Avoid foreclosure in Florida - By: Billy Alverado

The first quarter of 2009 saw more foreclosures hit the already distressed matket. One of the states with the highest amounts of foreclosures was Florida. With a huge amount of homes going in foreclosure the state government is encouraging that homeowners who are concerned with facing foreclosure consider a mortgage modification or refinancing. In order for the lebnder to gain possession of your home due to a foreclosure in the state of Florida they must file with the court. This judicial process can take up to six months, whuile this process is being processed homeowners who are facing foreclosure can take steps to avoid foreclosure.

1. Contact the lender. One of the best ways to stop foreclosure in Florida is to contact the lender and work out a payment plan. If you can prove through a hardship letter that you can no longer afford your current mortgage payments and yet prove that you could afford modified payments then your bank may be willing to provide you with a mortgage modification.
2. If you are able to qualify for refinanciong you should consider this option before applying for a mortgage modification. Your bank will most liklel;y not extend a mortgage modification if you can qualiofy for refinancing. If you refinance with another mortgage agency you are required to inform your current loan company.
3. If you can not qualify for refinancing or mortgage modifications then you should sell your home. You will need to ccontact your real estate agent to arrange a short sale. Your realtor will contact the lender to coordinate a payment they will accept. If you are facing foreclosure and are going to sell your home then you will want to price it to move quickly in order to avoid foreclosure.
4. Your final option is to go to the court and request a longer period of time to restitute your current situation. The cpourt may permit an additional month as lomng as you can prove your ability to pay before the end of that period.
When considering what steps to take to avoids foreclosure you should consider hiring a reputable negotiation agency to represent you in negotiations. While Florida has seen a large amount of scams due to the huge amount of foreclosures , there are some reputable mortgage modification councelors. When hiring a councelor you should consider the following:
1. Avoid an agency that requires a large upfront fee - never pay anyone who says they will represent you in a mortgage forbearance or modification for an upfront deposit.

2. Do not select an agency that is prone to accepting the first offer from the lender- It will do you no good to get a mortgage modification that does not meet your needs.

3. Find a company that provides a free consultation by phone - A reputable company will not charge you a deposit until they review your situation and know they can help you. A good reportable agency will use their time wisely and only represent you if they feel confident in their ability to be effective in your particular case.

4. Find an agency this is endorsed by an attorney - You should find someone who can legally stop the foreclosure.

5. Use an agency that has a reputation of being able to buy you time - For a forbearance that will truly be helpful your agency should be able to freeze your payments up to 6 months, in the case of financial hardship. They should also be able to stop any annoying phone calls you may be receiving from the mortgage company.

If you are facing possible foreclosure you should consider your options and do what is necessary to avoid foreclosure. Even if your loan agency has filed with the court you may still have time to fix the situation.

About the Author

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