foreclosure sign

Facing a looming foreclosure can be a terrifying prospect, but you have options! 

Knowing your options and taking action quickly  is the key to​ stopping your Florida foreclosure.

In the past decade, we have hundreds of our clients avoid foreclosure. For a free consultation contact us anytime, and read on for a summary of all your options when facing Florida foreclosure:


After a few missed payments your lender will no longer accept a single monthly payment, but you have up until the foreclosure law day to bring the loan current. Partial payments won’t be accepted, but you have the option to bring the loan current by paying all the back payments, late fees and legal fees in one lump sum. 

stack of cash

A loan modification is a permanent change to your mortgage that may lower your payments and the delinquent payments may be added to the mortgage balance. You may or may not qualify for a loan modification and the process can be difficult and time consuming, but it is an option if you want to stay in the house. In a forbearance the lender agrees to reduce or suspend mortgage payments for a certain period of time, after which you resume making your normal monthly payments along with an additional amount to catch up. 


Keep in mind it is almost impossible to arrange new financing when you’re already in default on your existing mortgage. Refinancing will depend on your income, credit report, value of your home and the amount of your mortgage. If you’re not sure of the value of your home, contact me. I will be happy to help and I can usually give you a pretty good estimate right away with just some basic information.

bankruptcy court

If your financial situation has improved or will shortly, filing bankruptcy will halt your foreclosure proceedings temporarily. Unfortunately, a few months later you would be back to square one. You may also want to note that filing bankruptcy does not change ownership of the home and it will still belong to you. The lender would still have to foreclose to take back title to the home, leaving you with not just a bankruptcy but also a foreclosure.


If you have recently been served with a foreclosure lawsuit you still have enough time to sell your home.  We can help you sell your home quickly and if you have no equity, we can negotiate a short sale for you. A short sale allows you to sell your home for less than you owe and have your remaining mortgage debt forgiven.

Some of our clients even receive relocation assistance from their lenders. Furthermore, all the seller associated costs of the short sale are generally paid out of the proceeds by your lender, making this option FREE to you.


A deed in lieu of foreclosure is basically a voluntary foreclosure. You would have to apply and be approved by your lender for this option and a deed in lieu is not generally available if you have more than one loan on your property. As lenders prefer other workout options, even if you do qualify for a deed in lieu, the lender may first require that you attempt to modify the loan or sell the home. 


By far, your worst option! Many folks feel they should just walk away, but foreclosure has very serious consequences.  Foreclosure can easily take a year or longer, and Florida is a recourse state. That means your debt doesn’t just disappear with the home. A lender that suffers losses in a foreclosure has the right to file a deficiency judgment against you and pursue you for the remaining debt. A foreclosure is just the beginning of a new and larger set of problems.

Minna came into my life at a time I didn't know where to turn, I was out of work and running out of time. Realtors were willing to come and put my house on the market and tell me we will see if we can sell it. Minna came to me and told me she knew how to sell it, she knew the system and she would do her very best to see that I didn't lose everything including my credit...She spent months working on selling the house and I have had minimal consequences to my credit. I don't know what I would have done without Minna. Minna, thanks again, you made a terrible situation bearable.


Short Seller

Last Updated on January 14, 2021 by Minna Reid

Minna Reid

Minna Reid is a Broker Associate at Killebrew & Company Realty Inc, serving Jacksonville, Florida.

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Is your mortgage forbearance ending? Know your options! - My Florida Home Sale - January 14, 2021 Reply

[…] you are unable to make any payments going forward and wish to avoid foreclosure, selling may be your best option. Its a hot sellers market, and most folks will have at least some […]

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