A number of circumstances can lead to difficulty paying your mortgage. They can be sudden or gradual, temporary or permanent. If you go too long without making payments, the final consequence may be a foreclosure on your Florida property. Fortunately, there are steps you can take to prevent matters from escalating to that point.
There are several places you can turn to for help with mortgage payments. An attorney is helpful in the event that your lender has served you with a foreclosure notice or other legal papers. The Consumer Financial Protection Bureau also recommends talking to a housing counselor approved by the Department of Housing and Urban Development.
A HUD-approved counselor typically provides services at little or no cost that includes helping you resolve your financial issues through re-budgeting and determining your eligibility for programs that can help you. However, beware of any counselor who guarantees results, asks for an upfront fee or makes promises that seem too good to be true. Foreclosure scammers prey upon people in desperate situations.
If you are having difficulty making your mortgage payment, it is best to talk to your lender as soon as possible. Foreclosing on your mortgage does not benefit the lender, meaning that it is in your mutual interest to work out a solution to avoid foreclosure. Many lenders have assistance programs in place to assist homeowners struggling with mortgage payments for that express purpose. You should know, however, that most of these programs have specific eligibility requirements. You should prepare yourself to answer questions about your financial situation prior to calling.
The information in this article is not intended as legal advice but provided for educational purposes only.