11 Tips To Avoid South Florida Foreclosure

Buying a home can be a dreadful ordeal. Imagine that you have a house for 3 years, all payments were made on time and in full. When your fourth year rolls around, your job is cut, leaving you unemployed and unemployed. If you’re worried, you could be one of the millions of at-risk Americans with Adjustable Rate Subprime (ARM) mortgages. This means that your interest rates will rise to a much higher percentage later this year. On the other hand, you can be a top-notch borrower choosing a non-traditional mortgage. Currently, you may be aware of the latest mortgage developments, but fear layoffs at the company and rising costs.

The odds of avoiding foreclosure in Florida are improving. There are currently many We Buy Florida Homes companies that specialize in saving homeowners from foreclosure. There are also new refinancing programs, government decisions and lenders who are willing to freeze interest rates depending on the mortgage.

1.) How Do I Avoid Florida Foreclosure? Do your homework.
The reason many homeowners get unaffordable loans is because they either understood the terms of the loan or were tricked by the moneylenders. “A significant proportion of the people we see are people who got loans they shouldn’t have received at all,” says Phyllis Salou-Kai of Citizen Action, a major mortgage crisis advisory firm. Are you the one who was not informed when applying for the mortgage? It’s time to make sure you don’t make this mistake again. To avoid Florida foreclosures, here is a list provided by the U.S. Department of Housing and Urban Development. Many other websites provide free advice to homeowners in need on the websites of their attorney general, bank department, or home finance agency.

2.) Contact your lender immediately.
If your credit has already dried up, you will lose your ability to borrow. In addition, for those who do not yet have credit problems, there are new programs to avoid foreclosure in Florida. Project Lifeline has six major lenders (Bank Of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual, and Wells Fargo) who have agreed to suspend the foreclosure process for 30 days for qualified borrowers seeking to retain their homes in Sunshine. …

3.) Open all mail from creditors
Subprime lenders are offering ARM mortgage resets by mail a few months before the scheduled interest rate change.

4) be patient
“Too many people try to solve the problem with quick takeaway tips,” says Salou-Kay. “The fastest way to get out of a mortgage is ‘We are buying homes in Florida’, for more information, click on the link. For those willing to wait forever for a decision, William Sanchez of Tampa Bay Community Development Corporation in Clearwater, Florida He gives you advice. He says: “You cannot solve this problem with one phone call.” Helplines are packed, it can take ages to reach the person servicing your loan, and it’s impossible to know how many homeowners will actually be holding onto their homes. However, “lenders are definitely more willing to work on plans.” Be prepared to be harassed by your lender’s experts and options.

5.) See a free or low-cost housing consultant.
For HUD-certified consultants to help homeowners avoid foreclosure in Florida, visit the US Department of Housing and Urban Development.

6.) Get a qualified expert to help you navigate the foreclosure process
Don’t stop with a housing counselor, the next number you should call is a foreclosure lawyer. Ignore lawyers who advertise “quick fix” on TV, on the Internet, or over the phone. The only quick fix is ​​to quickly sell your home to We Buy Houses Florida. This is the only company you can trust to provide you with free advice and help you navigate the foreclosure process. To find a lawyer you can trust, contact Legal Services Corp.

If your income level is low enough, they will put you in touch with an affiliated agency. Call the Florida Bar Association and look at the county bar for more help.

7.) You may be eligible for special assistance.
The federal FHASecure program can provide a fixed rate refinancing option for homeowners with adjustable rate mortgages and a good credit rating. Current and former military personnel who have served in the past 90 days may be eligible for the Civil Assistance to Military Personnel Act, which provides protection against foreclosure.

8) bankruptcy is not an easy way out
Under current Florida law, bankruptcy can suspend or delay foreclosures. Seek legal advice from a trusted source before proceeding. Bankruptcy judges are not allowed to restructure mortgage debt covering primary housing. “Borrowers can file for Chapter 13 bankruptcy, which will temporarily suspend the foreclosure claim. The problem is that in order to maintain a Chapter 13 plan, a borrower on a high-value mortgage must be able to make payments on the mortgage in the future. and pay a monthly percentage of arrears and other debt, “says Josh Zinner of the Local Economic Development Protection Project in New York. Moreover, please note that assistance programs such as Project Lifeline are not available to borrowers who have bankruptcy.

9.) Maintaining ongoing payments is the most important factor in preventing foreclosure in Florida.
Mindy Wright, a housing consultant based in Elyria, Ohio, says people often make the mistake of paying their credit card bills before making their monthly mortgage payments. People do this because the credit card companies call them immediately and often use threat tactics to get the borrower to pay. Banks, however, take a long time to communicate and communicate exclusively by mail. When the borrower receives notification of default by mail, it is too late. The borrower now has to pay interest and late fees. Usually lenders do not contact their borrowers until 60 to 90 days have passed. Credit card companies will bother you day and night until payment is made promptly. Wright advises homeowners to ditch credit card companies first and pay them their mortgage payments. “Failure to pay your credit card bill can ruin your credit rating, but foreclosures will affect your credit score much more negatively — and you’ll have nowhere to live,” she says.

10.) Fasten your seat belt.
Ditch luxury items like cable TV and Netflix. This will give you the opportunity to bargain as you sit down at the negotiating table. A willingness to bring any money to the table and a desire to cash out assets like jewelry or a car will play in your favor. “Employees want to see you make sacrifices. Get some effort, ”says Michael van Zalinger, director of home ownership for the Chicago City Housing Authority. When talking to the bank, be sure to collect payroll receipts, certificates of payments and tax returns.

11.) Learn about Florida Mortgage Programs
The best solution would be to refinance into a long-term mortgage, spreading late payments over time and raising the interest rate slightly. This option requires a good credit history and is rarely suitable for the average Florida homeowner. You may also be unable to pay the applicable fees. An alternative could be a repayment plan or a loan change.

The first thing that really pays you is to sell your home to We Buy Houses Florida.

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