Home Owners Facing Foreclosure: Difficulties in Paying your Mortgage? Here’s A Way Out
Today’s home owners are finding it more difficult to pay their mortgages on time or in full only to then face a lender’s foreclosure. The problem is most home owners in financial distress aren’t sure what to do, and walk away from their mortgage believing this was their only option. Well, think again, there are options and solutions to avoid this!
The most sensible option of defense to being foreclosed on is a Short Sale. Yet, its also the most unfamiliar choice as most residents in the Treasure Coast of Florida aren’t aware a short sale is even possible. Government loan modification programs could also help, but its unlikely as most fall short.
A Short Sale is when your lender agrees to receive less money than entitled to pay-off the remaining amount of your loan. Hence, being “short” of what was originally owed. Why would the lender do that? Well, they aren’t in the business of owning homes, and generally do a poor job of it. Also, foreclosures are expensive for lenders, and int he end they most likely won’t get all they’re owed anyway.
Why not be foreclosed on? Why sell your home short?
Our real estate agents know the kind of deals lenders are accepting in the Treasure Coast market. Our real estate agent’s negotiating help can be critical, because the lender may agree with the proposed offer, or it may make a counteroffer. This may go back and forth until everyone is satisfied or the deal falls through. These are the top reasons, but there are more. Contact one of our short sale specialists to give you a full picture of the options.