Stop Foreclosure in Florida: Information is Power!

One of the biggest mistakes a distressed homeowner could ever commit is to remain ignorant of their situation. Knowing your home is at risk of being repossessed by your lender should propel you to learn as much as you can about the process and options available to stop foreclosure in Florida.

To provide you with an overview, here are some of the most effective solutions you can consider.

· Loan Modification- Works with a homeowner with temporary financial difficulties
· Short Sale – Applicable for upside down mortgages
· Deed in Lieu of Foreclosure – If s short sale does not work the lender may opt for this option
· Bankruptcy – Last option to consider if you would not want to deal with deficiencies or tax issues

Each of these options works with a particular situation and it would be best if you take your time coming up with a decision. You can look for help if you are having a hard time deciding:

· Ask a Friend or Family Member – Especially those who experienced the same mortgage problems. Be honest with what you are going through and you might be surprised at how sympathetic they will be. It would also not hurt to ask for a personal loan especially if you are just suffering from a temporary setback
· Talk to a Real Estate Agent or Broker – No one else knows the most effective way of stopping foreclosure in Florida than these professionals. Look for those with experience in short sale transactions since they have the necessary skills and knowledge to have your proposal accepted.
· Search the Internet – Go online and look for information about foreclosures. You must be careful though since some websites offer sales information and not the truth.

At the end of the day, it is really a matter of thinking ahead. You should make an effort to keep at least 10 percent of your income so that emergencies will not result to missed mortgage payments. Make an effort to maintain your home to keep its market value high to make it easier for you to attract buyers if the need arises.