What options do I have if I'm facing foreclosure?

If you are facing foreclosure in the state of Florida, you have several options. The most obvious option is to contact your mortgage holder and try to arrange a payment plan. This may mean restructuring or modifying your existing loan. It may also mean that you can enter into a forbearance agreement, which is when the mortgage loan holder agrees to temporarily reduce or suspend payments for a certain period of time. Another option is to consider loan refinancing. Refinancing involves taking out a new loan with a different lender and using the proceeds from that loan to pay off your existing loan. This can reduce the amount you need to pay or reduce the interest rate of your existing loan. You may also be able to take advantage of government programs. The Department of Housing and Urban Development (HUD) offers counseling and other services to people facing foreclosure. HUD also has emergency loan programs available to help pay off all or part of your existing loan. Finally, you may be able to negotiate a "short sale" with your mortgage loan holder. This is when you sell your home for less than what is owed on the loan and the lender agrees to accept the lower amount as payment in full. You may be able to negotiate a short sale if you can prove to the lender that you are unable to make payments on the loan. No matter what option you pursue, it is very important to speak with a qualified real estate attorney. An attorney will be able to explain all of the available options and help you make an informed decision about the best option for you and your family.

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What options do I have if I'm facing foreclosure?

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