When you fail to make payments after a Florida Forbearance
There are more useful, long-lasting solutions to avoiding foreclosure in Florida
A forbearance is a written agreement between a lender and borrower outlining a plan to reinstate a mortgage loan after extra interest and the missed payments are tacked on. This is one way to postpone foreclosure for Florida homeowners who are in temporary hard times. This agreement means that the homeowner can keep their home and avoid foreclosure.
If homeowners agree to a mortgage forbearance and then default on the terms of the agreement, i.e., fail to make their payments on time, they may again face foreclosure without any further opportunities to make alternative payment arrangements.
A forbearance, in other words, is a temporary solution and not a permanent answer to a homeowner’s problems; moreover, mortgage forbearances are not suited for everyone. These agreements are generally reserved for very short-term situations, such as an injury or illness from which the homeowner needs to recover before being able to return to making their full mortgage payments on time again.
Instead of Forbearance, Stop Foreclosure with Help from A Florida Foreclosure Lawyer
A forbearance is not a good, long-term solution in situations when the homeowner is stuck with a mortgage on a home that:
- Has declined significantly in value, or
- Was over-inflated in value through appraisal fraud
Our team of Florida foreclosure defense attorneys here at Legal Help Group recommends that homeowners skip the forbearance step and go right to a full foreclosure defense. It doesn’t make sense to keep struggling to pay the same bad mortgage when there are other, more effective ways to put a permanent stop to foreclosure.
As a Florida Homeowner, You Have Options to Stop Foreclosure
A foreclosure comes with a range of terrible consequences for the homeowner, and so it’s best to try and avoid foreclosure altogether. If you’ve been convinced by the banks to enter a forbearance agreement instead, you may have been the victim of abusive practices. After all, the banks may simply want a breather to catch up on other foreclosure work before continuing the process of foreclosing on your home.
You can bet that if you fail to make payments properly and on time after the forbearance agreement, you’ll be back on the list to foreclose very quickly. Remember that a forbearance is a temporary stop-gap measure that’s not intended to permanently modify your loan terms – a solution that’s far more appealing and workable to most homeowners than a forbearance.
Most lenders aren’t willing to agree to a forbearance for many of the same reasons the homeowners should seek a permanent loan modification instead:
- They have little equity in their home
- The home’s value has decreased significantly (often to an amount that is less than they owe)
- The mortgage has a high interest rate or an adjustable mortgage rate
Why would you, as a homeowner, want to run in circles pursuing a solution after forbearance and getting a bad case of déjà vu? If you got behind on your payments once, what makes you believe it can’t happen again? After all, the economy hasn’t truly recovered, and you owe too much on your home – you need a permanent solution to foreclosure. The best way to protect yourself is by getting a Florida foreclosure lawyer that will protect your interests and recommend a solution that works.
Whatever your mortgage situation may be, getting the right advice and legal counsel can help you stop foreclosure. For a no cost, no obligation consultation and review of your case call a Legal Help Group professional right now at (877) 304-9404, or fill out the “contact me” form to connect with a Florida foreclosure defense attorney.