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Avoid these mistakes when facing foreclosure

If your home in Florida is in foreclosure, you may find yourself wondering what you can do to stop it. Although you may have defaulted on your mortgage, you still have rights that need protecting. The foreclosure process is often a long and tedious one that many homeowners find challenging to navigate through.

As nerve-wracking and frightening as the process may seem, you do have options that may enable you to keep your home. First, you should take some time to learn about mistakes to avoid during the foreclosure process. 

Not understanding the situation 

If you cannot afford to pay your mortgage or negotiate an agreement with your lender that allows you to keep your home, you should start learning about your options. Foreclosures are time-sensitive issues. If you realize that the best thing is to let the property go, you should start saving your money and making arrangements to move before eviction occurs. 

Ignoring your lender 

Once you default on your mortgage, your lender will attempt to contact you by phone, postal mail and email. You may not want to talk to your lender about your situation. However, ignoring the lender could cause you to lose your rights to fight the foreclosure. You should stay in contact with your lender. Inquire about any options you have to save your home. For example, you may be able to restructure your mortgage so your missed payments move to the back end of it to bring you current on your payments. 

Not keeping the property up 

Having your home go into foreclosure does not absolve you of your responsibilities for repairs and maintenance. Not taking care of the property can limit the number of opportunities you have to keep a foreclosure from going on your credit. For example, you may encounter problems when trying to sell your home in a short sale if it is in poor condition. A short sale can help you avoid a foreclosure and keep you from owing your lender. If your home does not sell in a short sale and you have been neglectful on repairs, your lender may come after you for additional money after the foreclosure is complete. 

Understand that foreclosure does not mean you should ignore the situation and walk away from the property. Learn your options and avoid making mistakes that can make it more challenging for you to save your home.

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