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- 1). Learn everything you need to know about mortgage foreclosure laws. There are special rules in Florida. Study Chapter 702 Section 45.031, Florida Statutes to learn your rights. You have to know about your rights as a borrower and how to apply these to your particular mortgage situation. Gather your loan and real estate documents and review your options.
- 2). Contact your lender immediately. Know about any extra-legal means or arrangements to cope with your mortgage payments.
- 3). Ask for the help of non-profit housing and credit counseling agencies that can assist you with assessing your financial situation and going over your options. These agencies will also help you consolidate your debts and prepare all the information that your lender needs. The U.S. Department of Housing and Urban Development has a list of approved housing counselors on its website, linked to in Resources below. Also, the Federal Housing Administration has some aid programs for people facing foreclosure.
- 4). You may also seek for a special arrangement from the courts that your lender may agree upon. A repayment plan is one example of such arrangement wherein your lender can give you a fixed amount of time to catch up with past-due payments.
- 5). Consider refinancing your mortgage. The Federal Reserve Board provides some useful tips to guide you in refinancing your mortgage. You can review the information in "A Consumer's Guide to Mortgage Refinancing" found at the link in Resources below to determine if it is advisable for you to refinance your mortgage and at what cost.
- 6). Consider short-selling your home. Contact a reliable real estate agent who can assist you with a short sale which can be accomplished in less than a month. The real estate agent will also get in touch with your lender regarding payments.
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