If you are or have ever experienced a home foreclosure, you know how difficult it is. Not only can foreclosure damage your credit, it can also destroy people's will. But fortunately, there are great resources for the less fortunate.
Probably the biggest reason why it is so hard for foreclosed homeowners to get leniency from their mortgage companies, is because of our waning U.S. economy. And unfortunately, many banks simply are not willing to take losses through avenues such as refinancing until there is a rise in interest rates. If you have been unable to pay your mortgage for quite some time, it might be wise to consult a reputable foreclosure attorney.
Foreclosure has essentially affected all 48 contiguous states, as well as Alaska and Hawaii. One of the hardest hit areas has been Central Florida. To be specific, Orlando, Florida has been bitten badly by foreclosure; but fortunately this region has taken a very progressive approach to curve the economic stress of foreclosure. Similar to other metropolises, the Orlando region has taken precedents to offer foreclosed homeowners the assistance they need to overcome this national dilemma.
STATE OF THE UNION
A huge error by many homeowners in foreclosure is contacting an Orlando foreclosure attorney when they are facing eviction in less than 30 days. In Central Florida, foreclosures can last as long as 3 to 4 months before you have 10 days to vacate the premises. A reliable attorney can help foreclosure recipients stay in their home by:
- advising clients of the balloon payments associated with adjustable mortgages
- helping clients with refinancing and/or a home equity loan
- advising clients about Chapter 13 versus Chapter 7
- advising clients about short sales
- helping clients complete a credit counseling certificate and other important documents
Now that you know a little more why it is getting tougher to find foreclosure deals, the question becomes, when are you planning to contact a specialist to help you resolve your matter? The key is to not wait for the mortgage companies to react, especially if you have been waiting for a while. So do not hesitate to seek out a good attorney to help you stay in your home.
DO YOUR HOMEWORK
Another key for people going through the horrors of foreclosure is to be completely involved. In other words, although there are incredible attorneys to assist you in places like Orlando, even they can not create foreclosure miracles if you:
- contact their law office too late
- do not work closely with your mortgage company
- do not respond to notices and/or summons
- can not pay your mortgage, foreclosure costs and arrears
To conclude, there really are excellent attorneys to help you remain in your foreclosure, but you must contact them before the bank closes the book on you.