Facing Reality to Prevent Foreclosure Miami

A lot of underwater homeowners, or those whose houses are worth less than the amount of mortgage they owe, are just now realizing that to prevent foreclosure Miami they should face reality. Once you have accepted the possibility you will lose your home to foreclosure if you do not act now, you will be motivated to look for a solution. One of which is a short sale.

There are actually three steps you need to take for you to fully realize how a short sale transaction can save you from the trauma of a foreclosure. These are:

Step 1: Get Educated – Knowing all the facts about your situation will help you determine if you are qualified for a short sale. It will also work to your advantage if you learn about the process involved in a short sale, what your responsibilities are and what it takes to get the lender to agree. Also, you should understand the key to successfully prevent foreclosure and execute a Miami short sale you need to have an in depth knowledge of such a transaction.

Step 2: Be Prepared – A short sale transaction can be lengthy and you must be ready to work with your lender until your proposal is approved. When it comes to your finances, you need to be honest with yourself and with your lender so that a short sale agreement can be reached quicker.  Remember, you are racing against time and the longer you wait to provide the seller with the complete documents, the higher the risk of your proposal being rejected.

Step 3: Get Help – No one is expecting you to work out your mortgage problems on your own. Upon deciding a short sale will work to prevent foreclosure in Miami, you should meet with a team of short sale experts to discuss your particular situation. Keep in mind different homeowners have different stories and it will be best if you prepare in advance.

The latest report on the number of homes entering some stage of foreclosures showed a decreasing trend in Miami Dade County. If you are serious about avoiding foreclosure, you will follow what the other distressed homeowners did — explored the potentials of a short sale to prevent foreclosure in Miami.