Stopping Foreclosures: Solutions Banks Won’t Tell You About

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When the roof over your head is threatened, it’s hard not to fight. The place you call home is sacred, it is not an asset owners expect to defend. When homeowners find themselves in difficult situations and making their payment becomes difficult, they are often faced with disheartening letters from the bank regarding restructuring of their loan or the risk of foreclosure. In this instance, it’s hard not to interpret an impending foreclosure as a personal attack; these big banks do not understand the struggle of everyday Americans. It is in times like these that many homeowners facing foreclosure make unwise decisions in an attempt to defend their asset. These actions end up costing them more money, often resulting in a much more painful conclusion than a foreclosure. When facing foreclosure situation, knowledge of the process and the assistance of someone with experience in creating solutions to these crisis, can turn this disheartening situation into an opportunity.

Today’s Economic Climate

Foreclosing in Miami, or the state of Florida for that matter seems like an impossibility. Record high prices brought on by the post Covid real estate market gives the impression the economy is fine, but that’s only part of the picture. Over-speculation in real estate, as well as other parts of our economy has given way to higher prices as demand surges. This uptick in demand correlated with the shortages of just about everything. In short, our economy has never been better, or worse. With record high inflation, new tensions with Russia, and skyrocketing gas prices, a scroll through the evening news will give anyone old enough deja vu of the 1970s.

Why Does this Matter?

Over-speculation in real estate, combined with inflation is never a good thing. Homeowners will be ecstatic to learn the market value of their home, just to watch their superior financial position dwindle as prices of everyday goods rise at a rapid rate. Inflation is brought on when an economy is too prosperous, yet it retains its negative connotation, as its presence almost always leads to recession. Recessions take place when the economy is receding, and as a result so do those working in the economy. Recessions lead to layoffs, salary decreases, and you guessed it… foreclosures. Predicting the economy’s next move is like trying to guess the weather, we have tools to do so, but they’re never one hundred percent accurate. Much of today’s data points to an impending recession, but there is no way of knowing how or when this will occur. Unfortunately, there is no crystal ball to see if a foreclosure is in your midst, that’s why understanding the process and the solution prior to the issue will put you on the right path, God forbid you one day face tough times.

What Do I Do When My Home is in Foreclosure?

Most homeowners facing foreclosure act emotionally instead of logically. Many of them lawyer up to defend the place they lay their heads at night. The high pressure situation facing these residents have them looking at the short term picture, not the long term. When facing a foreclosure, the lack of payment to the mortgage holder will result in a foreclosure sooner or later, unless the debt is satisfied. Those consulting with attorneys seek to put the bank in its place by deferring off the foreclosure, but there will come a time when the foreclosure date can no longer be dismissed. When the court eventually orders a foreclosure, the attorney must tell their client there is simply nothing more they can do short of a bankruptcy. As a result, the time and money wasted to play games with the bank becomes painful as it could have been used to pay down the home’s debt and greatly reduced the time needed for options like short-sales and loan modifications.

When a bank seeks foreclosure there are a multitude of different conclusions, understanding each one and how it will best suit your situation is crucial to anyone facing hard times. Foreclosure is the most common conclusion and it will take place if no further action is taken. Short sale is another way out, and it takes place when too much is owed on a home and a typical sale will not cover the debt; in this instance banks agree to take less than what is owed. Loan modifications occur when a new payment plan is organized between the mortgagor and the mortgagee to catch up the delinquent amount. Bankruptcy is another option and can also be filed to prevent the foreclosure, but involves consolidating debt as the courts decide who gets paid what from the person in default’s paychecks every month. The last option to stopping foreclosure is bringing the mortgage current/paying it off, in many cases none of these options are ideal or available to those in default. At Helpful Homes we specialize in foreclosure as we think outside the box to formulate a strategy that works for you!

Why Our Solution Is Best …

Foreclosure solutions are limited when dealing directly with banks or realtors, but at Helpful Homes our solutions are tailored to fit your needs! By implementing our network of attorneys, short sale negotiators, lenders, and realtors, not only can we make the typical foreclosure situations stress free and simple, we can get creative in our solutions. We have done things like bringing a mortgage current and providing lease back options until the seller found their next place, we have helped get homes to market with a realtor to satisfy the mortgage and optimize profit, and we have bought homes in foreclosure to get the homeowner a paycheck and the bank off their backs, without the lengthy process of listing their home on the market. At Helpful Homes we understand that every foreclosure situation is different and with our connections and experience, we make sure your needs are met! If you find yourself needing to stop a foreclosure in Florida, give us a call!

Counties We Serve:

Florida: Miami-Dade, Broward, Palm Beach, Matin, St. Lucie, and Hillsborough

North Carolina: Forsyth, Guilford, Davidson, Randolph, Chatham, Wake, Mecklenburg, and Cabarrus

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