While many people dream of becoming a homeowner, it’s safe to say they don’t dream of being the homeowner of a house that is being foreclosed upon. Unfortunately, unforeseen circumstances can occur that leave you unable to pay your mortgage and as a result, face foreclosure.
The number of homeowners facing foreclosure is higher than one would expect. To put it in perspective, one out of every 200 families will have their homes foreclosed upon each year, 250,000 new homes enter into foreclosure every three months, and one child in every classroom in America is at risk of losing their home.
When a lender forecloses upon your house in the event you fail to make the agreed-upon mortgage payments, the property’s value is severely decreased. Not only do you have to leave your home, but you may still have to pay the mortgage money as a deficiency judgment. Both of these foreclosure and deficiency judgments can become serious problems for you, especially when it comes to qualifying for credit from a bank.
Avoid having to deal with a foreclosure with these tips on how to keep your home, and don’t hesitate to contact The Law Offices of Patrick L. Cordero today. Our experienced team can walk you through all your options and offer compassionate help during a tough time.
Call 305-445-4855 and find out why we’ve earned the honor of being Florida’s largest consumer bankruptcy filing firm!
Communicate with Your Lender
It is in your best interest to discuss your financial situation with your lender as soon as you start having problems making your monthly mortgage payment. Remember that lenders are not in the business of foreclosing on houses; they are in the business of lending money. They want to work out an alternative that allows you to pay off the rest of your mortgage, and for them to continue collecting interest on the remainder of your payments.
Open Your Mail
You can’t work out an alternative payment plan if you don’t know that you need to in the first place. Make sure you open all of your mail, especially if you have not been making your mortgage payments. Usually, mail from your lender sent in the beginning stages of defaulting on your mortgage gives you more options than the inevitable eviction notice that comes along later. Stay on top of deadlines for negotiation from the bank, as well as Notices of Default. Failing to do so will not help you in the court of law.
Prioritize Your Expenses
The time to prioritize your spending is when your finances get tight. After healthcare, you should consider keeping the house before any other luxury. Make a list of all the bills you must pay, and from there analyze where the rest of your money goes every month. Until you get your finances back under control, cut expenses such as memberships, clothing, and other entertainment options. You can also use your assets like jewelry, a second car, and an insurance policy to immediately refinance mortgage payments.
Know Your Mortgage Rights
If you live in South Florida and are worried about losing your home, a Miami foreclosure attorney can help familiarize you with your mortgage rights and make sure your lender has not violated the Fair Lending Act. Experienced foreclosure lawyers in Miami will make sure you are aware of what your options are, negotiate to buy you more time to pay arrearages, or in some cases even have a whole new mortgage executed.
Our foreclosure attorneys in Miami can help you take the first step towards a better financial future. Contact the Law Offices of Patrick L. Cordero today at 305-445-4855 to schedule an appointment for a free consultation.