An overall healthy national and global economy does not always guarantee protection from serious financial challenges for individuals. Many people in Florida know this through their own first-hand experiences. The problems can extend beyond credit card debt to mortgage delinquencies that put homeowners in jeopardy of losing their homes.
If you are struggling to make your mortgage payments, you may have considered filing for foreclosure. There are, however, several options that may leave your credit in better health. A short sale allows you to sale your home for an amount less than what you owe on your mortgage. This means that the lender will be short the amount between what was owed on the mortgage and the amount the home sold for. Although the lender is losing money on the home, a short sale may be a better option when compared to a foreclosure. In a foreclosure, the lender would lose the entire balance of the mortgage; however, a short sale would allow the lender to keep a portion of the money owed.
People who are struggling with overwhelming credit card debt, or have just experienced a sudden change in their lives, such as a job loss or diagnosis of a chronic condition, may find it hard to make their mortgage payments every month. House payments can be a major chunk of a person's paycheck, and when money is tight, it may be difficult to come up with the funds to make that payment. As a result, many Americans fall into foreclosure or end up losing their homes because of their inability to pay.
When you have financial trouble, one of your first concerns may be your mortgage. The last thing you want is for it to go into foreclosure and to lose your family home. Your lender also wants to avoid this, so it may offer you a solution called a loan modification. This option is a great way for Florida homeowners to save their homes and get back on track financially.
If you are a Florida resident who has concerns about potentially losing your home, you are not alone. Unfortunately, many people across the state and nation struggle to stay afloat as far as their mortgage payments, and if you count yourself among them, you probably know all too well just how unnerving this can be. There are, however, some preemptive steps you can take to lessen the chance of experiencing foreclosure.
As a landlord of a rental property in Florida, it is your responsibility to live up to your commitment to your tenants. This means ensuring they are secure in their home. While you may own the property, it is their home where they live and take care of their family. If you find yourself in financial trouble, it not only affects you but your renters as well. They are at risk of losing their home and may not even be aware of it.
The idea of losing your Florida home to a foreclosure can be scary. Essentially, the process kicks you out of your home and leaves you in a financial bind. It can be difficult to pick up and move on after a foreclosure. That is why it is often advisable to try to find an alternative that will allow you to avoid going through the process.
The real estate market went through some terrible times in the early 2000s across Florida. It put many people's home in jeopardy of being foreclosed. According to the U.S. Department of the Treasury, the government created a program called the Making Home Affordable Program to help you out if you faced foreclosure. It was specifically designed to help you avoid losing your home and to assist you with getting back on your feet when you got into a bad financial situation.
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.
Foreclosure is a difficult situation to face, but have you considered a short sale instead? Many people don't know the legal opportunity that short sales offer to homeowners who have fallen desperately behind on their mortgage payments. To end your strife and get started on repairing the damage, contact a debt attorney immediately to find out if a short sale is the right option for you.