Foreclosures on homes and properties happen when the property is sold to pay off an unpaid debt. Thru a legal process with the courts, the property is taken back from the home owner to satisfy any debts incurred from the liens on the property. Foreclosure occurs from the non-payment of first mortgages, second mortgages, a home equity line of credit, or non-payment of the real estate property taxes.

     TIPS FOR THE HOMEOWNER

1.     Face the problem head on. Most lenders will work with the homeowner to bring the loan up to date. To help this along, the owner must stay in contact with the lender. The further behind the loan gets, the harder it will be to keep the house.

2.     Contact the bank immediately when you realize there might be a problem. They will work with you especially if you have had a good track record with your payments.

3.     Open all correspondence fromthe lender immediately; they can offer prevention options. Also, future notices might be pertaining to pending legal action that you must be made aware of right away.

4.     Review your mortgages documents and learn what the lenders’ options are. The Florida Housing Finance Office can be contacted for additonal information at 850-488-4197  for homeowners in the state of Florida.

5.     Nationwide please contact a HUD approved counselor at 800-569-4287. These counselors can help you understand the laws and your options.

6.     You do not need a foreclosure prevention company. These people will charge a fee for the same information you will receive free of charge from HUD  and other government agencies. Our taxes pay for these so take advantage and Good Luck.