Florida is considered to be one of the top ranked states in the country when it comes to the rates of foreclosure. As a result, the state has a fair judicial system when it comes to the transfer of the property. The procedure can take about four to six months to be finalized. However, there are ways to prevent or avoid foreclosure.
The very first step a homeowner should take is to directly contact the lender or loan provider. Most people take this for granted. Missing a payment or two can make you hesitant about going directly to the lender. However, it is necessary to maintain constant communication with them.
Lenders can talk to you about adjusting your payment options. You can tell them about your current situation and possible sources of income that will allow you to revise your payment terms. For lending companies, this is a more preferred option for them than to accept foreclosure. This way, they can still be able to receive your payment even with a more prolonged time period without the trouble of losing more money along the way.
Another option is counseling. Talking to the lender and coming up with a compromise on a new payment scheme might not be enough. There are many non-profit organizations that can help you get the information that you will need at no cost at all. You just have to beware of the numerous scammers that are lurking all over the Internet.
Look for trusted organizations like HUD (US Department of Housing and Urban Development), Foreclosure Aid, and Stopping Foreclosures. However, if you come across individuals or companies that approach you regarding the matter and ask you to sign documents that authorize them to act on your behalf, then you might want to take a second look. It is important to be aware of scammers that look for potential victims seeking assistance with foreclosure.
If you have received a foreclosure notice and running out of time, filing bankruptcy is one way to avoid foreclosure. This may be the time to seek credit counseling immediately. One of the more trusted sites is www.abacuscc.org which charges a $25 fee.
You will have to prepare two copies of your voluntary petition together with a list of your creditors. You will then forward these documents to the Bankruptcy Court, Room 112, 299E. Broward Blvd., Fort Lauderdale, FL 33301. You will be given a bankruptcy case number. After receiving the number, you can go to the state court and approach their foreclosure window. You will be asked for the necessary documents and they will take note of your property with the Suggestion of Bankruptcy. Once it is typed in the computer, the sale will be stopped. You will need a legal team to back you up with your case.
Lastly, finding a way to reorganize your finances should be one of your top priorities. In most cases, single family homeowners restructure their budget plans and apply some cut backs on expenses to absolve credit problems. This may be difficult at first but it will be rewarding. Sign up for our newsletter to find out more information or you can fill out our form to get more assistance on ways to avoid foreclosure.
If you need help with foreclosure problems, you have come to the right place. LucnarProperties.com is your source for real estate information and assistance. Give us a call and we will give you more details.