What To Do When You’re Behind on Your Mortgage Payments

You have options!

Don’t think you have to relocate right away. The average foreclosure process in Florida takes 728 days. The lenders would prefer to have the home occupied. If the home is vacant no one is paying utilities, and the risk of break-in’s and vandalism is increased.

Anytime you’re behind on your payments it puts extreme stress on you and your family.

You need someone on your side that can help you take the problems head on.

 A Realtor can help guide you through this sometimes overwhelming process.

The best thing to do is cooperate with the bank and explain your hardship. Most lost mediation coordinators I’ve dealt with say it doesn’t matter how much money you have made in the past. If you have had a six figure income in the past, but can prove hardship you could be an excellent short sale candidate. You have to have a legitimate reason for not making your payments. Loss of Job, hours, decreased amount of work and income, Health issues etc. If the mortgage payment is the only bill you’re having trouble making, a short sale could be your best option. Some lenders will even give you a check for up to $5000.00 if you cooperate in the short sale process. Always seek a Real Estate Attorney and your Certified Accountants advice before proceeding with the short sale process. The IRS web site is a good resource for your financial & tax questions.

Two Helpful resources are - The Mortgage Forgiveness Debt Relief Act and Debt Cancellation http://www.irs.gov/individuals/article/0,,id=179414,00.html 

Home Affordable Foreclosure Alternatives- http://homebuying.about.com/od/shortsale/qt/Hafa-Short-Sale-Program.htm

An experienced Real Estate agent has a team of consultants that will guide you through the process. If you are behind with multiple bills, bankruptcy could be an option.

A short sale is a great alternative to foreclosure if you can qualify. Foreclosure is a law suit against you. This is a very expensive process involving attorney’s fees, court cost, filing fees, late fees etc. This should be your last option.

You may be able to get a loan for a car or even a home in 7 years but the debt will follow you forever. 

If you have questions for an experienced Realtor who is professional, confidential, and compassionate with your situation, call David Foster @ 239-246-5660 or go to my web Site - http://www.dfoster.us/