- Talk to your lender (but talk to your lawyer first) – Call us right away if you feel yourself falling behind on mortgage payments. We can advise you on the best course of action for your situation, including ensuring that all Florida foreclosure laws are being abided by. In addition, it’s also important to talk with your lender. If you ignore the problem, it will only get worse. By acting early, you may qualify for foreclosure alternatives.
- Consider alternatives to keeping the home – By choosing to short sale your property, 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. Read more about what to know when considering selling your home by reading this post.
As you evaluate your options for avoiding a Florida foreclosure, know that we at Silverberg|Brito, PLLC, will be at your side during the entire process. Contact us today to schedule a confidential consultation.