We Buy Houses in New Smyrna Beach Florida. Are you currently in or facing a foreclosure? We are homebuyers in Florida and here’s 4 Ways you can STOP a Foreclosure in New Smyrna Beach FL! Press to watch the video above^
Understanding The Foreclosure Process in New Smyrna Beach FL
Okay, if you already know the foreclosure process and exactly how it works… go ahead and skip this section. But, knowing the foreclosure process well can help you more effectively avoid foreclosure or get your property sold more quickly in New Smyrna Beach FL at a fair price.
So, here we go. Pre-Foreclosure is the preliminary stage of the foreclosure process before legal filings are made by the lender. This is the optimal time to stop foreclosure because at this point your credit rating will not be affected. Some options are to speak with your lender, put your home on the market, or find a private investor who is willing to purchase or take over the existing loan.
The actual foreclosure process begins when the lender files a Notice of Default. This is a filing in the public records that indicates where the home is located and it indicates that the homeowner is behind in payments and the home might possibly be seized. In some states, the notice is also placed on the front window of the home itself.
Each state is different in terms of how quickly a Notice of Default is filed. Generally, lenders will wait 60 days from the date of the missed payment before filing. During this time you can certainly work with them to make up the payments or find another resolution.
After the filing, the lenders must generally wait 90 days before selling or auctioning the property. During this respite, you can still work with your lender or maybe find another source of income to help make up the back payments.
After this 90 day period, notice runs in the newspaper for upwards of 20 days alerting the public to the possibility that the home will be available for sale or auction. Once the home has been auctioned off, the previous tenants are required to move out unless a rental agreement has been made between the new owners and the previous owners.
As you can see, the foreclosure process can move quite rapidly, depending on your state’s timetable for filing. Once the Notice of Default is filed, your options as a homeowner are limited, which is why it’s imperative to contact your lender PRIOR to them filing the notice.
4 Ways To Stop A Foreclosure in New Smyrna Beach FL
1. Short Sale of the Florida Property
If your home in New Smyrna Beach FL is worth less than what you owe on the loan, you might be a candidate for a short sale. Basically, your realtor will need to negotiate with the lender to see if they would be willing to take less than the full amount due on the loan. Keep in mind that this DOES affect your credit just as a foreclosure would and not all homes qualify for short sales.
2. Deed-In-Lieu of the New Smyrna Beach House
This essentially means the homeowner is signing the deed to the home back to the lender, thus closing out the loan and stopping foreclosure proceedings. Again, this affects one’s credit the same as a foreclosure would but you might even negotiate terms to stay in the home or rent the home for a lower price until the home in New Smyrna Beach FL is sold.
3. File Chapter 13 Bankruptcy in FL
If these other avenues fail to stop the foreclosure, homeowners can file Chapter 13 bankruptcy which legally puts a stay on the foreclosure. At this point, all creditors are legally bound to stop their collection efforts, including selling the home in the foreclosure process. However, there are some exceptions, and homeowners may still risk losing their homes but an attorney can help explain the legalities.
4. Sell Your Home in Florida
Speak with experienced real estate agents who are familiar with the home prices in your area in New Smyrna Beach FL so you can get an accurate market analysis. Although listing with a discount broker might sound like a reasonable way to save money, interview different agents, and find one with strong marketing and sales experience. A discount broker will not save you money if he or she can’t sell the home before the foreclosure process ends.
Even if an agent can’t sell your house, we can help. (Sometimes selling a house through a real estate agent is not for everyone.)
And as a bonus…
- you don’t need to clean up and repair the property
- don’t waste time finding an agent who you trust and who can deliver on their promise of selling your house quickly
- you won’t need to sign a contract that binds you to an agent for a certain term
- or deal with the paperwork and the waiting and wondering (and hoping)
Sell My House in New Smyrna Beach FL
We’ll know very quickly if we can help you, and unlike selling through an agent, you don’t have to wait to see if the buyer can get financing… we’re ready to buy right now!
When it comes down to it, there is not the best way to stop a foreclosure. Everyone has a different situation and story. However, you do need to make A Decision soon. If you think you need to sell your house in Florida, call us. We are your local New Smyrna Beach FL home buyers and we offer cash for houses in Florida.