FORECLOSURE GUIDE
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CallingtheLender
Callanattorneyspecializedinforeclosure
GettingFinancialHouseinOrder
Foreclosurealternatives
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DEAR HOMEOWNER,
Facing foreclosure can feel overwhelming, but you’re not alone, and losing your home isn’t your only option. I’m Colleen Waldoch, a real estate agent specializing in foreclosure prevention, and I’ve helped many homeowners find a path forward.
This guide offers actionable steps to stop foreclosure, explore alternatives to keep or sell your home with dignity, and protect your future from scams and costly mistakes.
Think of this as your roadmap, with me as your guide. You’ve already taken the hardest step by seeking help now, let’s work toward your fresh start.
Colleen WaldochFORECLOSURE GUIDE
MOBILIZE A NETWORK
FORECLOSURE ISN’T A SOLO BATTLE. WE BRINGS A TEAM TO THE TABLE!
Real estate attorneys: To challenge wrongful foreclosures or review agreements.
HUD-certified counselors: For free, unbiased advice on government programs like the Homeowner Assistance Fund (HAF).
Tax advisors: To explain implications of debt forgiveness (e.g., short sales may trigger taxable income).
Lenders: Look to see if there is a possible Heloc from built in equity.
REALTORS®: Helping you navigate the process, and if necessary, selling the home.
Colleen Waldoch | Broker Associate | Team Lead HomeSmart Realty | The Seaside Living Group colleenwaldoch@gmail.com www.seasidelivingfl.com 941-468-5555
ACTION PLAN TO GET OUT OF FORECLOSURE
1 Face It Head-On
Open all mail and answer calls from your lender.
Avoidance = acceleration of foreclosure.
Review Notice of Default or Lis Pendens know your deadlines!
2. Call Your Lender – Immediately
Ask for the loss mitigation department
Be prepared to explain your hardship.
Request reinstatement amount (what you owe to bring the loan current).
Ask about forbearance, loan modification, or repayment plan options.
3. Check Your Legal Rights
In Florida, you typically have 90+ days before foreclosure is finalized use this time wisely.
Contact a foreclosure defense attorney or a HUD-approved housing counselor. Find one here: www.hud.gov
4. Get Your Financial House in Order
Create a hardship letter explaining your situation
Organize: Pay stubs
Bank statements
Tax returns
Monthly budget
Know what you can realistically afford
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RESEARCH YOUR OPTIONS
EXPLORE ALTERNATIVES
1. Loan Modification - Changes loan terms to lower payment
2. Forbearance - Pauses payments temporarily
3. Reinstatement - Pay back missed payments + fees
4. Repayment Plan - Catch up gradually over time
5. Refinance - Rare but possible if equity + credit are decent
6. Sell the Home - Pay off the loan + avoid foreclosure
7 -Short Sale - Sell for less than owed with lender’s approval
8. Deed in Lieu - Give home back to lender voluntarily
OTHER CONSIDERATIONS
1. SELLING HOME
May preserve credit and equity. Contact a local real estate expert (cough like Seaside Living Group) Can market quickly
3. ACT FAST
Time is your enemy in foreclosure. Set deadlines to contact your lender, meet with a counselor, or list your home
2. AVOID SCAMS
If someone says, “Pay me upfront and I’ll save your house” run. Avoid "foreclosure rescue " companies offering too-good-tobe-true deals
Never sign over your deed without legal advice.
Ask for Help (Seriously)
Friends, family, faith communities, professionals—they may be able to help bridge a gap or offer options you haven’t considered.
Seaside Living Group
FRIENDLY REMINDER: IF YOU'RE CURRENTLY WORKING WITH ANOTHER REALTOR, PLEASE CONSIDER THIS MESSAGE A COURTESY AND KINDLY DISREGARD. WE RESPECT EXISTING PROFESSIONAL RELATIONSHIPS AND WISH YOU THE BEST IN YOUR REAL ESTATE JOURNEY.