A lot of people believe that, once they are facing foreclosure, no bank will touch them anymore. In reality, however, Florida mortgages are there to help them avoid foreclosure as well. Not just that, thousands of people who took out a mortgage in Florida many years ago have found that their original lender is now owned by a major national bank, is no longer in business, or has been sold to a different, out-of-state lender. In all of these cases, it may be time to consider a different mortgage altogether.
Florida mortgages are there to help you start afresh, and this can help you avoid or stop foreclosures. In fact, purpose foreclosure loans exist, which can take on your mortgage and any other debt you may have, combining them into one. Once you have done that, a weight will fall off your shoulders as you can suddenly meet all your financial obligations. All you have to do is find a Florida mortgage expert that deals specifically with foreclosure situations. A quick internet search will reveal many of these professionals just waiting to help you.
What Foreclosure Experts Do
Foreclosure experts work specifically with those who are in dire financial straits. They know that their clients have been turned away by the vast majority of other lenders but are able to find them other solutions. Foreclosure rates have always been at the highest in Florida and the government has created a number of programs to provide assistance with this.
Foreclosure loans do require a down payment. However, there are federal programs in place that can help with this as well. An example of a solution that is out there is the Florida Assist loan program, which offers help of up to $15,000 for a down payment. While this is a loan, it is non-amortizing and no interest is charged on it. Furthermore, the loan is offered as a second mortgage, and no monthly payments have to be made specifically for that loan. Instead, you will not have to repay it until the home is refinanced or sold on.
Another option is the HAMI (Homeowner Assistance for Moderate Income), which offers help towards down payments or towards the cost of closing. Furthermore, there are a variety of incentives and credit programs available through the government, all designed to ensure people can either buy their own home, or avoid foreclosure. The Office of Community Affairs provides a wealth of information on these options.
Naturally, the best option is to never get into a position in which you face foreclosure. There are many different Florida mortgage lenders around who have very friendly acceptance criteria. They would be more than happy to hear from you and discuss the options available to you. It is best to do this as soon as possible, rather than waiting until the bank starts to make moves towards foreclosure, as the longer you wait, the worse your situation will look on paper.