Brevard County Real Estate - Foreclosure Forum Held - Tips on Avoiding Foreclosure

by Sandy Shores Melbourne FL REALTOR

A foreclosure forum was held at the Melbourne Rialto Place Hotel on Tuesday. The event was to help those caught in the market slowdown and provided tips to help homeowners avoid foreclosure. The forum pointed out that banks are not in the business of owning real estate. They want to work with homeowners and help them through their financial problems.

Foreclosure proceedings typically begin when a mortgage holder is three months behind on their mortgage payment. Not every filing leads to an actual foreclosure.

According to HUD, US Department of Housing and Urban Development tips for avoiding foreclosure are as follows:

1. Don't pretend the problem doesn't exist.
The further you get behind, the worse your situation will get.

2. Contact your bank or mortgage company right away.
Today, lenders have programs and options to help you work through your financial troubles.

3. Open all the mail your bank or mortgage company sends.
Failure to read bank correspondence will not excuse you in foreclosure court.

4. Know your rights as a mortgage holder.
Read and be sure you understand all of the loan documents you signed. Often times, this is what got borrowers in trouble in the first place. Contact the Florida Housing Coalition at 850-878-4219 to understand Florida foreclosure laws and your rights.

5. Research your options.
Check on the FHA website for foreclosure prevention options.

6. Contact a HUD approved housing counselor.
Free or low cost housing counseling is available nationwide or call 1-800-569-4287.

7. Prioritize your spending.
Your house should be your first priority, after paying for your health care. Cut spending and see what can be cut out of your budget. Pay your mortgage first.

8. Use your assets.
Can you sell anything to pay your mortgage payment? Can someone in the family get an extra job? Show your lender that you are making the effort to stay abreast of your payments.

9. Avoid foreclosure prevention companies.
Do not pay a company to help get you from going into foreclosure, the money would be better spent paying your mortgage payment.

10. Don't lost your house to a scam.
Do not sign over your home to company claiming to help stop the foreclosure proceedings on the home. Never sign a legal document without first consulting with an attorney, a HUD approved counselor or a trusted Real Estate professional.

Visit my website at www.SandyShoresMelbourne.com