Archive for December, 2007


Thursday, December 6th, 2007

By: Lori Rivera – Realtor

     When I first became a Realtor, my dream was to put individuals into their first homes, and then watch them and their dreams grow!  It was not to watch their dreams shattered by the nightmare of foreclosure.  After a recent seminar sponsered by the Florida Housing Finance Corporation (Florida Housing) and the many short-sale classes I’ve been attending, I feel it my duty to inform everyone that if life’s circumstances are leading you toward the possibility of foreclosure on your home, there may be other options available to you; but you have to act as soon as possible.

     The reality is that foreclosure will negatively affect your credit for a minimum of 10 years.  And, contrary to popular belief, there are many lenders that will work with a borrower regarding mortgage payment options when unforeseen circumstances–such as illness, divorce, extreme changes in market, predatory lending, change in job status, ect.–threaten to affect timely loan repayment.

     There are several agencies that may be able to assit you, including the following: the US Department of Housing and Urban Development (, NeighborWorks America ( and the Florida Housing Finance Corporation (

     In the instance that your financial situation changes so much that it may affect making your mortgage payments in a timely manner, the first thing you should do is to keep the lines of communication open with your lending institution.  Then if that doesn’t work, try contacting one of the agencies above.  If you’re still not getting anywhere, call a professional Realtor whom you know and trust, or a real estate attorney.

     Do not ever think that the only option you have is to sit and wait for the foreclosure notification because, truthfully, it is the last thing that your lender wants to occur.