What if I'm having trouble making mortgage payments and Facing Foreclosure?

We understand that many homeowners across the State of Florida are having trouble making their mortgage payments. We also understand that your situation is very private and one of a personal nature. That is why I, Laura Forty-Garcia am here to help you find a solution that works for YOU.

Do not ignore your situation. Lenders are offering a variety of options to allow you to stay in your home.

1.) Repayment Plan. Through this type of plan, you enter into a written agreement with your Lender to allow you to suspend your payments for a period of time. This agreement is typically used if you have had a short-term reduction of income that severely impacts your ability to pay. At the end of the period in the agreement, you pay back the accumulated amount you owe in a lump sum. Or you might be able to set up a plan under which you pay your regular monthly mortgage payment and an additional amount each month to catch up on the delinquent payments over time. The repayment plan brings your account current over time as the payment obligations are met.

2.) Mortgage Deferment. In this situation, you agree to make portions of your mortgage payments at a later time. While the total amount paid will be the same or more, a deferment can be a way for you to buy more time and remain in your home if you are experiencing a temporary hardship.

3.) Modification. Sometimes, if your Income or Financial circumstances change is long-term, you may be unable to pay your existing monthly mortgage payments on an on-going basis. While you may not be able to refinance your mortgage, you may qualify for a mortgage modification. An example of a modification program is the recently introduced government program - the Home Affordable Modification Program, or HAMP. In addition to this program, there are similar lender-specific programs which your Lender may be able to offer you if you do not qualify for HAMP.

But what do you do if you find yourself in a Situation that you are going to be facing FORECLOSURE??

Again, there are Options..

1.) Short Sale. A Short Sale is when you sell your house for less than the Principal balance of the existing Mortgage. Typically in a Short Sale, the you the homeowner are experiencing a Financial Hardship, and if in agreement the property may be listed for Sale & Sold at less than what is owed on the existing Mortgage. The lender may agree to accept less than the full amount owed in order to consider the mortgage obligation complete.

2.) Deed-In-Lieu. A deed is a legal document that provides a record of ownership for a particular property. By signing over the deed, you are transferring ownership to the lender.

In both situations of a Short Sale and Deed-in-Lieu, you must be willing to leave your home and must work with your Lender to ensure the process is done correctly and proper procedures are Done.

We know it can be difficult to understand all of these options and figure out the best solution. However, the more you know, the better informed you will be when making a decision regarding your home. Trained as a CDPE (Certified Distressed Property Expert), I have the experience and knowledge to guide you through the SHORT SALE Process..

Do not hesitate to call me at 386-801-0878 or 407-333-4400 and Don't forget to ask for me, Laura Forty-Garcia, Your Short Sale Diva...