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Foreclosure up ahead? How to find an alternate route

If you own a home in Florida, you've likely encountered ups and downs regarding your financial status (and ability to make payments). Although it's not uncommon to face money problems once in a while, a particularly trying time may call for extra support.

Do not panic if it appears you may be facing foreclosure. Instead, carefully analyze the whole picture, and explore any and all options that may be available to you to get things back on track.

Can I avoid foreclosure?

The answer to this question varies, depending on your individual financial situation. It is often possible to stop a foreclosure, even if it's already in progress.

A key to keeping your home is to know your options and to seek help when you need it. The following list provides practical tips that may help you keep your home and overcome your current financial obstacles:

  • Face your circumstances head-on: Don't sweep money problems under the rug in the hope that they'll disappear. Actively seek out various options before your situation gets worse.
  • Work with your lender: Your lender really wants you to keep up with your obligations. It has no interest in foreclosing because it means a lot of extra work. As soon as you realize there's trouble up ahead, contact your lender and ask if there are alternate payment plans available that may benefit you both.
  • Open your mail: If your home may be subject to foreclosure, don't rip up what may look like junk mail. Lenders often send multiple mailings, warning homeowners of impending legal actions. They often offer options for avoiding deficiency judgments or foreclosures.
  • Know your rights: Foreclosure laws vary by state, so making sure you know what the laws are where you live. This could save you a lot of time and stress down the line.

You have options that can help protect your home from foreclosure. With careful research and appropriate guidance, you may be able to build your way toward future financial stability.

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