Do I Have To.Repay My.Check N Go If I.Lose.My Job 11 Tips For Avoiding Foreclosure In South Florida

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11 Tips For Avoiding Foreclosure In South Florida

Buying a home can be a scary experience. Imagine that you have owned a house for 3 years, all payments have been made on time and in full. When fourth year rolls around, your job scales back leaving you with no job and a salary. If that’s your fear, you could be one of the millions of at-risk Americans with an adjustable-rate subprime mortgage (ARM). Which means your interest rates will go up to a much higher percentage by the end of the year. On the other hand, you may be a prime borrower who has chosen a non-traditional mortgage. You may be up to date on your mortgage right now, but you fear business layoffs and rising expenses.

Your odds of avoiding foreclosure in Florida are improving. There are now many “We Buy Houses Florida” companies that specialize in rescuing homeowners from foreclosure. In addition there are new refinancing programs, government solutions and lenders willing to freeze interest rates depending on the mortgage.

1.) How can I avoid foreclosure in Florida? Do your homework.

The reason many homeowners end up with bad loans is that they either understood the terms of the loan or were scammed by loan sharks. “A good portion of the people we see are people who have taken out loans they never should have gotten in the first place,” says Phyllis Salowe-Kaye of Citizen Action, a large mortgage crisis counseling agency. Are you someone who was not informed when you took out your mortgage? Now is the time to make sure you don’t make that mistake again. To avoid foreclosure in Florida counseling, here is a list provided by the United States Department of Housing and Urban Development. Many other websites provide free advice for troubled homeowners on their Attorney General, Banking Department or Housing Finance Agency websites.

2.) Contact your lender immediately

If your credit is already gone, you will lose leverage. Also, for those who don’t yet have credit problems, there are new foreclosure avoidance programs in Florida. Project Lifeline has six major lenders (Bank Of America, Citigroup, Countrywide Financial, JP Morgan Chase, Washington Mutual and Wells Fargo) agreed to hold the foreclosure process for 30 days for qualified borrowers looking to keep their homes in the Sunshine State.

3.) Open all mail from lenders

Subprime lenders offer reset ARM mortgages in the mail months before the interest rate resets.

4.) Be patient

“Too many people are trying to solve the problem with quick takeaway recommendations,” says Salowe-Kaye. The quickest way to get relief from a mortgage is through a “We Buy Houses Florida” for more information click on the link. For those willing to wait forever for a resolution, William Sanchez of the Tampa Bay Community Development Corporation at Clearwater, Florida has a piece of advice for you: “You can’t solve this problem with one phone call. Helplines are jammed, it can take forever to reach your loan officer, and it’s impossible to know how many homeowners homeowners will actually cling to their homes. However, “lenders are definitely more willing to come up with plans. “Be prepared to be hounded by experts and options from your lender.

5.) Contact a free or low cost housing consultant

For HUD certified counselors assisting homeowners in avoiding 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 at a housing consultant, the next number you should call is a foreclosure attorney. Ignore lawyers advertising “quick fixes” on TV, the Internet, or phone calls. The only quick fix is ​​to sell your home quickly to a “We Buy Houses Florida” company. They are the only company you can trust that will give you a free consultation and help you navigate the foreclosure process. To find an attorney you can trust, contact Legal Services Corp.

If your income level is low enough they will put you in touch with an affiliate agency. Call the Florida State Bar Association and seek out a county bar association for further assistance.

7.) May be eligible for special assistance.

The federal FHASecure program may be able to provide a fixed rate refinancing option for homeowners who have an adjustable rate mortgage and a good credit rating. Current and former members of the military who served within the past 90 days are eligible for the Servicemembers Civil Relief Act which offers protection from foreclosure.

8.) Failure is not the easy way out

Under current Florida State laws, bankruptcy can stop or slow down foreclosure. Seek legal advice from a reputable source before proceeding. Bankruptcy judges are not allowed to restructure mortgage debt covering primary residences. “Borrowers can file for chapter 13 bankruptcy, which temporarily suspends a foreclosure action. The catch is that to sustain the chapter 13 plan, a borrower in a high-cost mortgage must be able to make payments into the mortgage moving forward, and also to pay off a percentage of arrears and other debts each month,” says Josh Zinner of the Neighborhood Economic Development Advocacy Project in New York. Furthermore, he considers that relief programs like Project Lifeline are not available to borrowers who have entered bankruptcy.

9.) Keeping your payments current is the single most important factor in avoiding foreclosure in Florida

Mindy Wright, a real estate consultant in Elyria, Ohio, says people often make the mistake of paying off their credit card bills before making their monthly mortgage payment. People do this because credit card companies call them immediately and often use threatening tactics to get the borrower to pay. Banks, however, take a long time to communicate and only communicate by mail. Once the borrower receives the default notice in the mail, it is already too late. The borrower now owes interest and late fees in addition to overdue payments. Typically lenders will not contact their borrowers until 60-90 days have passed. Credit card companies will harass you day and night until the late payment is updated. Wright advises homeowners to put off credit card companies and pay off their mortgage payments first. “If you don’t pay your credit card bill, it could screw up your credit score, but a foreclosure will have a much more negative impact on your credit score, plus you won’t have a place to live,” she says.

10.) Fasten your seat belt.

Get rid of luxuries like cable and Netflix. This way you will gain bargaining power when you sit down for a negotiation. Being willing to bring cash to the table and willing to cash in on assets like jewelry or a car will work in your favor. “Servicers want to see you make sacrifices. Show some effort,” says Michael van Zalinger, director of home ownership services for Chicago Neighborhood Lodging Services. When talking to the bank, be sure to get your pay stubs, benefit statements, and tax returns together.

11.) Familiarize yourself with mortgage workouts aimed at avoiding foreclosure in Florida

The best solution would be to refinance with a long-term mortgage by deferring payment delays and slightly raising the interest rate. This option requires good credit and is rarely applicable for the average Florida homeowner. You may not even be able to afford the fees involved. The alternatives would be a repayment plan or a loan modification.

The first resort that actually pays you would be to sell your home to a “We Buy Houses Florida” company.

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