Hi Mark,

I understand your situation, and sadly in Florida we are the #2 State for foreclosures, but don't give up hope. A lot of what can be done to keep you in your beloved property depends on many things. I'm not sure if you called your mtg co and tried to work through this process yourself, but with the overwhelming issue of all of the foreclosures going on in FL sadly enough, most of the people you will speak with will not know much more than you.

I would highly suggest you get in touch with an attorney who specializes in this field or at least work with a Realtor who has experience with it.

Some things to consider are what your loan to value is? How much money did you put down when you purchased? This will tell if you have PMI or not. Also, is it a Freddie Mac or Fannie May loan? The rules for doing mortgage mods vary greatly depending on the loan, but you need to know the laws, and what type of loan you have.

Another option is to go online to http://www.NFCC.org the National Foundation for Credit Counseling, there you will see a link about avoiding foreclosure and help with free or low cost assistance to help you.

Good luck and I pray things work out well for you and you get to stay in your home. Please let us know how things turn out for you.

Lenders are insured for the "loss" that they incur when allowing a borrower to sell short. Even in the case of a foreclosure, lenders are typically covered bt PMI to help offset the loss.

It is very rare that a lender will reduce the principle balance; more common to extend the term of the loan or reduce the interest rate..

Try not to take it too personally- lenders are hurting too.

Good Evening Mark,

If you do not qualify for a “repayment plan” or “loan modification”, you may still be able to obtain a “partial claim” if your mortgage is through the Federal Housing Authority (FHA). With a partial claim, you are taking out an interest-free second mortgage through HUD to assist you in paying the first mortgage.
As the HUD website puts it: Under the “partial claim option”, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI [principle, interest, tax and insurance]). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD.

Hope this helps.

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Ready to refinance or looking for a better rate? For your complimentary rate quote visit Jacinta Shambley, APEX Lending, Inc. JShambley@APEXLending.com . http://www.JShambley.ApexLending.com

YOU DO NOT HAVE TO BE LATE ON YOUR PAYMENTS TO DO A LOAN MOD OR A SHORT SALE!

Have you stoped making payments? They don't seem to have a place to refer you until you have stopped making payments and then you can talk to a loss mitigation specilaist. It might be best to have a professional, other than yourself, negotiate on your behalf.