A pending foreclosure eviction this time of year can feel like a black cloud looming over your holiday celebrations. Instead of baking cookies and wrapping gifts, many struggling homeowners are likely spending their time trying to determine how to stop foreclosure in Florida. Though that should still be a primary concern, government loan services are offering a bit of relief in the spirit of the season. Fannie Mae and Freddie Mac have once again elected to suspend foreclosure evictions through the holiday season, allowing families to spend the holidays in their homes.
About the Foreclosure Moratorium
Most evictions stemming from foreclosure proceedings for loans backed by Fannie Mae or Freddie Mac will be suspended from December 18, 2017 thorough January 2, 2018. Specifically, the moratorium will apply to foreclosed occupied single-family and 2-4 unit properties. However, though eviction lockouts will be placed on hold for the height of the holiday season, it is important to know that foreclosure proceedings will continue. Therefore, enlisting a Miami foreclosure defense attorney to ensure one enters the new year on a more promising note is of the utmost importance.
How to Stop Foreclosure in Florida
Once the moratorium is rescinded, most homeowners will still be facing foreclosure in 2018 — that is, unless they approach the next few weeks strategically. Depending on a debtor’s situation, there may be alternatives to foreclosure that can be explored while evictions are on hold. For instance, if one is determined to remain in his or her home even after the holiday season, a loan modification negotiated by an experienced Miami foreclosure defense attorney may be an appropriate solution. Alternatively, considering a reverse mortgage or even filing for bankruptcy may make more sense for some.
On the other hand, individuals who are comfortable parting ways with their residence in the new year, or who may not have another viable option, could explore foreclosure alternatives that will be more favorable for their financial futures. Some examples include a short sale, which involves an agreement with the lender to satisfy the debt for less than what is owed, or a deed in lieu of foreclosure, in which the homeowner voluntarily surrenders the property in exchange for a release from his or her debt. Of course, all options must be thoroughly considered with help from a knowledgeable attorney to ensure one makes the ideal decision for his or her situation.
If you are facing foreclosure this holiday season, our attorneys stand ready to help you seek justice. To learn more about how we can do just that, call our office to schedule a free consultation.