Struggling to pay your monthly mortgage? While this can be an isolating experience, you are not alone. Other Florida homeowners have faced this exact situation, and many were able to come out on the other side without facing home foreclosure. However, avoiding foreclosure requires a proactive approach, so taking action sooner rather than later is usually best.
If you just realized that you will not be able to pay your mortgage or if you are already one or more payments behind, do not wait until the lender contacts you. Foreclosures can process faster than many people expect, and you could find yourself dealing with the process after missing only three months of payments. If you are behind on payments and did not contact your lender, it is not too late.
After speaking with your lender, you will probably have a few different options to consider. Maybe your lender will offer a refinancing plan, which can be helpful for some people. However, if the refinancing has an adjustable rate or a balloon payment, it might not be that helpful in the long run.
If refinancing is not a good idea, then perhaps it is better to sell your home. You will need to consider the housing market and whether you will be able to sell the property in a timely enough manner to help avoid foreclosure. If the market is not doing so great, a Chapter 13 bankruptcy can help keep you in your home while also putting a temporary stop to all foreclosure actions.
Realizing that you can no longer afford your mortgage is extremely upsetting. However, your situation is not impossible to overcome. Whether through refinancing, working with your lender, selling your home or pursuing Chapter 13 bankruptcy, you have options to avoid home foreclosure. Interested in learning more about avoiding foreclosure in Florida? There is more information readily available on our website.