Avoid foreclosure - Short sales Avoid foreclosure - Jacksonville Real Estate Agent

Behind on my House Payment, What do I do?

When you're faced with foreclosure, educating yourself about the process will enable you with the information you need to dig yourself out of this potentially negative situation.

In the state of Florida, your mortgage company can't start the foreclosure process until you fall three payments behind. Once you're 90 days late you'll receive a breach letter or a notice of default. After the mortgage company sends you the breach letter, there's a 30 day waiting period before it goes to their attorney who then will file a lis pendens (notification of pending lawsuit: a projected cloud on title.

Once the lis pendons is filed, the time until auction is approximately 3-6 months. Each case is different, so the time frames can vary based on whether you participate and request more time or you just let it go to foreclosure without requesting the additional time.

When you fall behind on your mortgage payments and every single day you're getting phone call after phone call from your mortgage company, the natural tendency is to want to go crawl under a rock and hide or pull the blankets over your head and disconnect the phone. However, you and I both know that's not going to work!

There are things you can do. For one, talk to your mortgage company, don't avoid them! They really don't want to foreclose on your home. The second thing you can do, is view a list of Alternatives to foreclosure available to you, to avoid foreclosure.

Once you've viewed your options, chances are, you're going to have questions. The good news is, we offer FREE reports, that go into detail about each option. You can request copies to be mailed to you.

We've given you some great information to help you educate yourself on the foreclosure process. You must be wondering, what's the catch? There is none! Our desire is to help you save your home (at no cost to you) and if you find saving your home is no longer an option, we can help you sell your home, even if you owe more than what it's worth.

If you have any questions about any of the information above, please feel free to contact me or call me direct at 904-910-3516.

Alternatives To Avoiding Foreclosure in Jacksonville, Florida & Surrounding Areas!

Alternatives to avoid foreclosure

The first one really isn't much of an alternative but needs to be discussed, however briefly.......

Do Nothing- When you're faced with the possibility of losing your Jacksonville home and your stress level has hit an all time high, you might want to throw in the towel, move out and let your house go into foreclosure. Then it's over, done with, a chapter in the book written and time for the new chapter to begin (unless your house is sold for less than the loan amount at the auction and you receive a deficiency notice saying you still owe the difference) However, you're faced with a foreclosure on your credit for about 7 years. It will be difficult to purchase a home again with foreclosure on your credit. You may decide not to buy a house, but having a foreclosure can affect other things, for example car insurance. You will pay more with poor credit then you would if you had good credit.

Refinance- You may be able to refinance your existing loan, however with the subprime lending in it's current state, that may be difficult or nearly impossible.

Reinstatement- You pay the entire default amount including attorney fees, late fees, before your house goes to auction.

Loan Modification- Your mortgage company may be able to extend the terms of your loan.

Forbearance- The lender may agree to provide a temporary payment reduction or suspension of payments.

Partial Claim- A loan from the lender for a second loan to include back payments, costs and fees.

Deed in lieu of foreclosure- You give the property back to your lender without going to foreclosure. This option could be as damaging to your credit as a foreclosure.

Bankruptcy- This could allow you more time and get rid of some of your debt. This may affect your credit for 7-10 years.

Sale- You can sell your home before your house goes to auction, it's possible to sell it even if you don't have enough equity. Your agent may be able to negotiate a short sale (when the bank accepts less than what you owe on your mortgage) with your lender.

If your facing foreclosure or just having a hard time making your payments, contact me and we will discuss your options!

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