Are you living in fear of being served a foreclosure notice in Florida? Or are you already in foreclosure? Regardless of the situation, the critical question is the following: how do you fight the foreclosure process and prevent losing your property in Florida.
In this post, we will discuss some of the most effective ways you can fight a Florida foreclosure. Read on to find out everything you need to know to either stop the foreclosure altogether or prolong it for as long as possible.
If you have missed a few mortgage payments, you can call your bank to stop foreclosure and ask for a “forbearance”. It allows the homeowner to extend the length of their mortgage so that they can make up for missed payments.
This way, the missed mortgage payments are forgiven and added to the end of the mortgage. If you are already in foreclosure in Florida, it’d be best to hire a reliable foreclosure defense lawyer who can successfully obtain a forbearance for you.
If you have equity and you have never missed any mortgage payments in the past year, then refinancing can be a viable option. However, refinancing is not for homeowners who owe more than their house is worth.
If you are in a position to avail refinancing, contact your bank as soon as possible and discuss your refinancing options. If you have equity in your home, the process will be much easier and you’ll be able to stop the foreclosure.
Deed In Lieu
Another effective way to prevent a Florida foreclosure is by asking for a deed in lieu of foreclosure. If you don’t wish to keep your home anymore and would rather move on with less damage to your credit score, you may be able to give your property back to the bank to stop the foreclosure.
It should be noted that a deed-in-lieu is a very complex process and banks usually only grant it if a skilled foreclosure attorney is handling the matter.
Do you owe more than your property is worth? In that case, the bank may be willing to do a short sale or pre-foreclosure sale. In other words, you may be able to stop the foreclosure by selling your property. Also, please note that the bank will get to keep the amount of the final sale price.
Modification of Loan
This is one of the most common ways homeowners in Florida try to stop a foreclosure. A loan modification can include reducing monthly mortgage payments, lowering interest rates, or even reducing the principal amount.
Even though it’s an effective option, it can be challenging to get a loan modification without the assistance and guidance of an experienced foreclosure lawyer. The bank will ask for a variety of different documents during the loan modification process, and only a professional can tell you what should be – and what shouldn’t be – included.
Even though it is possible to go about stopping a foreclosure on your own, it’s not recommended. If you want the process to be quicker, painless, and successful, hiring a foreclosure attorney should be your next step.
Contact us at 305-445-4855 to get in touch with one of the top foreclosure defense lawyers in Florida. Patrick Cordero will be personally involved with your case. Call today to schedule a consultation.