How do you Stop, Prevent, Avoid Foreclosure? In Sarasota, Short Sale is an option many homeowners are having success with in Stopping Foreclosure. Why Short Sale? In Sarasota, we are in a crisis with approximately 1 in every 7 mortgages in the Sarasota and Manatee County area in default. With the stress of being late on your mortgage payments, many homeowners are choosing to take the path of least resistance and ignore the problem in hopes it will go away. Doing nothing will Not stop foreclosure, in fact will usually lead to Foreclosure. A foreclosure will destroy your credit for a long time and could result in a Deficiency Notice that may haunt you the rest of your life.
WHAT ARE SOME ALTERNATIVES TO FORECLOSURE?
Repayment Plan or Forbearance is where lenders will allow you to make up the back payments all at once or over time. Sometimes making up back payments is not a financial option to a homeowner.
Mortgage Modification could be a good solution, if it works. Unfortunately most Mortgage Modification plans don't work for various reasons.
Filing Bankruptcy could be a solution, however it is important to note that a homeowner should first talk to a qualified CPA before they consider this option, as Bankruptcy is not always the best solution.
A "Deed in Lieu of Foreclosure" otherwise known as "Handing over the Keys" is an option whereby a homeowner voluntarily transfers ownership of their property to their lender. However there is a catch with a Deed In Lieu Foreclosure. Your lender has to be willing to accept your property. In most cases if you have more than one mortgage one your property, your lender will be better off to Foreclose on your property, because a foreclosure will usually wipe out all subordinate liens. A Deed in Lieu of Foreclosure will not necessarily prevent a homeowner from receiving a Deficiency Judgment.
What is a Short Sale? A Short Sale is where a lender agrees to accept less than what is owed on their mortgage to facilitate the sale of your property. The process can be extensive, however the benefits are much greater than a foreclosure. In a Short Sale, the homeowner's lender usually pays the real estate commission and all the closing costs. In essence it could be Free to do a Short Sale. In the best case scenario of completing a Short Sale, a homeowner may be able to obtain financing to purchase another home in two years.
For more information on Short Sales in Sarasota, visit www.TroyFunk.com. Troy Funk is a Broker/Associate with Keller Williams Realty on the Water and is available to homeowners to discuss the requirements of a Short Sale on a Free Consultation basis. Troy Funk has earned the CDPE (Certified Distress Property Expert) certification and SFR (Short Sale and Foreclosure Resource) certification. With his team (Troy Funk Team), Troy has successfully closed over 100 bank-owned negotiated sales in less than a year in the Sarasota and Manatee County area. Troy can be reached directly at 941-445-9999.
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