What is a Pre-Foreclosure in Palm Beach?

What is a Pre-Foreclosure in Palm Beach?As there are millions of homes that are going into foreclosures across the country, it is now essential for both the buyers and mortgage holders to understand the whole process.

What is a Pre-Foreclosure in West Palm Beach?

There are many homeowners across America and West Palm Beach that are facing difficulties making monthly mortgage payments. In case a homeowner misses 3-6 months of mortgage payments, the lending institute usually issues a warning and notifies the homeowner to pay or lose their home. This warning period is known as pre-foreclosure.

A lending institution or bank typically provides three months of a time to homeowner to become a current. If the homeowner still fails to make the necessary payments, the bank will foreclose the home, assume the ownership and evict the homeowner. Fortunately, during a pre-foreclosure stage, a mortgage holder can take up various routes and prevent themselves from losing their house.

Pre-Foreclosures Option for Borrowers

If you are behind your mortgage payment and you think you are likely to receive a “Notice of Default” from your mortgage lender stating that you do not have made payments for the last 90-180 days, it is important not to panic. You have a few options that can delay or help you to prevent losing your home:

  • If you have equity in your house, then you can refinance your mortgage and receive lower monthly payments. You can check this with your local West Palm Beach mortgage broker or call us and we can connect you with a reputable one.
  • You can also sell your house to a real estate investor like us Home Solutions FLA who are reputable in West Palm Beach and deals with cash. You can use this same cash to pay the outstanding balance to the lending institution. We will relieve you from the stress and buy your West Palm Beach Florida area home quickly in cash and close the deal in as little as seven days.
  • You can also contact your bank and ask them to permit a short sale. In a short sale, you will be able to sell your house for less than its worth and the bank will take the loss as a tax write off. If the house does not sell for what is owed to the bank, then you will be required to pay the difference to the bank.
  • You can declare bankruptcy. This will buy you some time to pay your debt; however, bankruptcy will remain on your credit score, causing significant damage.

Lenders are aware of the current financial trouble that people are facing across the country and therefore they are many time willing to work with the borrowers. If you are honest to your bank about your financial standing, then you will most likely be allowed to remain in your home or they will at least offer you to salvage your credit rating.

A foreclosure always affect your credit score negatively by 200-400 points and you will be prevented to further draw money from the bank, therefore it is necessary to be very dutiful after you receive a Notice of Default from your lender. In case you are not able to find a solution with your lender, contact us. We might be of some help to you.

Ways We Can Help You if You are in Pre-Foreclosure

  • We can help you with a short sale – Submit your information on this website and we will evaluate and see how we can help you.
  • We can buy your West Palm Beach area house – We buy houses in West Palm Beach for cash and would love to make an offer to you too. Just fill out the form here to get started.
  • We can provide you with free guidance – Unlike other real estate buyers, we do not charge you for our valuable feedback. You can seek our guidance and ask us questions and we will help you to make a well educated decision.

Are you in pre-foreclosure stage? Do not worry; you still have time to fix this situation. You can either connect to your bank or see if they are willing to work with you or you can contact us for buying your house for cash.

Do You Want To Discuss Your Pre-Foreclosure Options?

Call Us at (561) 370-8335


Submit Your Information Here To Get a Cash Offer on Your House Today

... We Buy Houses In Any Condition | Sell Your House Fast Today ...

What Do You Have To Lose? Get Started Now...

We buy houses in ANY CONDITION in Florida. There are no commissions or fees and no obligation whatsoever. Start below by giving us a bit of information about your property to get your quick house quote in 24 hours or call (561) 370-8335...
  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *