There isn’t anything more painful and emotionally disturbing than a foreclosure. Of course you have emotional attachment to your house since you’ve been living in it for a long time but there is that dread of foreclosure.
For families belonging to Florida, it can be emotionally draining if they have to face a foreclosure. And what’s worse? The foreclosure process lasts for years at a time and it makes the pain of the entire ordeal even worse.
But thankfully, you have a number of options available for you in the Florida– even more than you actually thought about. There are a number of strategies that you can use to make the pain of foreclosure a bit bearable when you reside in West Palm Beach. Here are a few legal strategies that you can use to avoid a foreclosure and continue with a normal life in your own house.
This blog post is all about Ways To Avoid Foreclosure in Palm Beach. Keep on reading to find the 3 ways you can very much avoid foreclosures legally and ethically and bring relief to the pain and distress the impending doom of foreclosures brings.
Strategy #1: Try To Work Out A Deal With Your Lender
A foreclosure workout is what you ought to focus on as a very first strategy. Following this strategy you will talk to your lender and tell them about your current situation explaining how you cannot pay the pending mortgage at the moment but that you’d soon figure out something and would like to stay in your house for the time period.
If you trust our words, lenders don’t really want to foreclose! They want customers who pay their mortgage so your lender will be definitely willing to figure out a solution with you if you talk to them. Perhaps your lender would give you a temporary reprieve on your mortgage payment or allow you installment or any other solution that will enable you to pay your mortgage completely over time.
Strategy #2: File For Bankruptcy
Although this might sound a little too extreme but know that this is one of the three handy tools through which you can avoid foreclosure. When you file for bankruptcy you make it clear to your creditors that you are no longer is a situation to clear your bills. This will put a stop to the foreclosure process because the creditors have to stop all collection processes.
Filing for bankruptcy will mean that you will have to sell some of your assets so that you can pay off your creditors and also it will stay on your credit scores for years to come which would definitely impact your chances of getting a loan or perhaps even a job. So consider filing for bankruptcy as an extreme measure when you cannot find another way out.
Strategy #3. Short Sale help for a Foreclosure in Palm Beach
In this process you sell your home and put all the proceeds you receive from the sale towards paying up your mortgage loan. A short sale is a very fast, effective and proactive method and is preferred by a lot of people facing impending foreclosures.
- It’s proactive, allowing you to take matters in your hands which of course s a major stress relieving factor because one thing that comes along with foreclosures is the feeling out of control entirely.
- It’s fast — which means that you can sell your home in as little as seven days. Also because it is local, you can get help from companies like Home Solutions FLA operating in West Palm Beach as they can help people going through short sales.
- It is highly effective because usually a short sale wipes out the entire or almost the entire amount you might be owing on your mortgage. And if you cannot complete your payment even after the short sale, you can always work out a situation with your lender which benefits you both.
Although you still have the impending threat of leaving your home but there is definitely a bright side to this. You don’t get a bad credit on your history as compared to a foreclosure or filing for bankruptcy; which makes a short sale a very smart long term playoff giving you good options for the future.