What Alternatives are Available to Stop the Foreclosure Process?

It’s a sad fact, but due to the fact that foreclosures in the state of Florida can proceed rapidly, the homeowner who is seriously delinquent on their mortgage payments may not have enough time to pursue other alternatives besides filing Chapter 13 bankruptcy. There are a number of alternative options you might want to look into, though, including the following:

Judicial foreclosure challenge – a homeowner who is going through the foreclosure process can actually file a Superior Court lawsuit in order to challenge the legality of the foreclosure. Additionally, you can demand a stay of the proceedings. Just keep in mind that a judicial challenge of a foreclosure can be extremely expensive to pursue and is a rare occurrence in the state of Florida.

Negotiating with the lender after the foreclosure process has started – foreclosure notices in the state of Florida must contain the name, address, and phone number of the entity or person who has the full authority to amend, modify, and/or negotiate the terms of the mortgage with the lender. As a homeowner, you should always be able to speak with a “live” person to negotiate a new payment plan.

Negotiating with the lender prior to the start of the process – anytime you become delinquent in your mortgage payments, it is advisable that you start communicating and negotiating with your Florida lender immediately. Your goal here is to avoid your home getting foreclosed on and having to deal with a foreclosure attorney. Interestingly enough, most lenders and Florida mortgage companies have representatives who are authorized to work out repayment deals. These informal workouts are not made public by most lenders, but you shouldn’t be afraid to ask for that option.

Consider refinancing if you can – if your credit has not been significantly damaged, you should consider this option in order to avoid losing your home.

Using US Government programs that prevent foreclosure – as was discussed in another article, there are a number of federal government programs available that have been developed in order to avert the foreclosure process. Unfortunately, they are extremely time consuming and rarely benefit the homeowner.

As it currently stands, if you are in danger of getting your home sold out from under you here in the state of Georgia because of the foreclosure process, you should consider hiring the services of Clark & Washington. We only deal with foreclosure cases and can help you, especially if an emergency Chapter 13 filing is your only option.