Steps to Avoid Foreclosure in Miami

Even though the housing market is making a comeback, many Miami homeowners are still struggling to make their mortgage payments.

If you’re finding it tough to keep up with your monthly mortgage payments, or if you’re ‘underwater’ on your home, you might fear that your mortgage provider is going to foreclose. Don’t stress just yet.

Thankfully, in Miami, there are steps you can take to avoid foreclosure. Remember to act fast! Getting ahead of the process and starting straight away could save your crediting rating and, more importantly, your home.

So let’s get started! Here are a couple of quick tips explaining how to avoid foreclosure in Miami.

But, if you’ve already had enough and just want out from under your house, check out our website >>> We Buy Houses Miami!

Vital Steps To Avoid Foreclosure In Miami.

Don’t abandon ship! Many people ‘jump ship’ – giving up straight away and leaving their home behind. Since the economy has had a significant impact on residents, there are even areas of Miami that have begun to resemble ghost towns.

Detroit is a prime example of what happens when people feel pressured with no way out and are forced to abandon their homes.

This can be an extremely stressful situation, but try your best to stay focused! A foreclosure will negatively impact your credit score, and likely prevent you from purchasing another home for years. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you for the unpaid portion.

While it seems easier to walk away, there are options you should consider.

  1. Negotiate with your mortgage lender.

Banks and other financial institutions are well informed. They understand that citizens of Miami are struggling. You may be able to renegotiate the terms of your loan. It’s best to pay attention to your finances and contact the bank before you miss any payments. Banks don’t want to foreclose homes, and many will work with you if you aren’t too far behind. You may be offered forbearance or even a full loan modification.

  1. Ask for help from Uncle Sam.

Over the last five years, the federal government has implemented several programs to help struggling homeowners. There are eligibility requirements, but we recommend you take a look first before assuming it’s all over. The Home Affordable Modification Program (HAMP) allows homeowners – facing financial difficulties – to modify their loans and lower monthly payments. The Home Affordable Refinance Program allows homeowners who are up to date on their mortgage payments refinance an adjustable-rate mortgage into a low-interest, fixed-rate loan.

You aren’t alone. 

Citizens all over Miami are in a similar situation and are here to help. We understand that the idea of losing your home may be an unbearable reality. Foreclosure can have a lasting effect on your financial life, and it’s essential that you move quickly and take advantage of any options available. You could save both your home and your credit rating.

Let us help you avoid foreclose. Connect with us today, and let’s discuss your situation.

Check out our website >>> We Buy Houses Miami!

There are no hidden fees! We’ll evaluate your case and present the steps you can take to move forwards and put this foreclosure behind you.
Give us a call anytime at (305) 916-3328 or fill out the form on this website today! >>

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David Veras

David Veras was born in Hialeah, Florida and has been involved in Real Estate since February 2019.

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