If you’re behind on your mortgage payments in Florida and facing foreclosure, you’re not alone. According to RealtyTrac, one in every 278 housing units in the state received a foreclosure filing in 2015.
While it’s a difficult situation to be in, there are ways to stop or at least delay a foreclosure.
Here are 10 Ways to Stop a Florida Foreclosure:
1. Review Your Mortgage Documents
The first step is to review your mortgage documents and make sure you understand the terms of your loan. This will help you determine what options are available to you.
2. Contact Your Lender
If you’re having trouble making your payments, the best thing to do is contact your lender as soon as possible. They may be able to work with you to create a repayment plan or modify your loan terms.
3. Consider a Loan Modification
If you can’t afford your current mortgage payments, you may be eligible for a loan modification. This is when your lender agrees to change the terms of your loan, such as the interest rate or length of the loan, to make it more affordable.
4. Refinance Your Loan
If you have good credit, you may be able to refinance your loan and get a lower interest rate. This can help lower your monthly payments and make it easier to afford your mortgage.
5. Consider a Short Sale
If you can’t afford your mortgage payments and you’re not eligible for a loan modification, you may be able to do a short sale. This is when you sell your home for less than what you owe on the mortgage and the lender agrees to forgive the difference.
6. Do a Deed in Lieu of Foreclosure
If you can’t afford your mortgage payments and you’re not eligible for a loan modification or short sale, you may be able to do a deed in lieu of foreclosure. This is when you transfer the ownership of your home to the lender in exchange for them forgiving the debt.
7. Get Help from a Housing Counselor
If you’re struggling to make your mortgage payments, there are organizations that can help. A housing counselor can work with you and your lender to come up with a plan to make your payments more affordable. There are many Counselor programs available in the State of Florida.
8. File for Bankruptcy
Filing for bankruptcy can stop a foreclosure and give you time to catch up on your mortgage payments. However, it will also have a negative impact on your credit.
9. Wait for the Foreclosure Process to Begin
In Florida, the foreclosure process can take up to two years. So if you’re behind on your mortgage payments, you may be able to stay in your home for a while before the foreclosure is finalized.
10. Sell Your Florida Home For Cash
One final option may be to sell your house for cash. You can see the Pros and Cons of Selling Your Home to a real estate investor here.
Note:
This article is for informational purposes only and is not legal advice. If you’re facing foreclosure, you should speak with an attorney to discuss your specific situation.