Posted On: November 15, 2010
How to Save Your Home From Foreclosure
Homeowners who are in default on their mortgage and facing foreclosure are often too stressed by their situation to thoroughly examine all the options available to save their home from foreclosure.The following professionals are best equipped to help distressed homeowners avoid foreclosure:
Your Lender. Even if you have already met with your lender and been turned down for a mortgage modification, try again. As time goes on and the foreclosure rate grows, more and more lenders are becoming more open to considering either a mortgage modification or a forbearance, where lenders agree to suspend mortgage payments for a specific period of time. Most major lenders now have whole departments set up to deal with potential foreclosures – check your lender’s website or visit a branch for more information.
Real Estate Agent. A realtor can help you put together a “short sale” on your home if you no longer want to stay, but don’t want a foreclosure on your credit record. The realtor will work with your lender, who must agree to the short sale, and then sell your home for whatever they can get. All of the money from the short sale will go to your lender, but you will no longer have a mortgage.
Bankruptcy Attorney. Frankly, one of the best ways to avoid foreclosure may be through filing bankruptcy. Bankruptcy can give you the option of either giving up your home to the lender, or keeping it and making payments under a court-approved plan. Since bankruptcy discharges most of your other debt, that income would be freed up to pay your mortgage.
If you are a Florida homeowner facing possible foreclosure and need to know about all your legal options, contact our Jacksonville, Florida foreclosure law firm.
Greg Gilbert
Keith Maynard
