Florida homeowners experiencing financial problems may discover their homes go into foreclosure – a process in which the bank’s loan isn’t being repaid and they’re looking to take possession back to recover its losses.
When you’re suddenly faced with the prospect of losing your home to foreclosure, you may wonder if you could bide your time before the bank repossesses your home. There are actually five possible moves you can make that will help you before your Pasco County, Fl. home is “repossessed.”
Pay The Mortgage or Sell Your Property
The simplest way in which to stop the foreclosure process is to make a mortgage payment. Money is what the bank wants; they don’t want property. If you can pay them their money, they’ll be happy to let you stay in the home. Of course, this isn’t always an option, and if you could pay the mortgage, you wouldn’t be in foreclosure in the first place.
Work With The Bank For A Mutual Deal
Many times, just talking to the bank about your mortgage and the problems you are having could lead to a favorable outcome for both of you. A bank may be willing to lengthen the life of the loan, which can help lower the monthly payments. Ensure that it’s a deal that works for both of you, or you’ll be right where you are again down the road.
This is when you sell the property, with the proceeds going to the bank to pay off the loan. This reduces the impact on your credit score, and your bank won’t come after you anymore.
Deed in Lieu of Foreclosure
You can also consider a deed-in-lieu-of-foreclosure option, meaning you give the bank the deed to the home and they agree you won’t go through foreclosure. This works only if the house is worth the mortgage. If not, you could end up paying the difference.
Bankruptcy is much more dramatic than an actual foreclosure, as it will impact every aspect of your life. However, a bankruptcy filing means the foreclosure process must end.
If you’re unsure of what method to do, think about this: If you want to live in your home and make the payments, you may want to work out a deal with the bank to avoid foreclosure.
How Best To Deal With Foreclosures
If you don’t mind moving on and have looked into how to sell my house fast, it’s time to consider selling your home in Florida to property buyers like Easy Sale Homebuyers. We buy houses, regardless of how they look and your financial problems. We can help you sell your home in a short sale.
Fill out our form to start the process today!