Local Florida homeowners who are facing a financial challenge may find themselves in foreclosure.
Foreclosure occurs when the mortgage loan does not get paid back and the bank or lending institution begins the process to take ownership of the property to recoup its losses.
If you have found yourself entering the foreclosure process, you might wonder if there is anything you can do about the situation.
In this blog post, you will read about foreclosure prevention measures in Brevard County that you can take today to keep your home from foreclosure.
Foreclosure prevention measures in Brevard County Florida
These foreclosure prevention measures may not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your house and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you are in foreclosure in the first place.
2. Work out a deal with your bank. There are times when you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. For example, perhaps your payments get spread out so that they are lower each month. Just make sure that the deal works for you, you don’t want to repeat the process.
3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. You’ll need to work with your bank to do this. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu. Another option is where there is a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the remaining balance of the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop by the bank so it’s still a foreclosure prevention measure.
6. Sell your house fast, for cash to us! We will give you a cash offer and close fast. No closing costs. You will not need to repair your home first, we will take care of that.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement #2 is probably your best option.
However, if you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.