2 Ways to Prevent Foreclosure in Florida

After being served with foreclosure documents, you may think your fate is sealed. While your situation may look grim, you should not accept foreclosure until you have exhausted every option available to save your home. In Florida, there are at least two ways to prevent the foreclosure of your home. 

The Law Offices of Daryl L. Jones, P.A, is a real estate law firm with experience helping thousands of clients save their homes from foreclosure in Florida. Not only is your home a substantial financial investment, we also understand you have invested time and memories into your home as well. It is the goal of Attorney Daryl L. Jones and his team to help clients understand their options to avoid foreclosure so they can continue to enjoy their Florida homes for years to come. 

How Can You Prevent the Foreclosure of Your Florida Home?

There are many different reasons why homeowners may find themselves facing foreclosure. Whether you have lost your job, have costly medical bills, or are unable to keep up with your mortgage payments due to general financial hardship, going through a time of struggle should not mean that you have to lose your home. To prevent the foreclosure of your home, there are at least two options:

Reinstatement

If temporary financial hardship prevents your from making your mortgage payments, and if you have a way to come up with the past due payments, you may request a quote from the bank or servicer that will detail the amount you need to pay to reinstate your mortgage loan. You should keep in mind that if you pay the amount due at the top of your mortgage statement, this typically means you reinstated only the past due payments, and have not yet paid off your home. 

If you choose to reinstate your loan, remember to note the date by which your delinquent payments are due. It is in your best interests to submit your delinquent payments well before the due date. If you only pay back a partial amount of your delinquent payments, the lender will likely reject your reinstatement. If you are considering reinstatement as the best option to prevent the foreclosure of your home, speak with a Florida real estate lawyer as soon as possible. In certain cases, a Florida real estate lawyer may be able to negotiate a reduction of the total required to reinstate your loan. 

Loan Modification

One of the more commonly known options for preventing the foreclosure of your home in Florida is to apply for a loan modification. A loan modification changes the terms of your existing mortgage loan. A loan modification typically offers you a lower interest rate or a longer loan term to decrease your monthly payment. The loan modification process typically takes several months and can become convoluted for those who do not have experience with real estate law in Florida. For example, to obtain a loan modification in Florida, one step requires you to document the exact circumstances that caused you to miss your monthly payments, and why those circumstances will no longer prevent you from making future payments. That is why it is crucial that you work with a knowledgeable lawyer who can ensure you complete each step necessary to obtain the loan modification and to avoid losing your home. 

Get Help From a Florida Foreclosure Lawyer Today

If you are at risk of losing your home to foreclosure, it is important that you understand your options. To get help with the process of reinstatement or loan modification, it is crucial that you contact a Florida foreclosure lawyer as soon as possible. 

The Law Offices of Daryl L. Jones, P.A, is a Florida law firm dedicated to helping clients keep their homes when they are faced with foreclosure. To schedule a free initial strategy session with Attorney Daryl L. Jones, contact us here or call 305-969-3602.

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