Are you worried about possibly facing foreclosure? If so, you might want to know whether it’s a good idea to give your home back to the bank. You might even be wondering if it’s possible to do this in Miami and avoid the costly fees that accompany foreclosure.
The answer is YES! (but there are conditions) –
Keep Reading To Find Out How To Avoid Expensive Foreclosure!
There are many ways to avoid foreclosure in Miami and the high costs that come with it.
Avoid Foreclosure in Miami: Option #1
Your first course of action should be to speak with your loan provider immediately. You need to work alongside the bank or lending agency and examine what alternatives exist to home foreclosure.
To increase your odds at successfully finding a solution and stopping foreclosure, you have to take action BEFORE you fall too far behind on your mortgage payments. The moment you realize that you won’t be able to make a loan payment, you should contact your financial institution. It’s crucial that your upfront about your finances and give them confidence that you’re doing everything you can to rectify the situation.
Honesty will pay off! Don’t try to cut corners and lie to your mortgage company.
Most homeowners are unaware that their mortgage lender would prefer to find a solution with you, instead of generating a loss on your property by going ahead with the foreclosure.
They may be able to lessen your rate of interest, which would reduce your monthly payments. If you know for sure that you’re only going to miss one or two payments due to a temporary financial issue, they can usually add those repayments back to your loan and consider you caught up on your mortgage. BUT your financial institution will not be accommodating if you let the problem get out of hand and fail to inform them ahead of time. As soon as you know there’s an issue, ask for help.
How should you prioritize? Credit card bill or mortgage payment?
Avoid Foreclosure in Miami: Option #2
A simple way to ensure that you don’t fall behind on your mortgage is to prioritize your loan payments over ANY bills. This, in turn, will help you avoid foreclosure. A scary credit card bill should never come before your house loan repayments. Many homeowners fail to recognize that it’s easier to deal with the consequences of missing a credit card payment than the implications of missing consecutive mortgage payments.
Ending up in all sorts of credit card debt will never harm your credit score to the same extent as neglecting to pay your home loan. It’s genuinely one of the worst things you can do to your credit score. Plus, continuing to miss loan payments could jeopardize your credit cards anyway, so it’s best to put your mortgage first when your bills come through at the end of the month.
Can I sell my Florida house fast to avoid foreclosure?
Avoid Foreclosure in Miami: Option #3
Another way to prevent home foreclosure is to put your property up for sale and try to pay off the majority of your loan.
If the sale of your house brings sufficient cash to pay off the entirety of your mortgage, you might finally be able to climb out of that financial hole you were stuck in. You might even have money left over for a fresh start!
Many homeowners believe this approach to be a win-win solution. You can prevent the bank from foreclosing your Miami house and avoid a disaster on your credit score at the same time.
Avoid Foreclosure in Miami: Option #4
If selling your family home just isn’t the solution for you, then another way to stop property foreclosure in Miami is to cut unnecessary expenses down to the bare minimum. Do you honestly need a new phone if your old one still works? Can you switch stores and buy your groceries from somewhere cheaper?
If you’re able to reduce your expenses adequately, you could avoid being forced into selling the house you love. For anyone reading this who is self-employed, you could save money by working from home instead of renting an office. For any families with multiple vehicles, you could consider sharing a car between you and your partner and selling the other.
There is always something proactive you can do to stop your home from going into foreclosure. Don’t let a fixable situation grow beyond your control and harm both your credit score and finances even further.
Are You Considering Selling Your Home? We Buy Florida Houses! Discover how our company works here >>>
Here at Sunshine State Buyers, we buy houses in Florida. We may be able to help you finally break free from your financial dilemma and avoid foreclosure.
The process is straightforward:
- Fill out this short form over here, or call us at (305) 916-3328, and we’ll get back to you with an offer in 24 hours.
- If you accept the offer, we’ll get all the documents drawn up and visit you in your home to go over the paperwork.
- We’ll buy your house when you want us to at a reputable local closing agent. We can also close in just 7 days if that’s what you need.
It’s truly that simple.