Real-estate has created more millionaires than any other business in the world. Florida has been tremendously favorable in past five years. With talk about the super bowl, then the super bowl coming, Jacksonville became a very popular place. Because of the popularity, a lot of people were introduced to Jacksonville and wanted to live and buy real-estate. By the interest rate being as low as it was, this made buying a house very easy. Now the unfortunate thing is mortgage brokers began to take advantage of individuals because of their desire to purchase a home. Adjusted rates all of a sudden became very attractive because of the low monthly payments! Forty year+ mortgages also became a big thing! However, theseprograms gave the masses a much clouded view of the future.
Now, Florida has one of the highest foreclosure rates in the United States! I’m sure we know why! Anything that could have taken place did!Â Jobs were lost, income decrease, credit scores dropped and the rest could have been almost anything. I was told and have come to believe there is good in everything.
What the media wants you to believe is there is no way out.This is nothing but a lie! If there was a way in there is a way out.However, through the process of finding your way out don’t avoid your lender, because in the end they will be your enemy or friend.Don’t be afraid to ask them for options!But, if this proves to be a dead end road, began looking for buyers “ They are out there!And they are willing to buy your home and give you money to relocate!
M. Anthony Carr
One way to sell the house is to find a buyer who will assume the loan. Even though the mortgage may be a “non-assumable,” when facing a foreclosure, the lender may reconsider this clause if they can find another borrower who can take on the responsibility of the defaulting buyer.
A second way to sell the house involves a preforeclosure sale. In this process, the lender would “agree to accept the proceeds of the sale, even though it may be less than the amount owed on the mortgage. To avoid going through a foreclosure proceeding, Fannie Mae and the servicer can agree to accept the proceeds of the sale in satisfaction of the mortgage loan.”
It’s expensive to foreclose a home, thus a lender would rather get something for the mortgage than nothing at all and then have to pay out cash to sell the house at a discount.
Finally, there’s the deed-in-lieu of foreclosure. This is where the borrower voluntarily gives over the deed to the lender. It’s about the same situation as the preforeclosure and is considered a last resort since the lender is now going to have to sell the house themselves.
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