Pittsfield, MA -- (SBWIRE) -- 04/12/2013 -- The first step in how to stop foreclosure in Florida is to talk to the original lien holder or mortgage servicer. If one’s history with the lender is good, it’s likely that working out an affordable payment arrangement will happen. It’s very costly for lenders to instigate the foreclosure process, and they’d really rather not do so. Devising a reasonable plan can save everyone a world of trouble.

Credit-yogi.com knows them and is happy to share its information, such as:

- Contact the Lender
- Mortgage Loan Modification
- Refinancing a Mortgage
- Foreclosure Prevention Counseling

Talk to a Lender

Modify the Mortgage

Modifying a mortgage loan means making changes to it. Doing this can save a homeowner a great deal of money and will lower his mortgage payment. This process can be an effective way to avoid foreclosure in Florida. Some possible alterations may be reducing the principal of the loan, extending the length of time one has to repay it, or lowering the interest rate on it. Whichever adjustments are made to the loan, the homeowner will be able to keep his home in the long run.

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Mortgage Loan Refinancing

Refinancing a mortgage is different than modifying it. During a refinance, the original loan is completely paid off and a brand new one is drawn up. This can be a good way to stop foreclosure in Florida because it, like a modification, makes the monthly payment more affordable. With a modification, a person’s credit rating does not weigh as heavily as it does with a refinance. To get a refinance, his credit score has to be good. The same methods are applied in both processes to lower the mortgage payment, making it possible for a person to keep his home, rather than losing it to foreclosure.

Foreclosure Counseling

There are lots of ways to access Florida foreclosure help, one of which is by looking into foreclosure prevention counseling. Be careful to choose a reliable company. HUD (Department of Housing and Urban Development) has been around for years and has experts in foreclosure counseling. Florida Foreclosure Aid and Stopping Foreclosures are two other reputable counseling services. Meet with a counselor and find out what can be done to avoid foreclosure.

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