It’s Not Too Late

Wondering what a South Florida homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

  • 30 Days Late: The lender will attempt phone contact or send a notice in the mail.
  • 60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.
  • 90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.
  • 120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

South Florida homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

You or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

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The Prestige Properties Team has over 30 years of real estate experience from the US to Canada and speaks seven languages including English, Spanish, Polish, German & Russian.  We are a woman owned minority business that does extensive community outreach.  We are viewed by ourselves and others as a shining example of an unstoppable team that others are drawn to.  We seem to grow and excel beyond all expectations and we value each other and support each other both professionally & personally.

The Prestige Property Team is a leader in the South Florida real estate market. The team assists buyers looking for Miami  real estate for sale and aggressively markets South Florida homes for sale. They are also Certified Distressed Property Experts (CDPE), committed to helping families in financial hardship find options to foreclosure. For more information you can visit EllenHelpsHomeowners.com.

You can reach the Prestige Property Team by calling 954-292-6412 or email.