Are you worried about a possible foreclosure in Florida?

| May 16, 2019 | Foreclosure |

There are currently Florida residents who have fallen behind on their mortgages. This is not uncommon, as people in most states throughout the country run into financial problems at some point in their lives. Some situations are definitely more serious than others, however, especially if those involved are at risk for losing their homes to foreclosure.

Bankers and lenders typically want to avoid taking over ownership of a mortgagor’s home. This is why many of them are willing to negotiate alternative payment plans. In the end, doing so may be a win/win situation for the homeowner and the lender, as well.

A big mistake some people make is to try to ignore the problem if they miss a payment or two. It’s far better to immediately contact a lender and explain the situation to see if an acceptable plan can be worked out, such as delayed payments or a loan extension. Every state has its own foreclosure laws, so it pays to carefully review loan documents to make sure terms and mortgage rights are clearly understood.

It’s often possible to sell assets in order to generate funds to help re-instate a mortgage loan. This also shows a lender that a homeowner is making an effort to avoid losing his or her home. There are scammers out there, however, who try to trick people into believing they can help them avoid foreclosure. This is why it’s always best to seek guidance and support from a Florida attorney who is well-versed in real estate law rather than signing a document from a non-legal firm whose representatives are perhaps making promises they can’t keep.

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