Have you fallen behind on your mortgage payments in Miami?
If so, we understand your concern. Struggling to pay your mortgage can be a stressful and challenging time. You might be thinking, “I don’t want to lose my house and give it back to the bank!”
Of Course, Nobody Wants To Be Evicted!
Yet, sometimes unforeseen events can occur and leave you in a tricky situation financially. If financial troubles continue, committing to monthly mortgage payments might just be too much to handle.
You may be forced into giving your house back to the bank in Miami, Florida, leaving you temporarily homeless. You may also face long-term consequences, including a dramatic and damaging impact on your credit score that will affect your ability to get a house in the future.
That’s undoubtedly an outcome everyone wants to avoid. Fortunately, we have the answer. There’s a strategy you can follow TODAY that will help you finally get your finances back on track and proactively protect yourself and your family.
A brief overview of Foreclosure
The Foreclosure process can vary depending on where your property is located and the type of mortgage you have.
Generally, your loan company (bank or lending agency) will send you letters warning you that you’ve missed a few mortgage payments. If this trend continues and you also fail to pay back the missed mortgage payments, the loan company is within their right to put your house up for public auction.
The length of time you can remain in the property after it sells at auction depends greatly on the state you live in. However, there’s no room for debate here. You will need to find a new place to live eventually.
Fortunately, you have options!
Don’t wait until your home is foreclosed! It will have a devastating effect on your credit rating. What’s important here is getting your act together quickly.
One option is to protect yourself by working out a ‘deed in lieu of foreclosure’. This is a specific deal with the lending agency where you hand over ownership of the house directly to the loan company. This allows them to save money, as they won’t need to cover expensive foreclosure proceedings. Plus, it works in your favor also because you avoid FORECLOSURE affecting your credit rating.
Another option is to sell your house QUICKLY before it’s lost to an auction. You get to avoid foreclosure and feel in control of the situation. Plus, if selling your property covers the full amount of your loan, then there will be no additional penalties against you and your credit rating. Though you will need to make up the difference if the sale falls short of full loan.
To make this easier to understand, here’s a quick example situation:
- You owe $100,000 on your home.
- You sell your home (to us, Sunshine State Buyers) for $90,000.
- To make up the difference (short-fall), you would need an additional $10,000 of your own money.
- $90,000 + $10,000 = $100,000
- Your loan is now paid off!
If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal. This is where the lending agency agrees NOT to pursue the short-fall in exchange for the deed to the property.
I don’t want to give my house back to the bank in Miami!”
It might sound odd that homeowners are opting to sell their property instead of accepting foreclosure. Especially since it still means leaving their home behind.
Well, it all comes down to money and trying to build a better future for yourself and your family. Losing a home in any situation is difficult, but long-lasting damage to your credit rating is far worse. Choosing to sell your home NOW will mean considerably less damage to your credit score than waiting out the foreclosure process. Going through foreclosure could impact your credit score by as much as 100 to 150 points. You could be left unable to get a mortgage on another property for several years. Therefore, the short-term challenge of selling your house is, by far, the better choice. Don’t be forced into letting the bank take your home away from you in Miami.