Stop Foreclosure: Florida is Being Hit Hard By Foreclosures

If you need to stop Foreclosure in Florida, you must start taking action right now. There is no time to waste when it comes to reversing imminent foreclosure: literally every single day counts.

Florida is one of the worst hit states for foreclosures, with the number of foreclosed properties rising significantly since 2005. When adjustable mortgage rates (ARM’s) began to rise, it became much harder for people to keep up with their mortgage payments. This has resulted in a large number of foreclosures across the US. As the economy started to deflate, mortgages were hardest hit and people were losing their jobs but being faced with higher monthly repayments and no way to meet these debt obligations.

It is estimated that around one in 250 homes in Florida is facing foreclosure. Fort Myers is one of the worst affected areas where around one in 90 homes are facing foreclosure. This is an alarming statistic and one that is on the rise in other regions of Florida.

To stop foreclosure in Florida you have to talk to your lender today. Discussing with your lender your financial situation, and any hopes for the future that will let you keep making repayments, is the best path to take. Lenders simply do not want the liability of your home, therefore they prefer not to take it off you via foreclosure. Banks lose money by repossessing homes which is why they desperately try to sell them at auction for a low price - they need a fast sale and don’t have time to wait for the market to pick up again.

Refinancing your loan is one of the best ways to stop foreclosure, but this option will not be open to everyone in Florida. Some lenders will sit down with you and discuss loan refinancing. The result of a refinance will be that you generally pay a fee (this can be incorporated into the new loan agreement) and your loan term is extended for a longer period. This will result in you paying more interest over time, but the benefit is that your monthly repayments will be lower.

If you can refinance at a time when interest rates are low, ask if you can fix your interest rate so that you are protected from any future rate rises.