Cape Coral Florida's Real Estate Guide

If you want to get out of foreclosure and protect your credit, the worst thing you can do is to sit back and not do anything. You absolutely must have a plan! Over the course of this series, I will show you three ways that you can avoid foreclosure, save your credit score, and possibly keep your home. If you are currently behind in your mortgage payments, you are receiving notices from the bank on a regular basis. This is where your first option comes into play.

Option I: Contact Your Lender and Attempt To Work Out A Payment Plan To Keep Your Home

In order for this to work, you must respond to the phone calls and letters that you are receiving from your lender. More and more lenders these days are implementing loan modification plans to stem the rising rate in foreclosures. They are literally begging you to call them! Your bank may be willing to reduce your interest rate, adjust the length of your loan, and/or reduce the principal amount of your loan so that you can remain in your home.

If you don't feel comfortable haggling with your lender yourself, you can enlist the help of a Foreclosure Specialist. A foreclosure specialist can help you to keep your home by assisting you with coming up with a plan of action and negotiating on your behalf with your lender. These services are not free but they are less expensive than hiring a lawyer who specializes in Foreclosure Law or even worse, doing nothing and losing your home and ruining your credit.

Communication with your lender is key and it is the best first step you can take to stay out of foreclosure. If your situation has escalated past the point of negotiating with your lender, check back here to read the remainder of this series to learn about additional options for you.