Making the most of Florida foreclosure recovery requires that you contact your lender as soon realize you may not be able to make your mortgage payment. Lenders do not want your commercial property since they usually end up losing money in the foreclosure process, and will be able to offer more options the sooner you contact them.

The next step in the Florida foreclosure recovery process is to determine if your inability to keep up with your payments is a short-term or long-term problem. A long-term issue usually will require a modification to the mortgage terms or a partial claim, which is essentially a one-time interest-free loan from your mortgage insurer. There are three options to resolving a short-term challenge with mortgage payments:

1. Forbearance; your lender allows reduced or suspended payments for a short period of time to allow you to make a Florida foreclosure recovery.
2. Reinstatement; you pay the total amount of the loan in a lump sum. This option may be accompanied by forbearance.
3. Repayment plan; your lender agrees to accept regular payments in addition to a portion of the payments that are past due until the account is brought current.

Action Steps
The best contacts and resources to help you get it done

Learn more about Florida foreclosure laws

The laws on foreclosures vary widely by each state. Government sites may provide the full text of Florida foreclosure law and other sites may provide a summary of foreclosure laws.

I recommend: The Florida Legislature addresses foreclosures in chapter 702 of the state statute.

Visit the website of one of the foreclosure attorneys in Florida

An attorney who specializes in foreclosure laws in Florida can protect your interests in the event of a foreclosure. Attorney websites may also provide specific information on foreclosures or maintain links to resources for foreclosures.

I recommend: The Norris Group provides a summary of Florida foreclosure law and also offers free related resources. The Law Offices of Stamatakis and Thalji provide specific advice on foreclosures, including a foreclosure reference manual.

Find more sources of Florida foreclosure recovery information

There are online resources that can provide tips on avoiding a foreclosure and financial counselors may be able to negotiate with your lender if needed. Financial planning services may assist you in organizing your finances.

I recommend: ActiveRain provides a blog on real estate in Florida including an entry on Florida's new foreclosure law. EnTrust Home Solutions provides a description of the Fair Debt Collection Practices Act.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Learn your mortgage rights by reading your loan documents. This will tell you what your lender can do if you can't make your payments. You should also read any mail you receive from your lender. Initial letters should provide options on making a FL foreclosure recovery and later letters may include important notices of pending legal action.

Florida foreclosure recovery can be a tough process for homeowners in crisis. However, there are several options out there for people who need help. If you are going through the Florida foreclosure process, you are not alone. Florida has one of the highest foreclosure rates in the nation.

If you fear that your home may be going into foreclosure, talk with your lender as soon as you can. There may be a variety of options available to you including:

1. A short sale--when the lender agrees to let the homeowner sell the house for less than the amount owed. Since the house is sold at a discount, it usually sells quickly.
2. Deed in lieu of foreclosure--when the homeowner deeds the house back to the lender. If the lender agrees, the homeowner can walk away from the property.
3. Mortgage repayment plan--lenders are eager to keep homeowners out of the Florida foreclosure process and will probably be willing to work with the homeowner to get the mortgage current.
   

Action Steps
The best contacts and resources to help you get it done

Know your rights in Florida foreclosure law

Lenders can't just sweep in and take away your home. They have to follow a specific process dictated by foreclosure laws in Florida. For example, the homeowner in Florida has the right to redeem the property at any time before the home is sold; but after the deed of sale is issued, the home cannot be redeemed. If you know your rights, you will know how to help yourself.

I recommend: Research Florida foreclosure law at Advantage Mitigation Service or U.S. Homestead. Also, Foreclosure University outlines foreclosure laws in Florida.

Seek out someone to help with the Florida foreclosure process

There are several agencies out there to help homeowners go through the Florida foreclosure recovery process. In Florida, there are several free services available through government agencies or non-profit organizations that give out Florida foreclosure recovery information.

I recommend: Seek out a Florida housing counselor that is certified through the Federal Department of Housing and Urban Development (HUD). These counselors are specifically trained to help distressed homeowners find out their options. Consumer Credit Counseling Service also offers a free online course which outlines the options of homeowners who want to keep their home.

Try to work with your lender before starting a Florida foreclosure process

One of the best options for Florida homeowners in distress is for them, or a representative on their behalf, to talk with the lender. A foreclosure is expensive for lenders and often times they are willing to work with homeowners and give them deals to avoid foreclosure.

I recommend: Look for Florida foreclosure lawyers who will help you work with your lender. They will know Florida foreclosure laws better than anyone else.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Watch out for companies that promise to help you out of your situation. There are many people out there trying to prey on homeowners in trouble and give false promises about FL foreclosure recovery. Chances are that if the deal sounds too good to be true, it probably is.
• •  Seek out help as soon as possible. The Florida foreclosure recovery process is much easier when homeowners are not too far behind on their mortgages.

Florida foreclosure recovery education and training can help you begin or advance a career in real estate, regardless of whether you want to wholesale homes, fix and flip homes or provide rental properties. Because Florida operates as a lien theory state, banks use property as the collateral on the loan or mortgage. This means that most transactions dealing with Florida foreclosures involve the bank providing the financing.

When banks recover foreclosures in FL, they must take legal action, but this doesn't mean investors must be Florida foreclosure attorneys. In order to take advantage of the Florida foreclosure process, you need to understand the steps involved in foreclosing on a property as well as other real estate skills.

1. Get Florida foreclosure recovery education and training to learn about the basic process.

2. Learn Florida foreclosure laws to determine the best way to use the judicial process.

3. Find workshops or seminars to learn how to buy foreclosed homes in Florida.

Action Steps
The best contacts and resources to help you get it done

Understand the basic Florida foreclosure recovery process

Florida foreclosure recovery information provides you with a place to start. Because foreclosing on a home is a legal process, there are basic steps that banks or lenders must take before they regain the property. A real estate investor has different options available depending on where the bank is in the process.

I recommend: Foreclosure University offers an overview of the Florida foreclosure process and tools to help you learn more about foreclosure. Its Study Center provides resources designed to help people learn about real estate investing. Foreclosure.com outlines the basic process and provides definitions for the legal jargon.

Obtain education and training regarding Florida foreclosure law

The majority of foreclosure laws in Florida that you need to know don't require a law degree to understand. In some cases, reading the Florida statutes will provide all the education and training you need. For other people, it may be beneficial to take a class.

I recommend: The State of Florida hosts the most recent Florida statutes governing foreclosures, deeds and liens. You can also find links for statutes pertaining to real property and mortgages. Learn more about Florida foreclosure laws from Roy Oppenheim's video series on Marketwire. Oppenheim also provides information on a flaw in Florida's foreclosure laws.

Learn to recover foreclosures in Florida from various resources

Workshops and seminars hosted by real estate investors can educate you in the best ways to buy foreclosed homes. Online resources can also help you discover what to do at a real estate auction or a foreclosed home sale.

I recommend: Bank Foreclosures Sale provides an overview of how to buy foreclosed homes. Thomson Reuters provides an article on a recent auction and details what you should expect during the auction. The Florida Real Estate Investors Association (FLREIA) hosts seminars and events to help investors make money with real estate. It also provides resources and links specific to foreclosures.

Watch out for mortgage recovery scams

The Federal Trade Commission warns that there are plenty of bad guys operating in the foreclosure recovery business who will take your money and provide no service. Some warning signs, according to the FTC: advertising terms like 'guarantee' and '97% success rate', upfront fees before services and company names or websites designed to make you think you're dealing with a government or nonprofit agency.

I recommend: Educate yourself about foreclosure recovery scams through the Federal Trade Commission. The FTC recommends you only seek foreclosure help from government sanctioned counseling agencies like the ones recommended by the U.S. Department of Housing and Urban Development or the federal Making Home Affordable program.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  There are many Florida foreclosure recovery scams that target both home owners and investors. Research all offers and companies carefully before handing over your hard-earned cash.