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Florida real estate blog

Avoid foreclosure

1. Call your lender immediately when you start to fall behind on your mortgage payments; explaining your hardship situation. The lender does not want the home. Approaching your lender early regarding your situation may result in an agreement or plan that will hel you avoid foreclosure until you get your financial matters in order. Depending on your situation you may wish to consider giving the lender a deed in lieu of foreclosure.

2. Make the adjustments. Often when one is behind on their mortgage payments, it is safe to assume that other financial obligations are also falling behind. Contact your creditors to see if it is possible to work out an acceptable payment plan. Working with your creditors in an effort to get your monthly obligations in line with your current financial situation is an extremely important component in saving your home and credit.

3. Talk to your family. Now is not the time to let pride stand in the way. Opening communication with family, in these stressful times, could help ease the mental burden which will allow you to stay focused on your resolve to tackle life's challenges head on. Your family may be able to offer monetary assistance as well as provide unconditional emotional support.

4. Call your real estate agent. It may be that the answer comes down to selling your house. Perhaps you have sufficient equity to pay off the majority of your financial obligations. It may be that you will be able to pay off your mortgage. The key is making the decision early on before added expenses are tacked onto your mortgage. Often times, lenders hire attorneys to represent them in foreclosing on delinquent property and the cost of these legal fees are added to the amount owed to the lender. The faster you place your home on the market, the faster you'll be able to reduce costs. Talk to your agent and have them provide you with a realistic, honest price-point for your home. They will be able to offer insight to your expected profit, what can be done if you are upside down and they can also assist you in finding suitable housing after you close. Our agents may be able to assist you in working out a short sale with your lender.