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SHORT SALE PRE-FORECLOSURE FORECLOSURE
ATTENTION HOMEOWNERS !
We specialize in helping homeowners in financial distress.
In Florida, the number of homeowners facing mortgage payment difficulties are on the rise. Many homeowners are finding it tough to pay a higher monthly payment required by a lender. Many mortgage programs require a borrower to start paying a full monthly payment after couple of years of low payments. A full payment may be 3-5 times more than you paid before, making it difficult to keep up with today's higher payment.
When a homeowner misses 3 mortgage payments, the lender can initiate the foreclosure procedure. The lender files a lawsuit in a court and records "Lis Pendis" - a notice of pending lawsuit against the homeowner in default. Court ruling will include amount owned to the lender by the borrower and the foreclosure sale date. If you ruin your credit by having first mortgage lates, then a foreclosure. This may cause you a serious finacial challenges for a next 7-10 years. When you have bad credit, it can make renting an apartment difficult. The landlord may demand a larger deposit than normal or require a higher rent. Many potential employers also look at credit reports as a way to judge a person's resposibility.
Once your credit is adversely affected by not paying the mortgage on time, your credit card companies will increase an interest rate on your credit cards because your credit score has dropped.
It is important to save not only your home but also your credit history.
What are Short Sales?
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor. A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. A short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount.
WE ARE SOUTH FLORIDA SHORT SALE SPECIALIST
What is a Foreclosure?
Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust." Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."
WE ARE SOUTH FLORIDA FORECLOSURE SPECIALIST
What are REO Properties?
Real Estate Owned (owned by lender or bank) - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most foreclosure auctions equal the outstanding loan amount, the accrued interest and any fees associated with the foreclosure sale.
WE ARE SOUTH FLORIDA REO SPECIALIST
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