Continue reading »]]> A foreclosure is a legal term that means that the bank or lending company that holds the lien on the house or property has taken possession of the property in order to recover part or the full amount of money owed on the property. In more straightforward terms, it means that if someone has taken a mortgage to buy a house, they have to pay the mortgage as agreed.  In the absence of timely payments, the lender, who holds the security interest or lien, on the property, will take possession of the real estate in order to recover monies owed. Once a property is foreclosed on the home is put on for sale at a public auction with the highest bidder getting the house. Most times these properties are listed with a local realtor.

There are a number of reasons foreclosures happen. Someone voluntarily agreeing to a foreclosure is rarely seen. It is usually the unpredictable events that make one to go into foreclosure. These reasons can be:

• Laid off from the job or reduced income.

• Excessive debt.

• Inability to work due to a medical condition.

• Dispute with the co-owner, example divorce.

• Transfer of job to another state.

Plus many other reasons not listed. If you are on the verge of foreclosure please contact us or a realtor that you’re positive has the experience to handle the sale, through a short sale, of your home before a foreclosure happens.

This procedure is called a “short sale”. This simply means that the bank or lending institution will accept less than the owed balance on your property to sell the property. Most times this can be beneficial to you as a seller as most short sales are listed on your credit as ‘paid in full”, in most cases you can apply for another mortgage in 2 years and the banks have no additional legal expenses involved with having to go through the foreclosure process on your property.

We will be happy to give you a free evaluation on your current situation and will show you how we can help you. Just contact us today by following one of the links below to the area in which you live, take our quick survey and fill out a contact form.

www.stopyourdaytonaforeclosure.com

www.stopyourpalmcoastforeclosure.com

www.stopyourstaugustineforeclosure.com