While you may do everything possible to stay on top of finances and avoid unnecessary debt in Florida, the need to foreclose on a home can strike anyone. This decision can be heart-wrenching, but there are things you can do to lessen the stress and possibly avoid foreclosure altogether. We at Kingcade Garcia McMaken can guide you through one of these options, foreclosure mediation, to ensure that you get the best possible arrangement for your situation.
According to SFGate.com, most lenders want to find a way to work with you on your home loan. By engaging in the mediation process, you can create new terms and payment plans that you may be able to better afford. Another perk of using this process is that the foreclosure activities will be suspended until you complete the mediation.
Most lenders are incentivized to agree to new terms because a foreclosure can be very expensive, but you must be able to prove that you can afford lowered payments to justify the cost of the mediation. This will likely require verification of your income for the previous two months, taxes from the prior year and a deposit of at least half of your current monthly mortgage payment. In some cases, you may also need to provide a list of your monthly expenses.
You may have your monthly payment decreased by extending the terms of your loan or lowering the interest rate. For more information on foreclosure mediation and how it may work for you, please visit our web page.
