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Questions answered about home foreclosure process

The country's economic crisis has affected many consumers in Florida and around the nation. Some are struggling to make ends meet and wondering how to fulfill all their financial obligations, especially their monthly mortgage payment. Those who are unable to make their mortgage payments on time may be in the home foreclosure process. A realtor addressed several issues regarding foreclosures.

Homeowners may wonder if they would be able to sell their home if it is already in the foreclosure process. It is possible if someone sells the home, paying the lender the total owed as part of the process. The total amount would include all penalties and back payments. This so-called take-back period can range from 30 days to two years, depending on location.

If the foreclosure process has started, it is important to note that someone could sell the home up until the time the bank takes possession of it or it is sold. A homeowner could sell the home, make all necessary payments and avoid further harm to his or her credit. In some cases, a lender may postpone an auction to allow the homeowner to find a buyer for the property.

To avoid foreclosure and stay in a home, experts offer several suggestions. Some lenders will restructure a loan that may reduce interest payments, while others may agree to reduce or suspend monthly payments if there are temporary financial difficulties. It would be beneficial to raise as much cash as possible by selling assets or seeking a loan from family or friends. There may also be ways to save money each month by trimming expenses. Finally, finding a second job or other ways to earn money can increase the amount someone is able to apply toward keeping a home.

A Florida bankruptcy attorney would be a valuable resource for someone facing home foreclosure. A knowledgeable lawyer can help clients understand all the complexities of the process and develop a plan to help them stay in their homes. An experienced attorney will work toward getting someone back on track financially.

Source: realtor.com, "Can I Sell My Home If It Is in Foreclosure?", Lisa Kaplan Gordon, July 6, 2017

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