Stop Foreclosure Miami Florida:When you fall behind on your house payments, don’t give up and let the bank take your house. Foreclosure is a very traumatic experience for many people and you will be left with no home, much damaged credit, and lasting bad memories. It doesn’t have to happen that way.
Many feel that when they fall behind they have no choice but to let the process run its course. They get behind, then the bank or lender contacts them and tells them they to pay their past due amounts, which almost always involve large late payment fees, making it worse. Falling farther and farther behind can be a rather helpless feeling and you may not see any alternative but to let the house go.
One alternative to this may be to restructure your loan, or modify it according to guidelines recently set by the Federal Government. The HAMP program may help you if you fall within specific income and home value calculations. The problem with this program is that you must wait for a long period of time to be sure you qualify. The foreclosure doesn’t stop while this is occurring, though. So by the time you find out if you are eligible, it could be too late to take other steps instead.
Foreclosure laws allow a time period in which the homeowner is allowed to catch up on all missed payments, the foreclosure fees, taxes, and any other fees that accrued throughout the process. Most people who have already fallen behind cannot do this, of course, but sometimes a family member or other party that has interest in the property can help.
The other option is to sell the property before the bank takes it. A short sale can be done if the bank agrees to it. An investor or other buyer can make an offer on the property and even if it is less than the amount owed, the banks often agree to the lesser amount. It is better for them to accept a slightly lower amount for the property than to foreclose and get nothing more.
Banks are not in the real estate business and are better off accepting a short sale amount than getting no more payments on the property from the owner that has been foreclosed on. An investor will be helpful in buying your property when you face foreclosure. They buy houses in foreclosure quite often.
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