If you are planning on how to stop foreclosure on your home in Boca Raton, you mainly have four things to consider. First, you have to call your lender and tell them that you are having problems with the payments. In case they have already sent a letter, you still have to call them and learn what your options are in order to keep your home.
Second thing is to gather as much information as you can. In Florida, there are foreclosure laws and mortgage rights that protect homeowners from such event. Review your mortgage loan documents so you will know what to do if you cannot keep up with your payments. Third is to talk to a housing counselor who will provide guidance and help for you for free. There are alliances in Florida that assist those who are having problems with their mortgage loans. Finally, you have to understand the terms involved in the process including reinstatement and repayment plan.
There may be different ways on how to stop foreclosure, but what if both you and your lender decide not to keep the property? Actually, this is not a problem because you still have many options to save yourself particularly your monetary future. Doing the right steps and doing them immediately will help you have a worry-free life financially.
Options on How to Stop Foreclosure if You Can’t Keep the Property
- One method is called short payoff, which means that you get to sell your house but the proceeds are often less than the amount you owe from the company. The mortgage lender may agree to use this method and then deduct a portion of the sale from the mortgage. This allows you to pay a much lower amount of money to the lender.
- Another option is called a “deed in lieu of foreclosure.” This pertains to the termination of your mortgage, which means everything that you owe. However, there is a catch: you have to give up the title of the property to the lender. Typically, you have to sell the home first using a fair market price for about 90 days or less. If no one buys the house, the mortgage company will reflect on this alternative and thus the deed in lieu may take place. If there are other liens on the house though, it is not possible to use this option.
- If you have a buyer, you can use the assumption method which denotes that you transfer the title of the property to the buyer as well as the mortgage payments and other debt. This is a good choice because you get to sell the property and you even found a way on how to stop foreclosure. If you need a quick sale, I suggest you contact us and give us the details of your property. We will gladly offer you a price that not many can afford in Boca Raton.
You may want to keep your home but it is impossible to cut down on your other expenses. This leaves you to giving up the property. With the choices above, you can stop foreclosure. For more information, give us a call or send us an email. We will be happy to provide you with a free consultation.