florida foreclosure

If you are facing on your home, you are not alone!Millions of home owners will lose their homes in the next fewyears.

Mortgage payments will skyrocket as $1 Trillion dollars ofadjustable rate mortgages adjust. Their payments are based onindexes such as the prime rate that will be 3 or 4 times higherthan they were when the loans were taken out. In spite of theadjustment caps that most of these loans have, these homeownerswill see their payments jump 20-40%.

Once these new payments hit, budgets will be stretched,banjo-string tight. The reason most people took adjustable rateloans was because they could not afford the payments they willnow be forced to make.

On top of that, the housing market is already slowing. In manyparts of the country, unsold housing inventory is doubling,homes remain unsold for 60 days or more and stocks of homebuilders are down by 1/3 or more. Prices are falling, even inNew York and California.

Therefore, the slightest interruption of their incomes will putmost of these people into a downward spiral which will toss themand their families into the street.

If you or someone you know is potentially in this situation,listen up!

There is help available, if you act at the first sign oftrouble. One of the best sources of help, is your lender!

They do not want your home. Industry statistics show that itcosts lenders between $30-$50,000 to foreclose and dispose of ahouse. Banks also get demerits from banking regulators forhaving non-performing assets (your delinquent mortgage) on theirbooks.

In fact, banks have staffers whose job it is to help you avoidforeclosure. This may not be obvious to you as you attempt tolocate them and negotiate a resolution of your problem.

That is mainly due to the fact that you may be dealing with thewrong bank! Just because you send your payments to your bank,does not mean that they own your mortgage. They may be the"servicing" bank, merely collecting payments on your mortgage,which was probably sold the day after your closing. It may havebeen sold many times thereafter, perhaps ending up in a bundleof mortgages sold to Wall Street or even China!

These entities have their own requirements and procedures forworking with delinquent borrowers. Your best bet to Save YourHome is to work with a knowledgeable professional who will knowwhich lender to deal with and how to present your case in thebest light.

Your lawyer is a good place to start, but act quickly. Theearlier you take action, the more options will be available toyou.