Stop Foreclosure in Florida: Foreclosures are on the rise today. There are hundreds of thousands of them in fact. Experts are also predicting that when the new wave of interest rates are reset in the next few years, there will be thousands more that could end up in foreclosure. When that occurs there will be a glut of houses on the hands of the lenders.
The banks are not in the real estate business. Neither are the lenders. They are all in the money business and taking care of vacant pieces of property is not within their scope of business. When a foreclosure happens, the bank ends up with the house. The owners need to move out. The house can then sometimes sit vacant for a time, which reduces the value of the home and drives down the values in the neighborhood. Vacant homes are not good for anyone.
The reason this is important is that there is a possible solution to foreclosure that avoids the vacant house prospect. The home could sit for a short time between the owner and the renter, but that is held to a minimum and the bank won’t need to worry about it anymore. The bank often prefers to let the homeowner sell the house for less than they owe.
This is called a short sale. The owner calls an investor or someone else who wants to buy the house. The offer is going to be, most likely, a bit less than what the owner owes the bank on the mortgage. The investor can approach the bank and offer the reduced amount as a short sale. Many times the bank will agree because it’s better for them to accept slightly less than is owed than to have to go through the expensive foreclosure proceedings and remove the owner from the property.
When a short sale occurs, the investor that buys the property can resell it, rent it out, or put it back on the market. Your house will be sold and you’ll still need to move, but at least it will be your idea. That may be more desirable than waiting for the foreclosure to occur, the auction to happen, and the traumatic experience of losing the house.
Investors are prepared to give money for houses. It can sometimes be just a few days in the process. If they agree to a short sale your credit will remain intact so you can make a new beginning and rebuild your life.
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