How to Stop a Foreclosure Sale in Florida?

The thought of losing your home can be stressful; it is because when you bought the property, you had high hopes, and you had thousands of dreams and made it a home for your family. So, the thought for losing it to foreclosure can be unbearable. The homeowners, when unable to pay the mortgage, are likely to fall prey to the foreclosure scams and end up bearing huge losses. Not only, this but the fear of bad credit score is also oversold. Though it is a negative event, foreclosure is similar to bankruptcy and the impact will lessen over time.

Let’s find out how to stop a foreclosure sale in Florida:

When you are keeping your house:

·         Reinstatement: It allows you to pay a lump sum amount to catch up with your late payments by a certain date. You must be well aware of the fees and penalties that you have to repay while going for this option.

·         Repayment plan: It is paying down your overdue payments by adding the extra amount into the monthly mortgage payment.

·         Modification: You can opt for a loan modification which permanently changes the payment plan and makes payment more affordable.

·         Refinance: Refinancing may not be a very good idea when facing foreclosure, but it depends on your case. You should consult your lender and a financial advisor, whether this option will be helpful for you.

When you are not keeping your house:

It may be hard for you to let your home go, but in some cases, walking without a foreclosure is the best idea. It is because missed payments will be there on your credit score for seven years but not the foreclosure.

Short sale: Sometimes when you sell your home, the offer on the home may not be enough to cover the total amount owed on the mortgage. In such a case, the lender may agree to write off the difference, and this is called a short sale.

Deed-in-lieu: If you have tried to sell your home in good faith for three months, you can offer the deed to your property in exchange for stopping the foreclosure. This method will not work if there are second or third mortgages against the property.

Still in doubt? Connect with a company where professionals can help you stop foreclosure sale in Florida.