A house is not always just a house. Florida homeowners build memories within the four walls of their homes, and leaving those memories behind is not an easy process. This is why the process of home foreclosure is not just a financial issue — it is also an emotional one. All is not lost, though, and many homeowners have options to effectively stop foreclosure.
Working directly with a mortgage lender on this matter might seem scary. After all, they are the ones who are bringing the foreclosure action. However, lenders generally prefer to receive payment and are often willing to find a way to make that happen. Getting in touch with a lender the moment one realizes that the monthly mortgage cannot be paid is a good first step to finding a solution.
In some cases, a lender might agree to a forbearance. This involves temporarily reducing or even suspending a mortgage payment for a borrower who can demonstrate that he or she will have access to extra money — think tax refunds or job bonuses — in the near future. For those who are not coming into extra money any time soon, a loan modification might be more appropriate. Rather than temporary changes, this agreement changes the loans original terms to make it more affordable for the borrower.
These are far from the only two options available for stopping or avoiding home foreclosure. Some processes — like a reinstatement — often go hand in hand with other approaches, like forbearance. Others can more easily stand alone, like a refinancing option. What is most important is that Florida homeowners approach their lender in as timely a manner as possible, as any delay in this process could have potentially negative effects.