F
acing foreclosure can be overwhelming! Get the answers to the most common Florida foreclosure questions here!
How long do I have?
The Florida foreclosure process is one of the longest in the country. Federal law prevents lenders from even starting a foreclosure action until you're 120 days behind. That gives you 4 months to bring the loan current or call the lender and come up with a workout solution to keep the home. After foreclosure has begun, if you stay involved in your case you will have many more months. Find out more about the Florida foreclosure process here.
Should I modify my loan?
In a mortgage modification the lender makes permanent changes to the terms of your home loan resulting in a more affordable payment. Keep in mind that while a modification will reduce your payment, it will not reduce the amount you owe on the property. Weigh the pros and cons of a loan modification.
Can I sell my house in pre-foreclosure?
YES! You have until the day your home forecloses to sell it and stop foreclosure! Until the title of your Jacksonville, FL home transfers to the new owner, you are the legal owner and can do what you like with the property, including selling it. Get Jacksonville preforeclosure help.
I owe more than my home is worth. Now what?
If you owe more than your home could sell for, you can still sell it in a short sale. In a short sale the home is sold for less than the mortgage balance. Short sales are complex and require expert help from a Jacksonville FL short sale Realtor.
What happens if I just walk away and let the home foreclose?
That is always an option, however it is a very poor one. The lengthy foreclosure timeline and fees will eat up any remaining equity that could have gone to you. Or even worse - Florida is a deficiency judgment state. That means if the lender has losses in excess of the homes value, they can pursue you after the foreclosure for their losses.
What else can I do to stop the foreclosure?
There are 6 basic ways to stop your foreclosure. Read up on all your options to stop Jacksonville foreclosure.
Comments(2)