Over the past several months, foreclosure rates across the country have dropped. However, there are still many families in Florida that are facing the threat of losing their homes to this action. The following will offer some thoughts about how to stop foreclosure in Florida so these folks won’t have to live in fear any longer.
Pittsfield, MA -- (SBWIRE) -- 12/24/2012 -- Florida has the highest number of foreclosures in the country. There are many reasons for this. Perhaps a wage-earner lost his job, resulting in the family being unable to pay their mortgage. Expenses increase on a daily basis in Florida, particularly if an adult child returns to the family home and begins using water, air conditioning, and insect repellent. Any of these occurrences can lead to defaulting on a mortgage. If a homeowner misses three consecutive mortgage payments, the lien holder may begin foreclosure proceedings. Here are some ideas about how to stop foreclosure in Florida so no family becomes displaced.
Stop Foreclosure in Florida , Request If Your Home Has Been An Auction
The first thing to do when financial issues prevent the payment of one’s mortgage is to contact one’s lender to make an arrangement. Most banks and credit unions have in-house loan modification or refinance programs to help their customers through a tough time. Obtaining either of these changes to the original mortgage loan will effectively stop foreclosure in Florida. If one’s lender does not offer a refinancing or loan modification plan, look to the government. The Obama administration introduced the HAMP (home affordable modification program) to help struggling homeowners avoid foreclosure. There are several options offered through this plan, such as a simple modification of the original mortgage loan. A modification is a change to the original loan. This change may lower interest rates, allow more time to repay the loan, or cut the monthly payment by as much as 40%. Anyone can apply for HAMP assistance through his or her lender, if the lender participates in the program. Most lenders do, as there are terrific incentives for them to do so.
Another way to stop a foreclosure in Florida is to check into HUD (Department of Housing and Urban Development) programs. HUD also offers loan modification plans, as well as refinancing options. A refinance is a paying off of one’s original loan and the writing of an entirely new one. The new loan will be one with different terms, allowing for a longer repayment schedule or lowering the interest rate on the loan. HUD assistance can also be applied for through any participating lender. Either the HUD or HAMP plans can save homeowners the stress and worry of foreclosure proceeding as well as money.
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