My Home In Miami Is In Foreclosure, What Do I Do Now?
Foreclosure is never a situation one plans for. Resulting from tumultuous times and a poor economy, foreclosures can come for the most economically sound of us. When prices of gas and food increase at the rapid rate we have seen in the past few months; those who could afford their homes are increasingly unable to.
Those in foreclosure often act defensively, hiring attorneys promising to prevent the foreclosure. Do not be fooled by their promises, not even the most skilled attorney can prevent the inevitable. Attorneys can buy time and push back the sale through legal loopholes, but the home will eventually be ordered a sale date by the courts.
At Helpful Homes we do as our name suggests and help those with problems regarding their homes. Foreclosures are a specialty of ours we have tackled over the past twenty years. Over time, we have built a team who can provide those in foreclosure with every option available to help them out of tumultuous times and turn a difficult circumstance into an opportunity.
If Attorney’s Can’t Stop a Foreclosure, How Can Helpful Homes?
At Helpful Homes we believe in educating our clients and we make sure they are aware that debts are only forgiven when they are paid off in full. We are able to stop foreclosures as we understand the debt must be satisfied, or payments must be caught up. We use our tools to make sure that takes place. Not every property or situation is the same, so the ways we satisfy the mortgage in full varies from case to case and depends on what works best for the homeowner.
What Options Are There to Satisfy the Loan, Stopping The Foreclosure?
-Joint Venture/ Seller Carryback
Short Sales are as the name suggests and one of the only times debts are forgiven without being paid in full. In order for the bank to accept less for a property, there must be an incentive for them to do so. This incentive comes when the property could not be sold for the amount that is owed. In most cases these homes are damaged past cosmetic repair. Helpful Homes has one of the best short sale negotiators in Miami, so not only will we communicate with the bank to make the case for you, we will make the strongest case as our short sale negotiator has years of experience and negotiates short sales day in and day out.
Conventional Sales are one of the most common ways to satisfy a mortgage and at Helpful Homes we have real estate agents on our team that can assist with listing homes and getting them market ready. In the case of most foreclosures, sellers are under much stress and are in a hurry to satisfy the bank before it does further damage to their credit. In cases where showings and inspection periods are not ideal, Helpful Homes may purchase the property for cash, preventing the foreclosure immediately.
Joint Ventures/ Seller Carryback is another way we can satisfy the mortgage as well as get a pay day for the seller. These instances vary from case to case but involve Helpful Homes catching the payments up and then renovating the property. Once renovations are complete and the home is sold. Helpful Homes will share the profits with the seller.
Loan Assumption is just as the name suggests, it takes place when Helpful Homes makes the mortgage payments in place of the seller. This is one of the quickest ways to get out of foreclosure. In doing this, Helpful Home is able to pay the sellers upon the mortgage assumption.
What if My Home Has Multiple Mortgages Attached to it?
Multiple mortgages are not uncommon in Florida as properties are often used as assets to borrow against. At Helpful Homes we have great experience with these situations as well and understand how to negotiate with other lien holders who aren’t a conventional bank. Short Sales are oftentimes great ways to deal with properties subject to multiple mortgages as more is often owed on these properties than they are worth.
What if My Property is in Terrible Shape?
There isn’t a lot we won’t buy at Helpful Homes and we can make the worst of properties look new again. So if there is a property that has damage, significant or minor, give us a call. No home is too big of a project for us to tackle.
Call Us To Find Out How We May Help You!
Today’s economy is pushing those living in Miami from paycheck to paycheck into risky territory when it comes to home affordability. Skyrocketing cost of living has outpaced salaries for quite some time and is beginning to take hold of those in Florida as well as other parts of the country. Helpful Homes has been helping those deal with home issues for years and understands how to properly diffuse a foreclosure situation with the best outcome for the seller. Throughout our repertoire of resources, we can stop a foreclosure and make sure sellers walk away without losing, whether that be expensive attorney fees or damaged credit. If your home is in foreclosure or you anticipate it will be, give us a call and someone from our team will be happy to meet with you and discuss your options.
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