A foreclosure will have a very bad effect on a homeowner’s credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be.
In addition, borrowers that agree to a short sale escape the bad credit marks of a foreclosure and can often buy another house with mortgage financing after only two years.
These solutions represent a portion of what our foreclosure specialists can do for you to help you stop foreclosure in Florida. We help you avoid foreclosure by doing two things very well. The first is that we help educate you on all of your options to make you a smarter homeowner when battling your bank or mortgage lender.
SHORT SALES – Floridians solution to distressed properties. After the economy went south for many homeowners in Florida finally there is an alternative solution to foreclosure. Basically there were lot of mortgages that went into default due to the economic crisis in 2008 that made homeowners to get behind in their mortgage payments.
By the time the bank takes back your property, your credit could be on life support. A short-sale still impacts your score, but not nearly as much as a default or foreclosure. bad credit affects rates when you’re looking to buy a car, raise your insurance rates, and can hurt your chances of finding a rental.
The new legislation also could be used to prevent the lender from seeking to complete the mortgage foreclosure through a summary judgment procedure or the setting of a mortgage foreclosure sale date. But how the new federal legislation is applied in state court mortgage foreclosure cases is far from clear.
I am interested in purchasing Pre-foreclosures in South West Florida, but I have been told that the laws in Florida do not allow for you to directly cI am interested in purchasing Pre-foreclosures in South West Florida, but I have been told that the laws in Florida do not allow for you to directly c
Foreclosure sale date is set. When am I supposed to leave and what all am I responsible for beforehand? Asked by Punkybrewster, 76137 Tue Jul 21, 2009. I tried short-sale and tried deed-in-lieu and nothing worked – mainly because the bank gave me several different answers on what I’m supposed to do and because the call centers were located in India and the language barrier killed me.