The process can happen quickly or it can drag on for months (or more), but you should be prepared for the worst.
One big what if that many homeowners have today has to do with mortgages.
About one-third of South Florida mortgages are underwater, meaning the homeowners owe more than the home is worth at today’s depressed prices, according to First American CoreLogic. Some homeowners are certainly wondering why they’re sending in the payment on, say, a $300,000 mortgage, when the house today would sell for only $210,000.
Your options: Keep paying or try to change your loan’s terms.
But some people wonder, what if I just stop paying the mortgage? It may be a tempting idea, but it quickly leads to trouble.
Here’s what could happen if you don’t pay the mortgage.
Toby’s Commentary: Talk to your lender (if you can find them) as soon as you run into trouble. Avoid foreclosure rescue scams. If they ask for money up front, their not legitimate. Report them to the Florida Attorney General’s office.