When you start to get behind on your mortgage foreclosure can feel imminent. Foreclosure is not a good option for any homeowner. It should really only be a last resort. A foreclosure can seriously harm your credit and prevent you from ever being able to own a home again. However, there are certain things that you can do to prevent your home from being possessed by the bank. Here are some options that you have to prevent a foreclosure on your home.
Foreclosure Workout
Most of the time, banks really don’t want to go through the foreclosure process. Foreclosure can be costly for banks, since they need to deal with both the process of eviction as well as the process of selling the home. This causes a serious inconvenience for the bank, which they likely would not like to deal with. If you are only slightly behind on your mortgage payments, talk to your lender. They may be willing to work out a compromise to help you get back on track with your mortgage.
Assumption
In some cases, the bank may be willing to allow you to transfer your property to your new buyer and they have the ability to assume your loan. This can be complicated since most mortgages have a “due on sale” clause, where the borrower agrees to completely pay off the mortgage if they sell the property, but in some cases, they are willing to waive this if you find another buyer to assume your loan. Often times, you can negotiate a down payment with your new buyer that will also help you pay off all of your past due mortgage payments.
Short Sale
Short sales are often a good option if your property value has depreciated and there is no possible way for you to be able to pay off the debt that you have on your home. When this happens, the bank will often agree to allow you to sell your home for less than what your mortgage is, just so that they can have the chance to get a bad loan off their hands. However, once they agree to a short sale, they will want to home to be sold as quickly as possible and they will need to approve the buyer’s offer. This can help you make sure that you are getting a fair offer for your home.
Selling Your Home to Fast Sale Florida
When you are facing foreclosure, it is important to remember that you do have options to help you out of this difficult situation. Fast Sale Florida gives you the ability to sell your home as-is for cash. Most buyers are not willing to buy homes, as- is, which is what makes Fast Sale Florida different. We can help you with the assumption or the short sale process. We guarantee that we can offer the best cash offer for your home so that you can pay off your home and no longer need to worry about foreclosure.
