Short Sales
If you don't have any equity in your home… then a SHORT SALE is your best and only option.
A SHORT SALE is FREE!
When facing a foreclosure and the bank is not approving your loan modification to keep the house, a SHORT SALE is the ONLY answer. A short sale will protect your credit score and avoid having a foreclosure on your permanent record.
When you are in a short sale in Florida, you can continue to live in the property for the 4-6 months that it takes to get the short sale approved, and you don't have to make payments during that time!
A short sale is when a buyer makes an offer to your bank to buy the property for less than what is owed on your mortgage. If you don't have equity and if your property needs repairs, the property will not be worth the amount owed on the mortgage.
In most cases, our experienced negotiators can secure $5,000 to $10,000 in relocation money for the homeowners going through a short sale.
Also, the lender will waive their right to garnish your assets or wages for the remaining mortgage balance.
Loan Modifications
You may need to refinance your loan when you have trouble making the mortgage payments or want to get a lower interest rate. However, a loan modification might be a better choice, and you can get an application from a mortgage lender in Florida.
Loan modifications and refinances both have benefits and drawbacks, so it's crucial to do plenty of research before making a decision.
Let's focus on some of the differences between a loan modification and refinance. You can learn when mortgage modification is better for you and how to apply for either of them.
The loan modification agreement is a change from the original loan terms of your current mortgage. Unlike refinance, the loan modification doesn't pay things off and replace it with a new mortgage. Instead, it changes the conditions of the loan.
You should know that some loan modification programs negatively impact your credit history and score. If you're current on the mortgage, it might be better to review other options and apply for a refinance.
Overall, you may only get a loan modification agreement through the current lender because they have to approve the terms. Sometimes, a mortgage modification can adjust:
- Loan Term Changes - When you're having trouble making monthly payments, you could modify the loan and extend the terms. That way, you have more time to repay it, reducing the amount you spend each month.
- Interest Rate Reduction - Sometimes, interest rates are lower currently than when you locked in the mortgage loan. Therefore, you could modify it and get that lower price to reduce your monthly payments.
- Loan Structure Changes - You could modify the loan to be a fixed-rate loan instead of having an adjustable-rate mortgage. That can be beneficial if you're now on a fixed income and require a predictable monthly payment amount.
- Principal Forbearance - The lender might agree to set the principal amount aside so that you can pay it back later. This reduces your payments and makes things more manageable. However, such mortgage modification programs are rare. Generally, you only get this if there is no other way to avoid foreclosure. Plus, you must subscribe to a particular repayment plan to qualify and stay on top of those new monthly payments. Overall, the lender might agree to settle some of the principal once you've completed the repayment plan.
Lenders aren't required to accept the mortgage modification request or to renegotiate the principal. Therefore, it's often harder to do than refinancing, and you must show proof of hardship. Each investor and lender on the loan (FHA, Freddie Mac, Fannie Mae, etc.) has various standards to determine who qualifies and what modifications they provide.
You could receive offers from different settlement companies to get a loan modification, which is helpful if you are behind on your mortgage. Such companies negotiate with the lender for you and can make the process easier. However, they're often the middleman and charge you for the service that a loan servicer offers for free.
If you choose to work with one of those companies, research the provider before agreeing to the contract. You don't need high-fee agreements if you're currently behind on your mortgage.
Foreclosures
Foreclosure is the term used to describe the legal process of repossessing or "taking back" real estate because a mortgagor fails to make payments as agreed. The process may only be initiated by the lender, which is often a bank. Florida is a state that allows for judiciary foreclosure. As a result, a bank or homeowners' association wishing to foreclose a property must first obtain a judge's consent. The truth is that Florida foreclosures are never easy, but there are actions you can take to prevent your financial troubles from getting to this stage. Get in touch with us to find out how!
What We Offer
When you find yourself in financial trouble, it can seem like everyone has turned on you. Debt relief services are also costly, adding to your already heavy financial burden. To help homeowners in Florida keep their homes, we offer Florida foreclosure assistance to educate homeowners about their options. Because we've been in the real estate industry for over two decades, we know the ins and outs of Florida foreclosures and can help you find a way out of your troubles.
First, we will help you complete a Loan Modification Application. Changing the terms of your loan agreement is a great way to keep your home and ensure that your creditor is still happy. Should your application be denied, we will help you explore the other options available to you, including making a short sale or declaring bankruptcy. If all else fails, we can help you find a new home. Whatever your situation or reason for missing mortgage payments, we are here to help! Contact us today to get started!