When the bank starts threatening foreclosure, most people don’t know where to turn for help. Most of us don’t even know how the process works. This should not be a “wait and see” situation. Your immediate action is necessary! Please call us at (941) 927-0040
Once the bank files for foreclosure, you will be receiving notice that a hearing has been scheduled. When you appear at the hearing, you will be asked what you intend to do with your property. The mortgage lender wants the money that they are owed. That is why they have been threatening to foreclose on your house in the first place. They want to know if you have any intentions of paying them what they are owed. At the hearing, if you have no plans to reinstate your back payments and keep them current, you will be given a date and time for the auction of your property. You will lose everything that you have invested in your home. Equity (if you have any) that you have in your property will be lost at the courthouse steps. In the meantime, there will be announcements appearing in the local newspaper that “John Doe and Jane Doe” (insert your names here) living at (insert your address here) are in foreclosure. This will be announced publicly at three different times under the Legal Notices in the newspaper. This gives everyone you know several opportunities to see that your house is going into foreclosure.
Your plans may be to sell your home either by “For Sale By Owner” or by using a real estate agent. This is one option. The key here is: Can you sell your home within the few number of days that you have left in the foreclosure process and send the money to your lender to meet their deadline? It usually takes 30 days to schedule a closing date. You may be among the growing numbers of people who have little to no equity because you got a 95% to a 100% loan. If you sell with a real estate agent, you will be forced to pay them a 6% commission if they sell your home. I know of one couple that did sell their home this way. The agent was thrilled that the house sold very quickly. The only problem was that the sellers were told that they would have to bring a check totaling almost $10,000.00 to the closing table to make the deal happen. Thankfully, they were able to get out of this contract.
Some people think that filing bankruptcy is their only choice. Bankruptcy can have serious effects for you. It is not without its own consequences.
We have helped other homeowners in this situation. There are resources available to help get you through this maze of confusion. Just give us a call at (941) 927-0040 to see what options are available to help you through this trying situation. Whether you have equity or not, whether you can afford to pay back the bank or not, whatever the situation is in your case, PLEASE call us. You are under no obligation whatsoever. This is a free service to you. All information is kept confidential.
Just knowing what your options are can help alleviate the stress you may be experiencing. You may have a situation that you have had an illness, job loss, divorce or some other life-altering situation that makes it difficult, if not impossible to pay your monthly mortgage payments. As each month goes by, the situation only gets worse. Depending on your unique set of circumstances, there can be a number of different solutions. Please call us today to see what can possibly be done to help you. Our number is (941) 927-0040
Waiting for this problem to take care of itself will only insure that your home is headed to the courthouse steps to be auctioned off to the highest bidder. Don’t let this happen. A foreclosure goes on your credit report. It can and does limit your ability to be granted credit when you may need it most.
We have helped a number of people stay out of foreclosure. We have spoken to a lot of people who have turned to bankruptcy for a solution to their problems. Without an exception, they have all told me that if they knew then what they know now, they would have never filed for bankruptcy. Yes, it stops your foreclosure. Yet, for the people that I have spoken to, they were never told the long-term results that a bankruptcy brings. For many of the families who chose bankruptcy, it only delayed the inevitable. They ended up in foreclosure a year later.