Foreclosure Prevention

How do I stop foreclosure in Florida?

How do I stop a foreclosure? | Avoiding Foreclosure Prevention Florida

There are five different outcomes a property owner may come to when facing a potential foreclosure. Here they are in order to help you understand your foreclosure prevention options, stop foreclosure in Florida, and protect your financial future! 

Foreclosure prevention Florida step 1. How do I avoid foreclosure and save my credit

#1

If you want to stay in your home you will need to work with your lender on finding a solution.  Possible solutions are a refinance, loan modification, repayment plan, or forbearance plan.  Do not hesitate on calling your lender to discuss your situation.  Do it immediately.

#2

If you have sufficient equity to pay off the loan then take advantage of today’s market and sell your property.  Are there other loans tied to the property such as a second mortgage and home equity line of credit?  There are the costs to sell to also consider.  Is there enough equity to cover all the above?  Be Proactive.

Sometimes there is enough equity to pay off the first loan and the costs to sell, but not enough money to pay off any other loans against the house in full.  This means negotiating with the other lenders (lien holders) to accept less than the full balance of the loan. 

Foreclosure prevention Florida step 2. How do I avoid foreclosure and save my credit
Foreclosure prevention Florida step 3. How do I avoid foreclosure and save my credit
Jack Lara CDPE Certified Distressed Propoerty Expert

#3

3) If you are unable to sell your property at a high enough price to pay off your loan plus expenses you will end up with a shortage of funds.   Then this leads to potentially selling your property as a “Short Sale”.  It is called a “Short Sale” because your lender will not be receiving sufficient funds to pay off the loan balance, this is a shortage.  There must be a justification presented to the lender to accept a shortage amount.

There must be financial hardship on the property Owner to move forward with a short sale.  This means you do not have other money available to pay the shortage amount out of your own pocket.  As a Certified Distressed Property Expert, I can provide insight on the process and assess your situation, so, call me at (850) 616-6377.

#4

Deed-in-lieu of Foreclosure.  This is not an optimal solution at all.  This should be a last resort after attempting the first 3 solutions.  It is still considered a foreclosure.  Forgiveness of debt has consequences.  Lender can levy a “deficiency judgment” and file a 1099.  The deed-in-lieu can appear on the credit report as a foreclosure.  The deed-in-lieu “keeps the lender from going through the lengthy foreclosure process”, saving them time and money.

Foreclosure prevention Florida step 4. How do I avoid foreclosure and save my credit
Foreclosure prevention Florida step 5. How do I avoid foreclosure and save my credit

#5

Foreclosed.  The foreclosure is a process that ultimately leads to your property being foreclosed.  The property goes back to the owner of the loan, known as the “investor”.  Your hands are not wiped clean when this happens.  There can be a deficiency judgment levied against you and it will be at a higher amount than a deed-in-lieu.  Keep in mind in a successfully negotiated short sale the result should be the lender waiving their right to pursue a deficiency judgment and accepting the shortage amount.

The first three options give you control over the outcome.  Even in a short sale you and your agent have a strong negotiating position to end up with the best result for you.

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So what do real people like you think about working with Buy My House Guru to sell their house fast for the highest cash offer? Check our just some of our recent reviews!

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“The team at Buy My House Guru are real “go-getters”!  Their tenacity is amazing, and they work hard to sell the property quickly and efficiently. I’m very impressed with them and will surely use them again in the future.”
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Out of State Seller, Foreclosure Prevention:

“Jack is the best real estate agent I have ever had the pleasure to work with. He took on a very difficult short sale that most other agents would not even consider and then was diligent and professional. Most importantly, he was successful. When challenges popped up, he overcame them. If I ever do another real estate deal in Pensacola, Jack will certainly be the first person I call. I have worked with many so-called real estate professionals that are more of a liability in getting a transaction complete than an asset. They must be babysat throughout the deal. I would trust Jack to handle every aspect from start to finish and to have my best interests covered every step of the way.”

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5-star home buyers in Northwest Florida

“Jack went above and beyond to help us unload a reverse mortgaged property for my elderly parents. He was efficient, kind, and extremely patient in dealing with their lack of knowledge in the situation. 5-star experience all the way!”

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Buy My House Guru Saved Our Family Home!

“Jack Lara took what seemed to be an impossible situation and made things work. Jack never once treated me in any way other than with complete respect and professionalism. He is a realtor that will work harder than expected on a short sale to get everything squared away. He is in constant communication with all parties involved and doesn’t miss a beat. I would highly recommend Jack Lara to anyone looking to have a successful sale on their home.”

Family Hoarder

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“I was at my breaking point, dealing with family in one of my houses.  Hoarding on steroids! To top it off there was an infestation of fleas and heavy cigarette smell, and I know fleas don’t smoke!  Needless to say, it was time to get rid of this headache.  Thank you for getting me one of your cash investors to buy my house, better than any aspirin.  Anton, thanks again.”

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Foreclosure Prevention:

“We can’t thank Jack enough for getting us through the sale of this property. Always great advice, whether we wanted to follow it. We did and got a better outcome than anticipated.  Jack, is a short sale expert, we must say!”

5-star home buyers in Northwest Florida

“Buy My House Guru made what can normally be a stressful time go timely and without any unsolvable problems. Whenever any problem came up their knowledge and experience enabled them to handle it in an expedient and professional manner.”

5-star home buyers in Northwest Florida

 

Reverse Mortgage Short Sale:
“Went above and beyond to help us unload a reverse mortgaged property for my elderly parents. He was efficient, kind, and extremely patient in dealing with their lack of knowledge in the situation.”