The time for procrastination is not now. Foreclosure is not a sudden event; the signs exist early on and there are several warnings sent during the process from the lender backing your mortgage prior to final actions are taken. Trying to ignore the warnings and signs and hiding from this problem is not the way to go! This is not how any financial situation should be faced. It’s human nature to avoid troubles, but the best thing to do is face these problems head on – stare down the barrel of the gun! The best thing to help you face this beast is to know your options. Feeling prepared will give you the confidence to face this issue, whether you have just received the first notification or if you are further along in the process. Otherwise, the consequences of your failure to act will indeed weigh heavy.
Not only are you facing the possibility of eviction, losing your home and shelter at a moments notice, but you may also lose any equity you have in your home, something very likely in the current market conditions. Spending your days dealing with this level of stress is not the way to live! Regrettably, with taking the incorrect action you could still be on the hook for any remaining debt on the mortgage as well, even after other actions have been taken. The damage to your credit? This is a pain that can continue long after your eviction and will only serve to make your future endeavors more difficult. Recovering from this can take years and could harm your employment opportunities. A foreclosure can also have adverse effects on your housing options, and you won’t be able to qualify for a Fannie Mae mortgage for at least seven years.
Read on as we explore five ways you can stop foreclosure in Sarasota,Florida.
Negotiation
First off, negotiating with your mortgage lender before proceedings begin is likely the first step one should take to stop foreclosure in Florida – if there is still enough time! Lenders are generally not in the business of taking over homes, they would rather your payments continue to come in. Your lender may be more open to negotiating with you than you may believe. Foreclosures can take a very long time to finalize, an average of 830 days, and lenders surprisingly have more room to provide leniency to borrowers than people think. Use this time to review and reorganize your finances and overcome this situation! Don’t forget there are also programs available in the US that you may qualify for that could offer assistance in times of hardship.
Short Sale
A short sale is another way you can stop foreclosure in Sarasota if you have defaulted on your mortgage loan. Pending approval from your lender, in this option your home is sold at current market value, regardless if that amount is lower than the amount you owe to the lender. This may sound like a great option, but this may have a negative impactful on your credit score, and you may not have the immediate ability to attain another mortgage – meaning you may struggle to find a new home. This process can also take several months and leave you in a tough position during that time.
Deed In Lieu
Signing your home back over to the lender and walking away, known as a deed in lieu, is another way you can stop foreclosure in Sarasota, Florida, satisfying the loan requirements. However, you should be aware that if there are other liens on your property – a refinancing, an auto-loan, etc – these are undesirable to the lender and may prevent you from taking this route. In this scenario, your mortgage lender may prefer foreclosure to foreclosure is more favorable for the lender because it will wipe out those existing debts. A lender will not act upon this option without your reaching out in writing and stating to the lender that you’re making this offer voluntarily. Read here for more information about a deed in lieu of foreclosure.
Bankruptcy
Often a last resort – filing for a bankruptcy may be an option to stop foreclosure in Florida. If you have overcome the circumstances that interrupted your income stream, and you now have the ability to make payments you may be able to arrange a chapter 13 bankruptcy – but there are income and debt requirements in order to arrange this type of bankruptcy. In this situation, you will be restructuring your debt, making your regular mortgage payments along with payments on the arrearage, typically for a period of up to five years or until your debts are paid. A Chapter 7 bankruptcy, on the other hand, will give you a little breather while you stall payments temporarily and play catch up – generally with the requirement to liquidate your assets. Read here for more info on the difference between these two bankruptcies and how to file here in Sarasota. These may be options to consider but keep in mind that both will have serious negative affects on your credit score as well.
Direct Sale to A Cash Buyer
Selling your home directly to a cash buyer, such as Maio Strand Property Group, may be the best way you can stop foreclosure in Sarasota, Florida. It is crucial that whatever action you intend to take is taken quickly to avoid paying the heavy penalties associated with a foreclosure for years to come, and Maio Strand Property Group is poised to step in and help you immediately. We will provide you with a guaranteed closing date, often in a matter of a few weeks or less. If you are not ready to move, we are happy to arrange a leaseback at fair terms; the direct buyers at Maio Strand Property Group will work with you to help make the transition as smooth as possible for you and your family. Selling directly to Maio Strand Property Group is a quick and easy process; you avoid paying high real estate commissions, the expenses of listing and marketing the property, the hassles of showings, and there is no need to worry about making any repairs.
A direct buyer from Maio Strand Property Group will lay out all of the numbers for you because our goal is to be certain you agree that our offer is fair. We do this at Maio Strand Property Group because we want you to feel good about the deal long after closing. Why not see how much Maio Strand Property Group will pay for your house right now, as-is for cash? Contact Maio Strand Property Group today at (631) 335-4055.