If you're one of the many families that owe more than your home is now worth and
your payments have adjusted so high you can't continue to make payments, there is still hope for you to keep your home.
You may have heard the term "short sale" but the first thing you as a homeowner needs to understand is what
the term “short sale” means. Basically, the “short” is the amount your home market value is now compared
to the amount borrowed and owed. When a homeowner opts for a short sale, there is much negotiation between the lender and
homeowner to sell the property for less than what is owed along with a lot of paperwork.
I suggest to all property owners that
want to sell their home as a short sale to first ask this question: Would I be willing to stay here if I could renegotiate
the terms of my loan and get a reduced payment?
If the answer is Yes, then my advice is to
contact your lender and renegotiate the terms of your loan, called a Loan Modification.
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| The U.S. Department of Housing and Urban Development (HUD) funds free or
low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your
finances and represent you in negotiations with your lender. To find a HUD-approved housing counselor near you, call: (800)
569-4287. Furthermore, the Hope for Homeowners program through HUD will refinance mortgages for borrowers who are having difficulty
making their payments but can afford a new loan insured by HUD's Federal Housing Administration (FHA). Please call (800) 225-5342 for more information about this program. |
| Legal assistance may be found through the Florida Attorneys
Saving Homes (FLASH). If you have not already received court papers indicating the start of foreclosure litigation, you may
contact FLASH toll-free at 866-607-2187 for assistance in obtaining a pro bono attorney to negotiate with your lender. If you need additional assistance in locating an attorney, please call
the Florida Bar's Referral Service at 1-800-342-8011. For those unable to afford a lawyer, Florida Legal services or your
local legal aid office has information about the availability of pro bono counsel. The main telephone number for Florida Legal
Services is 850-385-7900. |
| For more information on how to avoid
foreclosure, I encourage you to visit the following links to the Department of Housing and Urban Development's website: |
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