Much like in past years, Fannie Mae has elected to postpone evictions through the holiday season for all single-family homes under foreclosure. Mini-apartment complexes (2-4 unit properties) will be protected from foreclosure evictions (link to blog: what to do if the bank changes a home’s lock) as well. The suspension begins Monday, December 19, 2016 and will run through Monday, January 2, 2017.
What to Do When the Holidays End
In addition to giving families the opportunity to stay in their homes to celebrate the holidays with friends and family, the stay also opens the door for homeowners to seek alternative options. Now is the time for Americans facing foreclosure to seek the assistance of a Miami foreclosure defense attorney, so that a plan can be devised to ensure one is not removed from the property once celebrations have ended.
With the help of a practiced lawyer, a homeowner may be able to secure one of these options during the holiday break, which will allow him to keep his home:
- Catch up on payments. This pause in homeowner removals presents a prime opportunity to get up-to-date on payments one has fallen behind on. However, this brief break might not be long enough for the average debtor to do so. The homeowner’s attorney will be able to advise him on this matter.
- Loan modification. If a lender permits a loan modification, the terms of the homeowner’s mortgage will be altered to allow for more affordable payments. Typically these adjustments will involve lengthening the repayment period, or simply adding the late payments on to the loan without requiring immediate payment.
- Refinancing. Though different than a loan modification, the end results of refinancing one’s loan are similar. A homeowner can refinance his loan to secure lower interest rates and smaller payments. However, the key difference is that rather than modifying his existing loan, he would be obtaining a new loan.
- Bankruptcy. By filing a bankruptcy in the state of Florida, one can usually have his mortgage debts forgiven. That said, it is important to note that in some situations, the pros of a filing may not outweigh the cons.
- Forbearance. For those in need of a short-term solution, forbearance may be a good alternative. This allows the homeowner to secure a payment plan, in which he either stalls payment for a set period of time or is permitted to pay less for the agreed upon period.
If foreclosure is burdening you this holiday season, a Miami foreclosure defense attorney at Graham Legal is here to help. Call our offices today to schedule a free consultation, so that you can get some peace of mind and get to celebrating.