You can’t afford your South Florida Home….Should You let it Foreclose? Simply, the answer is NO!
What’s the Difference between a Short Sale and Foreclosure? Are there any other options?
This is the burning question that many homeowners in South Florida are asking.
Should I just let my home foreclose or is there something that I can do to stop it. Well there is.
What is a Deed-In-Lieu of Foreclosure?
This is also known as a friendly foreclosure because the homeowner gives the deed back to the bank. This prevents the bank from going through the long foreclosure process. This is something that has to be negotiated with the bank. Normally, servicers require a borrower to make an effort to sell the home through a short sale before they agree to accept a Deed-In-Lieu (DIL). Deficiency judgment is not pursued. This is normally used in the case of one mortgage and no liens on the property.
I want to keep my home.
“But what if I want to stay in my home”? You ask….. “I’ve tried to get a Loan Modification and the bank keeps turning me down”. Well, a short sale is not your only choice.