Florida Foreclosure Recovery

Help is out there for Florida foreclosure recovery

By Maria St. Louis-Sanchez

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:

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.
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.
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.

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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.

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.