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Help For Foreclosure In Fort Myers – 3 Ways To Avoid Foreclosure

Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.

For local Florida families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.

Fortunately, you have options available to you here in Florida — perhaps more options than you realize. There are many strategies that help for foreclosure in Fort Myers; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.

In this blog post, you’ll read about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing, while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.

Strategy #1: Work out a deal with your lender

In this meeting, you’ll need to provide your lender with a detailed account of your financial situation, including your income, expenses, and any assets you may have. You’ll also need to explain why you’re struggling to make your mortgage payments and what you’re doing to try to improve your situation. Based on this information, your lender will evaluate your case and determine if they’re willing to work with you on a solution.

If your lender agrees to a foreclosure workout, they may offer you a loan modification, which could include lowering your interest rate, extending the term of your loan, or even reducing the principal balance. They may also suggest a forbearance agreement, which would allow you to temporarily stop making payments or make reduced payments for a specified period. Whatever the outcome, it’s important to approach the process with honesty and transparency, as this will increase the chances of finding a solution that works for both you and your lender.

Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out so you can catch-up and pay them off, or it might include a restructuring of the outstanding amounts that you owe.

Strategy #2. Bankruptcy

Filing for bankruptcy may seem drastic, but it can be a crucial tool in avoiding foreclosure. By initiating bankruptcy proceedings, you signal to your creditors that you’re unable to meet your financial obligations. This action triggers an automatic stay, legally halting all collection activities, including foreclosure proceedings. This temporary reprieve can provide the breathing room needed to reassess your financial situation and explore options for restructuring or discharging debts.

Bankruptcy is a complex legal process with long-term financial implications, so it’s essential to seek guidance from a qualified bankruptcy attorney to understand its full impact on your situation. While it can provide immediate relief from foreclosure, bankruptcy should be considered carefully, weighing its benefits against its potential consequences. It’s also crucial to explore other foreclosure avoidance options and develop a comprehensive financial plan to regain stability and avoid future financial challenges.

Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. So this shouldn’t be your first line of defense!

Strategy #3. Short sale help for a foreclosure in Fort Myers

A short sale can be a lifeline for homeowners facing financial hardship and the looming threat of foreclosure. It offers a proactive approach, allowing homeowners to take control of their situation by selling their home and using the proceeds to pay off a portion of their mortgage debt. Unlike foreclosure, which can be lengthy and damaging to one’s credit, a short sale is typically faster and can have less severe repercussions on credit scores.

Moreover, a short sale is often a more favorable option for lenders as well. While they may not recoup the full amount of the loan, they avoid the costly and time-consuming process of foreclosure. Additionally, a short sale can be a more dignified way for homeowners to part with their property, as it allows them to avoid the stigma and emotional toll of foreclosure. Overall, a short sale can be a win-win solution for both homeowners and lenders in challenging financial circumstances.

  • It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
  • It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in Fort Myers since organizations like Sell My House Now USA help people going through short sales.
  • It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

With a short sale, you still end up with the reality of having to leave your home but there is a bright side: The impact to your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.

If you find that you’d love to sell your house to get out from under your Florida foreclosure…

Give us a call today at (239) 360-3176 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.

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