Are you near Foreclosure?
What is Foreclosure?
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens.
Homeowners have 4 options when facing foreclosure:
· They can attempt to sell their property
· They can do nothing and lose their house and ruin their credit.
· They can attempt a ‘work out’, a.k.a. A Forbearance Agreement—they can work with the bank to re-instate their loan to stop the foreclosure. This usually involves taking the defaulted amount and adding it to the total loan balance. Many banks will also require some cash up front from the homeowner to start a work out program
· They can do a short sale
A Short Sale is the process in which a homeowner’s lender accepts less than what is owed on a mortgage as payment in full (a discounted mortgage).
I have more experience helping Tampa Bay area homeowners avoid foreclosure than anyone. I don’t charge anything for my services, so there is no risk in picking up the phone and calling me right now at 727-432-1707.
Do you want to buy a foreclosure home?
The foreclosure process allows for three opportunities for finding bargains on foreclosure homes:
· Pre-foreclosure
· Auction
· Bank Owned
Before you buy you'll need to make sure you're armed with the foreclosure data you'll need to find and then buy foreclosed homes. You can start by giving me a call at 727-432-1707.