How Can I Stop Foreclosure In Sarasota, Bradenton, Venice, Lakewood Ranch, Florida?

Sarasota Short Sale Agent - Venice Stop Foreclosure - Bradenton Short Sale Help – FREE information on Foreclosure Defense, Mortgage Modification, Tax Consequences, Deed-in-lieu-of-foreclosure, Short Sales, Deficiency Judgments, Bankruptcy Referrals & more. John Michailidis, SaraMana Properties – Phone: (941) 822-5221

How Can I Stop Foreclosure In Sarasota, Bradenton, Venice, Lakewood Ranch, Florida?

When it all boils down to reality, there are two ways that you can absolutely Stop Foreclosure:

1. Pay the mortgage off.
2. Short Sale the property.

Since you wouldn't be facing Foreclosure if you were able to pay off the mortgage we can rule that one out, which leaves Short Sales.

In order to understand why a Short Sale is likely your only/best alternative, you have got to think of the big picture. When a bank takes a property back as a result of a Foreclosure, they are not going to keep that property -- eventually they are going to list it with a real estate broker and sell it in order to get their money out of it. Banks are NOT looking to be owners of houses in the long-run.

Since the lender is going to sell the property anyway, it is generally in their best interest to allow you to sell the property before they actually foreclose, thus saving themselves the expense and headache of going through the Foreclosure Process. That said, a common question arises, "Why should I be interested in saving the bank headaches and expenses?" At this point, most homeowners would be more than happy to give the bank a little "headache and expense"!

Well, while it is completely understandable for a property owner to feel that way, truth be told, there are advantages to Short Selling for the homeowner too -- allowing the property to go to foreclosure without first attempting a Short Sale would actually be a case of, "cutting one's nose off to spite one's face"!

When a bank has to actually go through with a foreclosure, who do you think really ends up being responsible for that expense (estimated at between $30,000 - $50,000 per foreclosure)? The truth is that YOU are the one that will likely have that added expense tacked onto the Deficiency, for which the bank will have the right to file a court Judgment and initiate collection activities (In Florida, the bank has 5 YEARS from the date of foreclosure to file a Deficiency Judgment -- how would you like to have that possibility hanging over your head for five years).

With a Short Sale (but only if it is being managed by a professional who knows the ins-and-outs of the Short Sale Process like the back of their hand) there is a large probability (90%+) that you will be able to have a deficiency Judgement waived up-front.

Imagine the peace of mind that comes with knowing that you can walk away from the property you just sold for $150,000 (for which you owe $250,000) without ever having to worry about the bank coming after you for the difference! Contrast that with a Foreclosure, where the bank would not only have the right to come after you for the shortfall in the sales price ($100,000 in our example above) but also for the foreclosure costs (estimated $30,000 - $50,000).

No matter how you slice it, if you are facing the possability of Foreclosure, consulting with a reputable and experienced Short Sale Specialist should be one of your first moves.

The SaraMana preForeclosure & Short Sale Assistance Team helps Short Sale Buyers, and Property Owners in Sarasota, Lakewood Ranch, Bradenton, Venice and throughout Manatee & Sarasota Counties Florida to STOP Foreclosure, potentially Avoid Deficiency Judgments, Successfully Short Sale their homes, and move on with their lives.

For more information, Call 941-822-5221, or use this ONLINE FORM.

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