Struggling with overdue payments and the looming possibility of “am I giving my house back to the bank in Tallahassee?” is undoubtedly a daunting prospect. The fear of losing one’s home is a situation nobody wishes to face, yet financial hardships can sometimes make it challenging to pay every bill and fulfill every obligation.
The gravity of financial challenges and the real risk of losing a home, a circumstance that not only leaves you temporarily without shelter but also casts a long shadow on your credit, greatly impacts your ability to secure a new home in the future.
So, how you can you avoid giving your house back to the bank? Let’s delve into a comprehensive breakdown of the foreclosure process, and then discuss potential solutions to greatly reduce its impact on your life.
The Foreclosure Process In Brief
Foreclosure procedures are not one-size-fits-all; they vary based on location and mortgage type. Typically, missed mortgage payments trigger a series of notifications and warnings from your loan company. Failure to rectify these payments may propel the loan company to initiate the auctioning of your home to recover the money they’ve lent you.
The time you can remain in your house after auction varies by state, prompting the need to seek an alternative home eventually. However, taking immediate action can help you sidestep the dire consequences of foreclosure.
Two Options To Avoid The Foreclosure Process
Consider these two alternatives to foreclosure:
- Deed in Lieu of Foreclosure: Safeguard your credit rating by negotiating a “deed in lieu of foreclosure” with your loan company. By transferring ownership to the loan company, you not only save them the expenses associated with foreclosure proceedings but also avoid the negative impact on your credit.
- Prevent Foreclosure by Selling: Opt for selling your house before it heads to auction to avoid credit penalties. If the sale covers your outstanding loan, there are no additional penalties. In case of a shortfall, your buyer may be able to make up the difference.
Great Key Offers, can help assist you in either option. Contact us at (850) 788-3388 to explore a specifically crafted solution for your home, even if it requires repairs.
Why Selling Your Home Can Be Best To Avoid Foreclosure
Why is choosing to sell your home instead of enduring foreclosure a potentially smart choice? The answer lies in significantly reducing the financial impact on your family budget and your credit. Losing a home is undoubtedly challenging, but selling it proves to be a less detrimental choice compared to getting dragged through the foreclosure process.
Foreclosure could potentially slash your credit score by 100 to 150 points, creating lasting consequences. Selling your house becomes a more favorable alternative, presenting a short-term challenge that pales in comparison to the long-term pain of giving your house back to the bank.
The decision to partner with Great Key Offers goes beyond just finding a buyer for your house. It’s about crafting a well-structured solution that recognizes the gravity of your situation and is committed to protecting your interests and financial well-being.