Stopping Foreclosure:

You have several options to stop and prevent foreclosure. Some cost money and some are free.

Option 1 - Call Florida Foreclosure Assistance!!!

We specialize in working with Lending Institutions Loss Mitigation department.  This is a NO Cost service to you.  We will purchase your house at what you owe and settle all debt so you are not given a "deficiency Judgment" by you Lending Institution.   For us to help you, you must call 954-478-6534 or fill out our online form.

Option 2 - Reinstatement

Reinstatement occurs when the loan is brought current by paying the total amount past due.  You have an absolute right to fully reinstate your loan within 90 days of being served with a Complaint to Foreclose Mortgage.   However, lenders will often allow reinstatement as long as it occurs before a foreclosure sale.

Option 3 - Repayment Plan

A repayment plan is designed to reinstate the loan.  It is an agreement to bring the mortgage current over time.  The terms are generally a payment of ½ of the arrearage as a down payment and 1 ½ payments a month until the account is brought current.  A lender will normally not accept a repayment plan after a bankruptcy.  This is definitely the cheapest way, but can be frustrating if your lender doesn't have a helpful "loss mitigation department" or a "hardship" program. It can be viewed the same as if you were going to fix your own car. First you have to learn about the car, then fix the car. As with car repair, most people would rather hire a specialist to handle their financial affairs.

Option 4 - Redemption

Redemption is the act of paying off the delinquent loan in full.  You have the right to payoff the loan during the redemption period which, for residential property, expires 7 months from the date of service of the foreclosure complaint or 3 months from the date the judgment of foreclosure is entered, whichever is later.  The redemption period must expire prior to a foreclosure sale.  Redemption usually occurs either through a sale or a refinance of the property.

Option 5 - Sell the Property

You can sell your home anytime before the foreclosure is finished.  A short payoff occurs when you owe more on the loan than the house is worth.  A lender will usually not accept a short-payoff on a refinance.  This is a great way if you feel you can get what you owe out of your house. Remember to include the standard 6% realtor fees when calculating your take home. You can negotiate the buyer to pay some of the realtor fees, but it is rare.

Option 6 - Refinance

You may possibly refinance the loan if you have enough equity in your home. However, you will pay a high interest rate plus high loan charges.

Option 7 - Loan Modification

A loan modification refers to changing the terms of the delinquent mortgage.  These changes may include extending the term of the mortgage, adding the delinquency to the mortgage amount or a reduction in the interest rate.  Probably the most popular and common with people who can't pay all the past due mortgage payments at once. This service negotiates with the lender to move those payments to the back of the loan (pending you have the proven income to make the current payments). It is essentially like getting a grace period.

Option 8 - File for Bankruptcy Protection

Filing bankruptcy will stop the foreclosure case.  A Chapter 13 bankruptcy is a type of forced repayment plan.  A bankruptcy can be filed anytime before a foreclosure sale.  For most people, this should be the last option, not the first!

Option 9 - Deed in Lieu of Foreclosure

A deed in lieu of foreclosure is a voluntary transfer of the property to the lender in full satisfaction of the amount owed.  By accepting the deed, the lender releases you from personal liability on the loan.  Lenders will not accept a deed in lieu of foreclosure if there are other liens on the property.  In other words, this is where you realize that you can't pay for the house and you voluntarily give the house back to the lender. This still is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit.

Option 10 - Seek a Legal Delay of Forbearance

When a lender forecloses on a property it is expensive for them. They would rather work out some sort of arrangement than proceed with the foreclosure. Talk to your lender and see if they are willing to work out a plan that outlines a way to get current on your mortgage. This agreement will vary depending on the situation and the lender. Some things they may be able to help with are a temporary reduction or suspension of your payments. If you have a FHA VA or other government loans you may qualify for even more options.

Option 11 - Do Nothing & Lose Your House at Auction

This is a result of NOT calling Florida Foreclosure Assistance to help resolve your pending foreclosure.  As they say..."denial ain't just a river in Egypt".