Want to know your foreclosure options in Florida

If you are delinquent on your mortgage be prepared to be bombarded by eveyone that is an expert and offers that are to good to be true. BEFORE YOU MAKE A DECISION, TALK TO US. Unfortunately, people who want to take advantage of your misfortune. These people use scare tactics advising time is short and you must act immediately. While time is against you that does not mean you have to jump right away you need to weigh your foreclosure options in Florida.

Seller BEWARE!  Do not make a haisty decision look at your options, I have listed some below:

* Reinstatement - If your situation is temporary and you have the money to bring your loan current, the lender will take the full amount of past due balance as a reinstatement and stop the foreclosure process.

* Refinance - Many homeowners in foreclosure try to refinance and pay off existing loans. This is far from an easy process, you must have equity in the property, in most instances only owe 60% of the value. We do not have the ability to refinancing your property. It is almost criminal the fees they require. 

* Deed in Lieu -  A deed-in-lieu of foreclosure allows a homeowner the ability to convey all interest in the property to the lender. This is really just an accelerated foreclosure because they will pursue homoenwers for a deficiency balance. The mortgage copmanies in some instances agree to a deed in lieu if a homeowner contributes cash.

* Loan Modification - In an effort to help distressed homeowners keep their homes, lenders are more willing to consider loan modifications.  A loan modification, or "workout", is a permanent change in one or all of the terms of an existing mortgage(s), i.e., a lower interest rate, an adjustable to a fixed rate loan, longer amortization period.  The past amounts owed, including penalties and attorney fees, can be added to the balance of the new loan.  In some cases, the lender(s) may agree to waive these fees or even lower the principle balance, in what has come to be known as a "Short Re-Fi".

* Traditional Sell of the Property - If there is sufficient equity in the property it can be sold.  As full service real estate professionals, we can assist you with the sale of your property.   

* A Short Sale - If you owe more than your home is worth, you can look at negotiating a discounted payoff with your mortgage company.  We can negotiate with the lender(s) on your behalf to get an approval for a Short Sale.  Keep in mind that the lender(s) almost always pays all the sales costs, including title and escrow fees, commissions and most repairs.

* Negotiate a Forbearance Agreement

• For borrowers who have experienced a temporary event that has caused them to fall behind on their mortgage(s), a Forbearance Agreement with the lender(s) is a viable option.  In most cases, the lender(s) look(s) for two things when considering a forbearance agreement:
  

1.    Why the loan became delinquent in the first place.  It helps greatly if the problem was something beyond the control of the borrower – serious illness or injury, temporary disability or a one-time disruption in income.

2.    That the borrower’s financial difficulties have been corrected.  The mortgage company wants to know that the borrower is now on a solid footing and can be counted upon to make regular loan payments as agreed.  The new payment will probably include a set amount that will count towards the delinquent amount.

* Do Absolutely Nothing

• This is always an option but not recommended.  Sadly many borrowers do exactly that, nothing.  In fact, in a large percentage of homes foreclosed on, the sellers never even attempted to sell the property.  We understand that you can become overwhelmed and intimidated by your situation and although it is a daunting burden, the ramifications of a foreclosure are very serious.  That being said, at the very least you owe it to yourself to consider all of the potential solutions that can help you avoid foreclosure.