8 Ways to Stop Foreclosure on Your Sarasota Florida Home

8 Ways to Stop Foreclosure on Your Sarasota Florida Home
Jon:
Hey guys, this is Jon, with the Maio Strand Property Group here in Florida. I’m here to talk to you today about what to do if you’re facing foreclosure on your Sarasota, Florida home.

This can be a really scary time but, unfortunately, it is something that a lot of people come across throughout their life, and the last thing that you want to do while you’re having to deal with this stressful time with all your financial predicaments and everything else going on, is wonder what are you going to do with your home? You don’t want to lose your home. You don’t think you have a lot of options.

Well, today I’m here to tell you that you actually do have more options than you think. If you’re facing foreclosure on that Sarasota house, you actually have eight options that we’re going to walk through. Five of which you can keep your Florida home.

Personal Loan
First off, a really simple solution to end foreclosure in Sarasota that most people don’t think about when they’re facing foreclosure is a personal loan. You might not have the money to catch up on your payments, but somebody else does. Taking out a personal loan can be a great solution to get you out of this financial distress, and even if you don’t know a personal lender that can help you out with this here at the Maio Strand Property Group, we do. Feel free to reach out. We’re more than happy to help and get you out of foreclosure. There may be times where you don’t qualify for a personal loan still, but still, this is a great opportunity and worth exploring for sure.

Listing on Market
Next up on our list of 8 ways to stop foreclosure on your Sarasota home – the traditional way of listing on market with a real estate agent. This can be a great way to get out of foreclosure, still have money in your pocket at the end of the day, and move on to your next home as long as you’re still in the earlier stages of foreclosure and have the time that’s necessary to sell your home. Even if you’re selling your home in today’s hot market, it’s still going to take four to six weeks to get your Sarasota, Florida home completed, off the market and paid, and able to pay your lender back the money that you owe them. So, great option if you have a little bit of time, but if not, don’t worry, we still have a few more options for you.

Loan Modification

Next step on our list of ways to stop foreclosure on your Sarasota house, reaching out to your lender. Surprisingly, lenders are not in the business of foreclosing on homes. They don’t want to take your home. They don’t want to have to deal with it the majority of the time, and the best thing that you can do, and probably one of the first things that you should do is have an open, honest conversation with your lender. See what you can do about modifying your loan. Maybe they can change the payments. Maybe they can change the term. Sometimes they’ll just take the amount that you owe and put it on to the end of the loan. And this restructuring of your loan can save you now and in the future, and the best part about this one is you have the opportunity to keep your house.

Rental
Next up on our list, using your Sarasota home as a rental. This can be a great option to end foreclosure if your rent is able to cover the mortgage payments that you have, which often it is, however, you do still have the problem that you need to pay back the amount of money that was owed previously to your lender in order to catch up and be current. However, this can still be a great option if you’re facing foreclosure on your Sarasota house and gives the opportunity to keep that home.

Cash Offer
Next up on our list of 8 ways to stop foreclosure on your Sarasota, Florida home. Getting a cash offer from a buyer like Maio Strand Property Group. We specialize in fast closings and all-cash deals and getting you out of the predicament that you’re in. With this option, you don’t have to worry about hits to your credit score. You don’t have to worry about going through the painful process of foreclosure, and the best part about selling to a cash buyer like Maio Strand Property Group is you have the opportunity of actually making money at the end of the day. Cashing in on that equity that you have in your Florida home, and moving on to the next aspect of your life.

Creative Offer
Next up on our list of ways to stop foreclosure on your Sarasota, Florida home, selling your house to a creative buyer like Maio Strand Property Group. There are situations where maybe you don’t have enough equity in your home that if you were to sell it in an all-cash deal, it wouldn’t be enough to cover your payments required to stop foreclosure. However, companies like Maio Strand Property Group, we specialize in working with you through creative solutions that give you the money that you need and the deal that you need to get out of your problems. This can be a great option if you’re facing a really tricky situation with your foreclosure and are worried about not having the money that’s necessary. Reach out to the Maio Strand Property Group. We’re more than willing to have a consultation and help you out in your time and need.

Renovate & List on market
All right, next up on our list of ways to stop foreclosure on your Sarasota, Florida home, renovating it, and listing it on the market. Unfortunately, a lot of the times that you’re facing foreclosure on your Sarasota, Florida home, your house might not be ready to list on the market. It might need pretty extensive renovations, cleaning. In order to get it ready to list, renovating your home before listing can also end up netting you a higher cash amount at the end of the day and being the solution that you actually need.
If you don’t know how to renovate your home, you don’t have the connections you can reach out to us, the Maio Strand Property Group, and we’re more than happy to partner with you. Get that Florida home cleaned up, get it listed, we can help with the listing as well, and then you can move on to the next chapter of your life. This can be a great solution if you’ve got a little bit of time to do these renovations before your Florida home goes through the final stages of foreclosure.

Bankruptcy
Last up on our list of ways to stop foreclosure on your Sarasota, Florida home, bankruptcy. This, unfortunately, does happen, and it can have a pretty serious negative effect on your credit scores. So, it is something that you should try to avoid at all costs, if possible when facing foreclosure on your Florida home. There are two different types of bankruptcy that you can file for. Section 13 and Section 7, both with pretty different situations. Check out our other blog post here for more information about the difference between those two, but as the last resort, this can be a solution for stopping foreclosure on your Sarasota, Florida home.

So, there you have it. That’s our eight ways to stop foreclosure on your Sarasota, Florida home, five of which you actually get to keep your home.

This is Jon, again, with the Maio Strand Property Group. Feel free to reach out to us at our website if you have any more questions or anything else that we can help with, or reach out to us at 941 217 8774.
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