Foreclosure can be a heavy chapter in any individual’s life. The extreme uncertainty of the situation can leave any homeowner feeling lost, vulnerable, and unsure of where to turn. From our team at Bruce S. Rosenwater & Associates to you, we want you to know that there are options. With a group of professionals with over twenty years of experience, we encourage you to not give up just yet.
Foreclosures generally come from those who can no longer continue to pay their mortgage payments every month. This can be frustrating, especially as a homeowner knows that they are coming. This can leave the homeowner feeling overwhelmed by the harsh realities that they are unable to fulfill the pending payments. Thankfully, there are ways to go about foreclosure that homeowners may not have known before. We work with our clients, finding solutions that work best for them in their time of need.
Here are few options for those who are facing foreclosure:
A short sale means that the homeowner’s home will be sold for less than the current status of mortgage payments. This sale has to be approved by the lender, or an agent. The benefit of this option for lenders is that they are at least still getting some money out of the sale, even if it is not the full amount. Foreclosures are not desired because of the expenses that come with them, after they are transferred back over to the lenders. The lenders are then unfortunately responsible for the taxes, insurance, and utilities – so a short sale is much more preferred.
DEED IN LIEU OF FORECLOSURE
This means that the homeowner agrees to hand over the property back to the lender. This still follows most of the original foreclosure guidelines, but allows the homeowner to exit the situation with less credit damage and a quicker goodbye to their pending mortgage.
This type of deal takes a bit more work, as it needs the cooperation and validation of more than just one party. A mortgage assumption is when a homeowner sells their home to someone who will take over the existing payments on their mortgage. Generally this applies more to FHAI or Veteran’s Administration loans.
Of course, there are also options to do a deal with the lender in order to see about making mortgage payments less every month. There is also an option where a homeowner may choose to shorten their mortgage term, making payments larger, while also making the time in which they will owe shorter. If you’re looking for foreclosure defense in West Palm Beach, call Bruce S. Rosenwater & Associates today. If you’re dealing with foreclosure, the faster you act, the more options you have.