We all assume that we will move out of our home as and when we are ready. But what do we do when this decision is taken out of our hands?
While the idea of having our homes repossessed may never have crossed our minds, we may find ourselves in a situation beyond our control, such as an unexpected change in financial circumstances, which means we are suddenly faced with this incredibly stressful situation.
With 1 in every 1538 houses, Florida wide, struggling to pay their mortgage and in foreclosure in Florida, house repossession is a harsh reality for some. However, there are alternative options…
House repossession process
If you fall behind on your mortgage payments your lender will inform you of your mortgage arrears. This is how much money you currently owe them. Remaining calm and communicating with your mortgage provider will often halt the repossession process there and then, with many lenders giving time frames and alternative payment plans to help you take control of your situation.
If you fail to get in contact with your lender they will file for a possession order; this means that the courts have decided your mortgage provider can repossess your home. You will be required to attend a court hearing where you can voice your case to a judge. Often, solutions to stop repossession can take place at this point.
If the court decided that repossession is the best option you will be provided a date you must leave your property. If you fail to do so bailiffs will be sent to your home to remove you. Your mortgage lender will then sell your home and return any remaining funds to you.
However, repossession doesn’t need to be the answer.
How to avoid repossession of your home
Most people are aware if they are not keeping up with their mortgage payments and it doesn’t take a notification from your lender for the panic to set in. Whether you have received a letter or not, get in touch with your lender as soon as possible; communication is key.
House repossession advice
Mortgage lenders aren’t out to get you. You are a customer and they will often be keen to find a solution for you if you are upfront and honest. They are human too and will be sympathetic to your case. Solutions could include any of the following:
Changing to an interest-only mortgage
Adding your arrears to the mortgage itself
Taking a ‘mortgage holiday’
Selling an endowment policy
However, if you would prefer to get out of arrears with your provider you have the following options:
Take in a lodger
Rent out your home
Voluntarily sell your home
Stop repossession now
If you are currently trying to avoid having your home repossessed get in touch with us today. We are here to help and offer a no fee solution for anyone who is facing repossession, as well as free advice to those with mortgage difficulties.
We can help get your credit back in order
We can help you stay in your house while this is being resolved
A quick resolution, you will know ASAP
avoid repossession and potential bankruptcy.
So, if you need to stop the repossession of your home, simply fill in our enquiry form and we will be in touch to help you resolve the problem quickly and easily.
How to Avoid Common Mistakes
One of the biggest mistakes that homeowners make when faced with a foreclosure situation is that they wait too long! In fact, they decide “not to decide”. By that we mean that often times, fear, anxiety, and a whole host of other emotions often prevent people from taking any action at all. We designed this page to help you understand that there are some common mistakes we have seen others make when they found themselves in this situation. Use this page and suggestions below so that you can avoid these same mistakes:
Mistake #1: Thinking my Friends and Family will give me the best advice because they care about me – The truth of the matter is our friends and family do care, and because of that fact, they can often not give you the best advice because they are not dispassionate, nor are they often qualified to know all of your options. You need to learn about your situation elsewhere. Finding a qualified real estate attorney in your area would be a good start. Also, enter your email and use this website to get more information about foreclosure, and learn about your options. Here you will find the contact information for a local National Prevention Center affiliate in your area that could recommend a local attorney, point you in the right direction, or many times provide the solution themselves and stop foreclosure within days.
Mistake #2: Thinking my existing lender will help me with a refinance in time – How many stories have we all heard about the couple with a home that went into foreclosure with the bank still “reviewing the documents for a decision?” Often lenders lure in unsuspecting homeowners with a promise that your payment will go down, only to get to the closing table and find that you didn’t have sufficient documentation to “qualify” for that lower rate program, and now your loan and payment have both gone up, or worse you can’t qualify at all and you have lost all that time. The only way to avoid losing precious time is to know your options, therefore review the Consumer Awareness Report offered on this website and follow the advice provided therein.
Mistake #3: Hoping the lender will forgive the back payments on the loan – The truth is that lenders will often enter into a forbearance agreement with the homeowner, but that agreement does not forgive back payments or lower the monthly payment, in fact it increases it. You may be required to make up those back payments over a short period of time, say 6 months or a year. Can you handle the increased payment? Are there any other options to stop foreclosure? We suggest you consult the free Consumer Awareness Report offered on this site, and don’t let the banks have all the control. Talk to someone who can guide you through the maze – consultation with a National Prevention Center affiliate is free of charge and there are no obligations on your part.
Mistake #4: Thinking that listing the home is a guaranteed sale – Realtors do sell the majority of properties in the market. While you may know of someone who listed with a realtor and they sold in a short time, the reality of the market today is that no one can guarantee the day they can close or if the buyer they find can even qualify for a loan. How many of us personally know someone who has thought they had the house sold through a realtor only to find out that the deal fell out of escrow maybe even more than once. Not even the best realtor can guarantee you when the home will sell, and remember, time is working against you. In many situations, homeowners in foreclosure opt for the sale to a professional company and avoid all the waiting and risk of a conventional sale. Many of the National Prevention Center affiliates are companies in business of property acquisitions and homebuying. To contact the professional listed for your county, go to the first page of this website, select your state and your county, and the affiliate’s contact information will be displayed on the second page. From there you can either call them, or submit an online request for a free confidential consultation. This is the best step towards understanding your situation and your options.
Mistake #5: Thinking your credit is ruined – While clearly a notice of default (or Lis Pendens) is not a plus for a person’s credit rating, the fact is, that there is still time to act before years of damage takes place. The foreclosure stays on your record for many years, and can impact future borrowing, employment, insurance rates, etc. Remember, being late on 5, or even 10 mortgage payments is much less detrimental to your credit than losing the house to foreclosure. You should prevent that from happening by all means. Speak to your local affiliate and let them walk you through the options that may be available to you.
Mistake #6: Thinking that all investors provide the same services and solutions – That’s like saying all doctors give the same medical care or all homebuilders build the same quality building, you know that just isn’t the case. While an investor may be the way to go, there are a tremendous number of people who typed the word “investor” on a business card, and that is their only qualification to help you. Don’t let your future rest in the hands of someone who does not understand the foreclosure process, let alone point out your real options.
Mistake #7: Thinking that it’s too late – Until the minute of the sale, the fact is that you may have more options than you think. Don’t let this thought keep you from reaching out to a caring person who will give you the real picture of your situation. Contact your attorney, your accountant, or get in touch with a local affiliate in your area listed on this website.
Mistake #8: Thinking that giving up is the best choice – Don’t make the mistake far too many have chosen for themselves and their families. Giving up on your home and your family is something that should not be considered except as a very last resort. If you haven’t taken the chance to speak to a local affiliate, do it now while you still have time to see what other options are at your disposal.
Nothing is worse, than doing nothing!
Don’t delay – Act TODAY!
The foreclosure process is very time sensitive, and many homeowners wait until it is too late to create a positive outcome for their individual situation.
Get the facts you need to STOP your foreclosure NOW as quickly as possible, with the minimum amount of life interruption. Simply click here to access the online version of the Consumer Awareness Report for your State. Please don't leave this website without taking at least ONE pro-active step to solving your problem.
