Florida Foreclosure Help in Hollywood, south Florida short sales

Florida requires the banks to notify you that you have the option of going through mediation before the foreclosure trial is set. The issue with this is that there is no clarification as to how the banks must notify you. Therefore, the only way you find out you have this option is by a single letter sent to you after the suit has been filed. The banks don’t even send it, the mediation company does. Once the suit has been filed you have 120 days to call the mediation company and schedule a mediation session. You will be interviewed before the session is scheduled.

Once the session has been scheduled, it will be time to try and work a deal out with your lender. The mediator will not be of much help as they are only required to have a basic understanding of foreclosures. If you want this meeting to go smoothly, you must come prepared. If able, have an attorney present to help with the negotiating process. You will have three options to discuss with your bank. If you want to have any negotiating power, then you must request an appraisal on your home at least 25 days before the session is scheduled to begin. This will give you a great tool to prove that your house is currently worth a fraction of what it was when you originally bought it.

Loan Modification

While it’s listed as refinance on the session checklist, it’s nearly impossible to refinance a loan in South Florida thanks to the plummeting housing prices. If you are lucky enough to owe less than your house is worth, you may be able to refinance. A loan mod will be practical if you are currently employed and the reason for you no longer being able to afford the payments is due to the ARM reset, or a loss of income from you or your spouse. You will have to prove to the bank that you will be able to pay the mortgage and not default again.  Please understand that the banks are in business to make money so it will not be easy convincing them that a loan mod is in their best interest as well. However, if you truly want to keep your home, this is the best action to take.

Related posts:

1. Florida Foreclosure Mediation – Five Things You Need To Know About the Mediation Process
2. Facing Foreclosure? What Options Do You Have?