Tips for Avoiding Mortgage Foreclosures

How to Protect Yourself: Tips for Avoiding Mortgage Foreclosures
Source: The Florida Attorney General

Contact your lender or loan servicer as soon as you realize you may have a problem and may have missed a payment. Studies show that at least 50 percent of all consumers that have defaulted on a mortgage or missed payments never contact their lender. This is a mistake. Lenders can discuss options with you to help you work through payments during difficult financial times. Lenders prefer to have you keep your home and most will work with you. Be honest with your lender about your financial circumstances. For more information about contacting your lender, refer to www.hud.gov/foreclosure or use this link http://www.hud.gov/offices/hsg/sfh/econ/contactyourlender.cfm.
Gather information. Learn all that you can about your mortgage rights and foreclosure laws in Florida. Review your loan documents to determine what your lender may do if you can’t make your payments. Review Florida laws, particularly Chapter 702, Florida Statutes and Section 45.031, Florida statutes to learn about foreclosure proceedings. Attend a foreclosure prevention information session. Information on local sessions may be available on http://www.freddiemac.com/avoidforeclosure/workshops.html#FL.
Contact a nonprofit housing counselor. Help and information is available to you free of cost. The HOPE NOW alliance provides a 24-hour hotline to provide mortgage counseling assistance in multiple languages. 1-888-995-HOPE. You may also obtain a list of HUD-approved counseling services in Florida at http://www.hud.gov or at this webpage: http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=FL . Read more