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Understanding the phases of home foreclosure

Falling behind on a mortgage is a serious concern for many Florida homeowners and others around the  nation. When financial difficulties arise, many residents are justifiably worried about losing their houses through home foreclosure. A real estate adviser recently reviewed the various stages of the foreclosure process and what actions homeowners can take.

Pre-foreclosure may start when someone becomes several months behind on a mortgage. A lender likely sends a default notice to the owner. This document notifies the homeowner that unless the mortgage payments are paid up to date, the foreclosure process will begin.

A brokerage manager refers to pre-foreclosure as the final warning before an actual foreclosure takes place. It is the time period between when a lender has sent notification of its plans and when it has repossessed a home. This is the period when many homeowners seek a loan modification.

Loan modifications may specify an agreement to change the length of a loan. Extending the length can result in lower monthly payments. Other options could include lowering the interest rate on the loan or agreeing to make missed payments at the end of the loan. A deed in lieu of foreclosure or a short sale are other potential avenues to pursue to avoid foreclosure.

The possibility of home foreclosure is a daunting burden for many Florida homeowners. Those dealing with that possibility should not deal with the situation alone. A knowledgeable bankruptcy attorney can help residents understand all the options available to them and develop a plan based on their specific needs. An experience attorney will work diligently with clients to keep them in their homes.

Source: realtor.com, "What Is Pre-Foreclosure and When Will Your House Be Repossessed?", Jeanne Sager, Nov. 27, 2017

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