When the residential real estate market was hot, many buyers with low credit scores got full financing based on an adjustable-rate-mortgage (ARM), where the interest rate stays low for two to three years and then rises afterwords.  Skyrocketing property taxes and homeowner's insurance in Florida also pushed most subprime borrowers over their limits when their intrest rates adjusted.  Lending guidelines tightened and stressed homeowners were unapproved for refinancing or home equity loans.   As a result, foreclosure filings have soared.  Florida households are among the top foreclosure rates nationwide. Homeowners facing foreclosure may want to consider an auction to sell the property quickly.  Try to work with the lender and work out a payment arrangement,  extension or a modification allowing the borrower to pay the intrest only for a short time.  The borrower may also want to consider giving the lender the property title in order to lower the legal fees involved with the foreclosure process.