Coming to the realization that there is a possibility that you could lose your home is never a good feeling. Everyone goes through financial difficulties—especially homeowners—but the thought of losing the place that holds your family memories can be devastating. This year has been challenging for everyone, regardless of economic status, and many are finding themselves in the most serious financial state of their lives. Though the government has provided a certain amount of financial support, these stimulus checks will not continue on forever and your financial situation may still be in disarray when that day does come. If you are on the brink of foreclosure, there are actions that you can take to save your home.
You should first begin by educating yourself on what is happening. Most people do not know what the foreclosure process entails until they find themselves in the middle of one. Foreclosure is not an instantaneous process—far from it—and your lender will provide you with a number of notices and packets of information before your house is actually foreclosed. Many of the late payment notices will contain information on foreclosure prevention options, which is important for you to read through before it is too late. Depending on how late your payments are, you may also want to begin researching how Florida handles the foreclosure process to determine how much time you really have.
A common defense mechanism when anyone is having financial difficulties is to ignore the letters coming your way and avoid speaking with your creditors. This is never a good idea as this avoidance tactic can make your lenders unwilling to work with you. In reality, the foreclosure process is very expensive and time-consuming, so most lenders will do their best to avoid going through with it. If you are honest with your lender about your financial situation, they will likely offer you four alternatives: refinancing, a repayment plan, forbearance, or loan modification. Refinancing involves your lender offering you a new loan, with new interest rates and terms to make up for the missed payments. The lender may also offer a repayment plan that takes your financial situation into consideration and creates a new plan that falls within your budget. Forbearance occurs when your mortgage company agrees to temporarily suspend your payments, and a loan modification will change the terms of your current loan to make your monthly payments more affordable.
If your lender is not willing to work with you, it may be time to consider what many view as a last resort—filing for bankruptcy. There are two types of bankruptcy, Chapter 7 and Chapter 13, and the moment you file, an automatic stay is placed on your assets. This includes halting the foreclosure process. Chapter 7 bankruptcy involves paying off your debt by selling your non-exempt property back to creditors. Chapter 13 bankruptcy allows you to keep all of your property and create a repayment plan for your creditors. Although bankruptcy may not seem like the most ideal solution, it can allow you to avoid foreclosure while you address your debts and return to financial stability.
Source: https://www.forbes.com/sites/taramastroeni/2018/08/23/facing-foreclosure-here-are-5-things-you-can-do-to-slow-down-the-process/?sh=7cd3b8f86a6d
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