“I’m behind in payments…will I be giving my house back to the bank in Brevard County?”
Nobody wants to lose their home. But there are times where financial circumstances can turn against you and it is difficult to meet financial commitments and it is just too much to manage.
If your situation progresses too far, you may be forced into the unfortunate situation of having to give your house back to the bank in Brevard County Florida. Sometimes leaving you without a place to call home. In addition, there are other consequences, including a dramatic and long-lasting impact to your credit score and your ability to get a house in the future.
This situation is nothing that anyone wants. That’s not an ideal outcome. You can take action by using the following strategy that you can take today to help you proactively protect yourself and get back on track to financial solvency.
Here’s a brief overview of the foreclosure process
The foreclosure process can differ depending on location and what type of mortgage you may have.
Often, if you miss a few mortgage payments, your financial company will start sending you notifications and then warnings. Overtime, if you continue to fail to make the mortgage payments you missed, the financial company may put your home up for public auction.
Depending upon the state where you live, how long you can stay in your house after it is sold in auction varies. Eventually, however, you will be required to leave and will need to find a new place to stay.
Fortunately, you have options!
If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. There is one option to protect yourself by working out an arrangement with the finance company called a “deed in lieu of foreclosure”.
This works when you hand over ownership of the house to the finance company so that they will save the money that they would spend on foreclosure proceedings. To your benefit you can avoid having a foreclosure listed on your credit rating.
Another way to avoid foreclosure is by selling your house before it’s lost at the auction. There will be no more penalties against you and your credit rating if your loan is paid in full. You will need to make up the shortfall if your loan isn’t paid in full.
Here’s an example: Let’s say you owed $150,000 on your home and you sold your home to us for $135,000. You would give that money to the loan company, along with $15,000 to make up the short-fall, and your loan would be paid off. You may be able to negotiate a deed in lieu of foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house by contacting a real estate attorney.
At House Beagle, we’re professional real estate investors. Contact us today at (321) 549-8686 to find out what we can offer you for your house. Even if your house needs repairs, we can make you an offer.
I want to avoid giving my house back to the bank in Brevard County!
So why do people choose to sell their home instead of going through foreclosure?
Well, losing a house can be difficult but by selling the home, the impact on your financial situation and your credit is considerably less than if you go through the foreclosure process. In all actuality, going through the foreclosure process could impact your credit score by as much as 100 to 150 points. Therefore the short-term challenge of selling your house is still a better choice than the long lasting effects of a poor credit score resulting from giving your house back to the bank.
Are you interested in learning more about a proactive option instead of giving your house back to the bank in Brevard County? Call us at (321) 549-8686 or fill out the form to get more information.