FORECLOSURE NOW!
Homeowners,
Even hard-working people can and do encounter situations which may cause a poblem with making the mortgage payment. Many issues can be factors such
as job loss, medical illness, marital difficulties, major repairs, tenant problems, or even a death in the family. Just one of these situations can have a direct impact on your ability to make home mortgage payments. The good news is that
YOU ARE NOT ALONE!
When you choose to Work with Gulfcoast Realty you have the option to Save your Home or Sell it. We will try to work with your Mortgage company to see if there are any other options at your disposal.
Frequently asked Questions:
1. What is Loss Mitigation?
Loss Mitigation is an effective way to stop Foreclosure. By partnering with a professional loss mitigation firm to handle YOUR negotiations, the goal is to increase your odds of influencing your lender(s) to accept an alternative to Foreclosure. Your banks have one or more departments who handle loss mitigation negotiations.
2 : What happens when you miss your mortgage payments?
A: Foreclosure may occur. This is the legal means that your lender can use to repossess (take over) your home. When this happens, you must move out of your house. If your property is worth less than the total amount you owe on your mortgage loan, your lender or HUD could seek what’s called a “deficiency judgment.” If that happens, you not only lose your home, you also would owe your lender or HUD an additional debt. Worse yet, Foreclosure or a deficiency judgment could seriously affect your ability to qualify for credit in the future.
3: What is a Short Sale
A real estate Short Sale is a form of agreement between the seller of a home in the beginning stages of foreclosure and their lender, allowing the home to be sold for less than the existing loan balance outstanding. The mortgagee would accept less than the loan amount in order to avoid a foreclosure proceeding. This short sale would result in a substantially discounted purchase price for the buyer of the home. The buyer would then proceed with the purchase of the home much the same as in any conventional realty transaction
Example of Typical short sale:
Home owner owess $240,000.00 (1st loan $200,000.00 2nd loan $40,000.00) Current Market value of home $220,000.00. Homeowner is 4 payments past due on the loans: Primary lender files Foreclosure Papers(Lis Pendens) this month. Home owner contacts Gulfcoast Realty who then contacts the lien holder(s) on your behalf. Lien holder agrees to work with property owner and Gulfcoast Realty to pursue short payoff.Gulfcoast Realty negotiates short payoff with primary and secondary lenders after an offer is obtained or before, depending on the time frame of the sale. Lender waves part or all of the shortage between original mortgage and actual sale.
Homeowner avoids foreclosure, saves credit, moves to new home, and gets fresh "start"
In Risk of Foreclosure?
There are options:
After contacting the mortgage company to arrange ways to repay the arrearage, making an effort to borrow from friends or family, attempting to work out an ethical and affordable loan from a lender, researching assistance programs, and still not able to find a solution that works for you, you may need to sell your property. If you have enough time and there is a market for your home, this may solve your financial problems. Above all else, the SOONER you start preparing your home for sale when selling by owner or listing with a realtor, the better your chances of getting a fair market offer to purchase your home. There is little doubt that if you can sell your home with the expert guidance of a Realtor you stand to get the highest possible price for your property, unfortunately many people facing pending property problems don't have the time or money to try to sell their home under these options.
For a Confidential Evaluation
Call 813-926-1300
E-Mail info@eragulfcoast.com