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How to avoid foreclosure

If you have fallen behind on your mortgage, your lender may have filed a Notice of Default to force you to give up the home you love. Real estate law in Florida provides you with some alternatives to foreclosure.

The reality is that lenders would rather work with you on paying your mortgage than foreclose on your home. Before your home is scheduled for auction, talk to your lender and work to come up with a compromise.

One of your other options would be to file for bankruptcy. Filing for bankruptcy would stop your mortgage lender from going forward with the foreclosure. Filing for bankruptcy will buy you some time, but it will not erase all of your debts. You will be required to work with your lender to come up with a way to repay your debts.

It is also important to remember that just because your lender started the foreclosure process with a Notice of Default does not mean it is too late to find a buyer. If you receive a short sale offer before your house is scheduled for an auction, the lender will have to consider it. In fact, many lenders would rather not waste their time looking for a buyer. So, keep looking for someone who may be able to quickly buy your house and help you avoid foreclosure. In rare cases, your lender may also allow you to modify your loan to allow another buyer to take on your loan if the lender finds that the new buyer is qualified.

These are just some of the options available to you if you are facing foreclosure. A qualified attorney can help you determine which option, if any, is best for you.

Source: HGTV, "5 Ways to Stop the Foreclosure Process," Tara-Nicholle Nelson, accessed on Dec. 26, 2016

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