The Foreclosure Process – Step 1: What YOU Can Do to Avoid Foreclosure

Foreclosure is one of those topics that can be tempting to avoid even talking about because of all the emotions and anxiety that come with it. But for something as important as your home, however, it’s important to be well-versed on what foreclosure really means.

By acting early and learning what you can about the process, you might be able to avoid it altogether – or stand a better fighting chance of keeping your home if the bank were to come after your property.

Take Action Right Away

Foreclosures can happen to anyone, as the pandemic is so unfortunately bringing to light. With Florida’s moratorium on evictions and foreclosures now expired, many more homeowners face new risk of foreclosure.

For anyone facing this scary risk, know that you have options and help. This is not a road you have to walk alone, nor should you. At Silverberg|Brito, PLLC, we will guide you through the process and ensure that your rights are protected.

Steps to Avoid Foreclosure

There are a few specific steps you can take right away to potentially avoid foreclosure altogether. Some options for preventing your lender from foreclosing on your home include:

  • Mortgage reinstatement – If you are behind on mortgage payments, reinstatement allows you to pay back a lump-sum payment amount, which may include interest and penalty charges. If you are able to pay back your missed payments, reinstatement may an option.
  • Forbearance – If your lender believes there is a valid reason for missing payments, they may grant you a forbearance. In some instances the lender may allow a repayment plan that temporarily reduces monthly payments or they may make an alternative concession that enables you to regain financial footing under a new repayment plan.
  • Mortgage modification or short refinance – You lender may agree to modifying your loan or loan term to better fit your financial means provided you are able to offer persuasive reasons for the modification.

For any homeowner on the brink of foreclosure, always remember that you have options. With our help at Silverberg|Brito, PLLC, we will confidentially discuss your unique circumstances and pursue the best path forward for your situation. If foreclosure is a concern of yours, don’t delay in contacting us for help.

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