Is your Miami Home in Foreclosure?
Do you believe in the expression it is never to late? What if you were a doctor and a victim gets rushed to the emergency room with no pulse and a significant low level of blood. Would you try to save a life even though you know the odds for the victim to live is close to none? Today I feel not like a medical doctor but a Real estate agent trying to save a soon to be Foreclosure victim. The victim suffered from UN employment for 3 months and a cut of salary. He won't be a able to maintain and pay what the mortgage was with his new salary. But like many Miami foreclosure victims he has high hopes that the lender will allow him to stay and re adjust his loan amount to reflect market value. Nothing can be further from the truth.
- 1. Speak to your lender but don't hold your breath.
IF you are in the early stages of a Miami foreclosure meaning in about 2-3 months of nonpayment your lender might have different programs for you. But if you are in the 6 months and beyond don't hold your breath for much lender cooperation. Begin to take advice number 2 more seriously.
Being optimistic in the middle of great turmoil can be your only hope. With that in mind Save and cut back on most if not all your unnecessary expense. I am surprise when I'm begged to help a miami foreclosure homeowner and they have not saved a penny. IF you save you will be in a much better position than if you dont. Keep in mind Just because you are in foreclosure it doesn't mean you're doomed for life. For a list of ways we can help click here.
- 3. Seek a private lender or investor.
If your mortgage payment was 1,800 which is not too far from reality in Miami that means you haven't paid 1,800 for almost 9 months that is a total of 16,200 so why can't you save money. If your lender won't consider a loan modification or decrease of your mortgage payment seek a private investor also called hard equity lender. Hard equity lenders lend on value not so much on your credit. IF you have saved at least 20% of your house new value there still a significant amount of possibility you can save your home. Keep in mind Cash is King.
Don't be a victim if you see yourself in this situation don't bleed to death as of yet. There are still options and ways to resurrect your home from being a nother miami foreclosure.
Ready to buy a Miami Home? Contact Global Market Realty today. We have several Homes and Condos for sale in Miami , Search the MLS for foreclosures in Miami . Do you want more information on a second home or a vacation home please contact us at 305 364-0037
Looking for a home in Miami ? You will find everything you want in the Miami area. The city of Miami is a great place to live and is served by the Dade county School District.
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