Obviously the easiest way to stay of foreclosure is to make mortgage payments on time. In today's faltering economy, this is not possible for everyone. If you are struggling to make your house payment each month or are already a month or two behind, you might be worried your bank will foreclose on you. With foreclosure rates so high across the nation, this is a valid fear. However, you have more power to negotiate with your lender than you probably think. High foreclosure rates means there are a lot of homes on the market, and banks are having trouble selling them. You have a few tools to keep yourself out of foreclosure.

First, make sure you contact a Miami foreclosure attorney to help you. They are experienced in dealing with banks. While you may want to keep your home, you really must be realistic. If you are out of work or making way less money than when you purchased the home then keeping your home might not be in your best interests. A foreclosure attorney can sit with you and figure out your financial situation. If keeping your home is a realistic option for you, you still have several tools to work with. 

Short sales in Miami occur you will ask your bank for permission to sell your property for less than the mortgage balance. Why would they let you do that? They will let you do that when the loss through short sale is less than the loss through pursing a foreclosure. If your bank agrees, you sell the house to the buyer with the best offer. If you do not foresee being able to afford payments anytime soon, this may be a good option to avoid foreclosure. You get to get out of a mortgage while avoiding a foreclosure on your credit, the bank avoids losing more money and the buyer gets a great deal on a home. Your bank does have to agree to a short sale, so you will need to hire a lawyer and contact your mortgage company to apply for a short sale.

Loan modification in Miami is another tool to avoid foreclosure. This way will allow you to keep your home and save money at the same time. A loan modification occurs when you notify your mortgage company that you having trouble making payments. The best way to convince them of this is to miss a few payments, unfortunately. A loan modification can be lower interest rates, a grace period where you can miss a few payments without penalty or a longer payment period. Again, your bank must agree to a loan modification.