Florida residents who are facing foreclosure may understandably feel nervous and afraid, but there are many options available that could slow or stop the process. One option involves selling a home.
Foreclosure typically starts after four missed payments and a notice of default. The process might last for about six months or a year but could be longer if negotiations occur between the homeowner and the lender. People can sell a home even after the foreclosure process has started, and this remains true until the bank takes possession of a house or it is sold at auction.
One option is to sell a home and then pay the mortgage company what it is owed. If the house is taken over by the lender, some states might allow a statutory right of redemption. This is a period after the sale where a homeowner can repurchase the property. Intentions to sell a home can give owners more time when explaining to a lender that they wish to pay off the mortgage.
If a home is valued at less than the amount that is owed, an owner could ask for a short sale. Lenders may agree to a short sale because then they do not have to spend time foreclosing and selling property. This process costs money, which makes short sales a possibility and allows individuals to avoid poor credit due to foreclosure.
When a mortgage is in arrears, people may wish to consult a real estate attorney. This could help them negotiate with lenders or restructure a loan. An attorney might be able to go over a contract to find options that could help work something out with a lender.