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Stop Foreclosure

Are you behind on your mortgage payments? Have you tried to work with your mortgage company without success? Are you concerned about a foreclosure showing up on your credit report for the next ten years? Have you received a lis pendens?

Don't make the mistake of thinking the bank's inaction will go on forever. It's time to take action NOW while you can still control the situation.

Bankruptcy

Many lawyers will tell you that bankruptcy is the way to go. It is true that this will put a stop to the proceedings... but only for a while. There are still issues to deal with, among them is the fact that you may still have a foreclosure on your record, but a bankruptcy as well. Doing nothing and hoping for a miracle is not a winning strategy! Problems like these only get worse with time.

If your payments are a couple of months behind, it's most likely that the bank has already begun the foreclosure process. This adds all sorts of penalties and legal fees, not to mention the interest that compounds day after day making it even more difficult to dig yourself out of the financial hole.

Public Record

If the foreclosure has been entered in public records you probably have heard from other investors. Some want to take advantage of your situation. Sometimes there is nothing anyone can do to help, but there are various things that can be possible to do that will let you go on with your life with a minimum of financial damage. Sometimes we may be able to bring the loan current and pay you for your equity in the home. If we can't come up with a mutually beneficial solution, we won't do it.

Deficiency Judgement

While it does not happen often, there are times when the lender is not satisfied with the proceeds of the foreclosure and decides to pursue a deficiency judgement for the amount remaining uncollected. This is not usually done because most of the time people will do whatever they can to save their home, so by the time a foreclosure takes place there is little for the bank, even if they do get a deficiency judgement.

Right of Redemption

Some states have given the home owner what is called the Right of Redemption. This is the right to reclaim the property by paying back the money owed within a specified period of time. This can range from a few days to a year, depending on the location. This is something to be considered pursuing if there was significant equity and funding can be found quickly. If you cannot find a lender to put you back in the home, you may at least be able to find a buyer who will redeem the property and pay you a portion of your equity. It is not a perfect solution but you do not end up empty handed.

Perhaps we can help...

Let us help lift this burden from your shoulders. Call us and see what we can do to help. That's what we do!

There is no charge or obligation to sit down and talk about solutions. Call 727-351-5381 today to begin the conversation that can resolve this problem and help you relax... or go to our Sell page and tell us about your house.

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