If you are facing foreclosure in Boca Raton, rest assured that you are not alone. Reports have shown that one in every six homeowners fall behind on their mortgage payments. In Broward County, the rate is one in every 108 homes and Palm Beach County showing similar stats with one in every 106 homes. These numbers are unprecedented for the Florida housing market which is why it is time to stop foreclosure by finding a reasonable solution.
Here are the steps to stop foreclosure in Boca Raton:
1. Get in touch with the lender. One of the easiest ways to stop foreclosure is to get in touch with the lender and find out if you can work out a payment plan. It is in favor of the lender to make a payment arrangement rather than foreclose on the property and lose additional money. By adjusting to a new payment plan, you may be able to easily stop foreclosure in just one phone call.
2. Seek a Florida company that provides stop foreclosure counseling. If you seek help by contacting a company in Florida that promises to help stop foreclosure, make sure to check the background of the company to avoid scammers and learn more about the company’s reputation. There are also government organizations that you can trust such as HUD which provides free advice to help people avoid foreclosure.
3. Consider refinancing. If you qualify for refinancing, then by all means do so to avoid any pending foreclosure. The process can be in as short as two weeks which is a short amount of time to get you back on the right track. If you consider refinancing, Florida law requires that you inform the court where the foreclosure is filed as well as the lender.
4. Sell your home. You have the option to coordinate with the real estate agent to conduct a short sale. A short sale can be done in less than a month’s time and the real estate agent will handle all of the details in regards to getting the lender to coordinate an acceptable payment. There is the possibility that you may have to sell your home for much less than you originally paid. If there is a high volume of foreclosures in your area, then you may have to take a loss to prevent further damage to your credit record.
5. Request an extension from the court. There are instances where Florida court will give a longer period of time to pay off the amount owed. These extensions can give you an additional month or two to pay off the lender. However, you must be able to show proof or give reason as to why you will have the amount due at a specific time.
There are several ways to stop foreclosure in Boca Raton by following the steps mentioned above. It is also a good idea to speak with an expert in real estate who has experience in helping other homeowners stop foreclosure in Boca Raton. Contact us today for more information on how we can help you stop foreclosure and get your finances on the right track.