Having a home in Florida is a great lifetime achievement. However, this comes with a financial commitment to paying mortgage fees. Failure to pay the mortgage leads to foreclosure, where the lender can repossess the property. However, there are many ways to save your home from foreclosure. These include;
1. File a lawsuit
Federal and state laws protect Florida borrowers and how a foreclosure should proceed. If it’s a judicial foreclosure, the court system handles it by checking the timeline, procedure, and notification laws. A foreclosure that does not comply with the rules can be overturned. To file a lawsuit, you’ll need the services of experienced loan Lawyers. The professionals will work to prove lender violations, errors, lack of promissory notes, etc.
2. File for bankruptcy
Filling bankruptcy can stop foreclosure and save your home. This way, the court will stop the foreclosure, and you can continue staying in your house.
3. Loss mitigation
Find ways to clear your outstanding mortgage debt without accumulating more loans. You can achieve this by;
Mortgage modifications are an effective way to save your home from foreclosure. It allows you to refinance the loan or extend its terms of payment. However, it is advisable to persuade your lender that your money problem is temporary and you will soon solve it. Moreover, agree with the lender for an upfront lump sum or monthly payments for the differences.
Catch up on payment
This involves finding a way to catch up with mortgage dues. If you receive a foreclosure notice, use that notice period to pay up the arrears and catch up with the late payments.
4. Save your money
Blowing paychecks on unnecessary bills and expenses is Florida’s main cause of mortgage deferment. The most crucial bill in your mortgage is that you should have provisions to ensure you meet the commitment. Therefore, try to save money and restrict your expenses to having mortgage dues.
5. Request a forbearance
If you’re experiencing temporary financial problems, you can request a forbearance that allows you to hold a mortgage payment for a certain period. You can get back on your feet and make arrangements to proceed with monthly payments during that period.
However, you’ll still have to pay the amount you owe during that period. For instance, if you’re in forbearance for four months, you’ll pay four months’ worth of mortgage at the end of this period.
6. Communicate with your lender
You can communicate with your lender if you have minor or temporary setbacks. Notify the lender in advance about a delay in payment and give them reasons. Explaining and communicating with the lender is better than letting them think you have forgotten or deferred to pay. The lender might agree to work out a repayment plan and stop foreclosure plans.
You risk losing your home if you fall behind on your mortgage payments. You and your family will be left in traumatizing financial situations and emotional damage. Fortunately, you can save your home from foreclosure by applying the above ways.