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Foreclosure not always a given when facing financial problems

Many Florida residents understand the panic that sets in when facing serious financial trouble. Realizing one is in such a situation to begin with rarely occurs immediately. This is because many financial problems develop over time from an accumulation of circumstances. However, most people start to worry when lenders mention words like foreclosure.

Losing one's home can be completely devastating. It can also be challenging to restore one's credit rating and financial stability following foreclosure. This is why many people try to explore all options that might be available to avoid losing their homes.

One way to handle such situations is to contact a lender directly. Some might say their lender is the last person they want to speak with if ownership of their home is at risk. It's often a good idea, though, to speak with a lender about a particular situation, in case there is a way to adjust one's mortgage payment schedule for a certain period of time. Lenders sometimes allow this to help debtors get back on track financially without foreclosing.

Selling assets to obtain funds to pay a mortgage and avoid foreclosure, and reaching out for support from an experienced Florida real estate attorney, are two other options that may lead to successful results. It can be difficult to find a solution to a serious financial problem, but that does not mean a solution does not exist. An attorney knows just where to look to come up with an option that best suits a particular situation. 

Source: portal.hud.gov, "Foreclosure Tips/U.S. Department of Housing and Urban Development (HUD)", Accessed on July 18, 2017

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