Florida Foreclosure Alternatives

Dodging Florida Foreclosures: Knowing your Financial Alternatives

When you’re in trouble with your mortgage payments, you should come right out of your shell and talk to your lender right away. People rarely ever lose their homes to foreclosure at a snap of the finger. Most mortgage lenders are more forgiving than that.

Face the figures squarely

The first thing you need to do when you’re under threat of a Florida foreclosure is to face the situation head on. You end up burning a lot of time when you try to deny the fact that you’re missing out on months and months of mortgage payments. The horrors of a Florida foreclosure only begin when you give your lender enough reason to take legal action against you.

Instead of ignoring the bills when they come, swallow your pride, and talk to your mortgage lender about your situation. If the “Notice of Default” hasn’t been sent out yet, then you’re still in the safe zone.

You can consider refinancing, if you’re having trouble with your payments. Instead of paying for big bulks, you can ask your lender if it’s possible for you to extend the terms of your mortgage so you can have smaller monthly fees to worry about.

When the Notice of Default Comes

Once the Notice of Default comes in the mail, there’s very little you can do about getting your home back. What you can bargain for, though, is your credit score. If your Florida foreclosure was caused by deaths in the family, a grave injury on your part, or sickness, banks are usually more forgiving.

The standard “waiting period” for buying a new home after a Florida foreclosure is usually four to seven years. If your foreclosure was caused by circumstances that were beyond your control, you can buy a new home after two years.

Originally posted 2009-03-08 17:47:26. Republished by Old Post Promoter