Florida Loan Modifications has been serving families like yourself for more than 25 years. We serve loan modifications to clients locally here in Florida and Nationwide. Please use this site as a resource to learn more about loan modifications and how they can help your family save your home from foreclosure.
More than 1.2 million Americans in Florida owe more money on their mortgage than their home is worth and are considering having their homes foreclosed on them instead of continuing to pay off their mortgage.
So if you’re thinking about having your mortgage foreclosed, you may be asking yourself if you will need to pay any more money to the bank or mortgage broker upon your home being foreclosed, and there’s some good news.
If Your Home Is Foreclosed, You Will Not Owe Additional Money
If you can no longer afford to pay your mortgage, and the bank forecloses, you will not owe any additional funds. You will, however, take a significant hit on your credit record and will have trouble finding another home and getting a new apartment, as you have proven to lenders that you have been unable to pay your debts in the past.
Having this negative credit history increases your risk profile and thus will result in higher mortgage rates, higher credit card APR rates, and an inability to find new housing, which creates more problems for homeowners who have just lost their homes.
If you are worried about your home being foreclosed, there are steps you can take, and you can contact your realtor, your mortgage broker, and your bank and see if you can renegotiate your mortgage and come to terms that allow you to stay in your home and leave your credit rating intact.
