Making the Most of Florida Foreclosure Recovery

Make it through the Florida foreclosure process and keep your business property

By Emmet McMahan

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:

Forbearance; your lender allows reduced or suspended payments for a short period of time to allow you to make a Florida foreclosure recovery.
Reinstatement; you pay the total amount of the loan in a lump sum. This option may be accompanied by forbearance.
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.

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.
Try: 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.
Try: 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.
Try: 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.
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.

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.