Avoid Foreclosure with Fast Home Buying Solutions

Understanding the Basics of Selling Before Foreclosure

Typically, your lender will start the foreclosure process if you miss too many mortgage payments. Most lenders won’t start this process until you are 120 days past due on your mortgage payments, and some may even wait until you are 180 days behind.

Keep in mind that this is how long it takes before they can start the foreclosure process. In Florida, it can take anywhere from 8 to 14 months to complete the process.

However, once the lender completes the foreclosure process, they take ownership of the property and can sell it. Your credit and financial health will be destroyed in the process. Even worse, you may still be on the hook for overdue payments and other fees.

By selling the property ahead of the foreclosure, you can salvage your financial health and avoid the long-term credit repercussions of having your home seized by the lender. Depending on how much money you owe, you may even be able to put some cash in your pocket to help with a fresh start.

Legal Considerations

There are two legal considerations associated with selling your home to avoid foreclosure. One is where you are in the process. It’s important to sell your home before the lender presents their foreclosure case to the court. Fortunately, foreclosures in Florida can take months to complete.

The other factor at play is the outstanding balance on your mortgage. If you sell your home for less than you owe the lender, it’s considered to be a “short sale.” The lender must agree to a short sale before you can complete the transaction.

During a short sale, your lender receives all of the money from the transaction. They will either obtain a deficiency judgment for the remaining balance — which means you have to repay the difference — or forgive the outstanding amount due.

At The Friendly Home Buyer, we have experience purchasing homes in pre-foreclosure and conducting short sale transactions. We’ll give you a fair offer on your home so that you can move on from your burdensome mortgage.

Don’t Let a Foreclosure Ruin Your Financial Health

A foreclosure can negatively impact your credit for years and make it difficult to bounce back from financial challenges. Partnering with The Friendly Home Buyer can help you avoid foreclosure and pay off your mortgage balance. It can also potentially put cash in your pocket. Contact our team, and let’s chat about your home.

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Avoiding Foreclosure

Don’t Let a Foreclosure Ruin Your Financial Health