Leaving the Property

The very first step to take to avoid a foreclosure is to call your lender and explain your situation.  Attempt to find a solution to stay in the home, check out the article Foreclosure Alternatives.

The second step is to call a real estate agent, an expert in the field of helping homeowners avoid foreclosure.  You know there are severe consequences to being foreclosed on? Check out the article Foreclosure Consequences.

If you must give up your home the best way is through a “Short Sale”.  Where you have control over the outcome.  Whereas in a foreclosure you will be forced to vacate the home with the possibility of the lender filing a deficiency judgment against you. 

You may decide to do a deed-in-lieu of foreclosure.  It saves your lender time and money, but what about you?  It is still a foreclosure.   If you do a deed-in-lieu, be sure the terms say the lender will waive their right to pursue a deficiency judgment.  Also ask if the lender will pay you for moving expenses.  They may pay you on the condition you maintain the home and not take out your frustration on the house.  Let’s pause right here, I am not an attorney, I am just coming to you from my experience of handling these situations in Pensacola Florida.  If you seek legal advice, then contact a real estate attorney.

Some will say just do bankruptcy to avoid foreclosure.  All a bankruptcy will do is stall the inevitable.  If you are in a bankruptcy with the mortgage included and then you decide to sell you will need to get court approval to take the mortgage out of bankruptcy.  Again, a BK, is just a delay of the foreclosure, it does not equate to a free house or no mortgage.

What is a “Short Sale”?  It is when there are insufficient funds from the sale of the house to pay off the mortgage(s) and costs to sell.  To qualify for a “Short Sale” the homeowner must have a provable financial hardship. 

Stay tuned for my next talk about “Short Sales”.

Your Buy My House Guru & Friend,

Jack Lara, Broker-Associate
(850) 616-6377

for relief and cash for your house in the Pensacola FL area call Buy My House Guru today

Better Homes & Gardens Real Estate Main Street Properties
1313 Creighton Rd
Pensacola, FL 32504

Jack Lara CDPE Certified Distressed Propoerty Expert

 

 

 


Please seek financial and legal advice from licensed professionals


 

%d bloggers like this: