Website Dedicated to Helping Floridians: Find Mortgage Solutions, Avoid Foreclosure, Modify Adjustable Rates and Save Their Homes
Miami Beach, Florida March 31, 2008 The current mortgage and financial meltdown is still young; but relief is in the works for Floridians at Upside Down Florida. With its combined 50 years of business and real estate experience, Upside Down Florida is working with homeowners to avoid the foreclosure epidemic that is sweeping America and especially Florida. According to co-founder and Florida real estate attorney Aaron Resnick, the company works with mortgage service providers to help mitigate loan losses and keep Florida families in their homes when "possible and appropriate."
Resnick suggests that homeowners should not panic just because they are facing foreclosure or because their home is worth less than their mortgage. Walking away or simply allowing your home to be foreclosed upon is not the right decision as there are plenty of options out there to assist a homeowner in these trying times states Resnick. According to Resnick, that would be a big mistake" as loss mitigation is generally less costly for banks, particularly when undertaken early in the process.
Employees at this new company, which services owners in Florida and nationally, help their clients implement such strategies as loan modifications, deferral of payments, extension of existing loan terms, short sales, and conversion of adjustable rate mortgages into fixed rates.
A foreclosure on your credit report is sometimes worse than a bankruptcy and there is a better waya short sale," noted co-founder and company President Lauren Atlas. A short sale can be the saving grace for many Florida homeowners facing foreclosure due to the tightening credit squeeze and falling home values.
The fact is that banks are highly motivated to short sale properties that are worth less than the mortgage especially if they are currently behind because foreclosure proceedings cost them money that they may not be able to recoup. "Banks are in the business of lending money, they have no desire to be landlords or own your home," concludes Atlas.
Visit us today to receive free information on how a short sale or loan modification may save your property from foreclosure.