Stop Foreclosure In Naples, Florida Fast

Foreclosure:

Well… This simply is the worst case scenario besides a bankruptcy. In this lose-lose situation, the bank has to spend a lot of money in legal fees, management fees, selling fees, etc in order to foreclose on you and get the property off of their books as quickly as possible and usually at a discount. The banks simply loses tens of thousands or even hundreds of thousands of dollars.

And for you… Well, you get a “foreclosure” on your record preventing you from getting financing in the future and if you are able to get a loan (any loan for that matter) the interest rates are SKY HIGH! And the foreclosure stays on your credit for around 7 years!

And… What about the “losses” the bank incurred on your behalf? Well, you better believe they will do everything in their power to come after you in the form of a “deficiency judgement.”

But… Remember, this is worst case scenario. Let’s keep going down the line to figure out the best option for you to stop foreclosure in Naples Florida.

Deed In Lieu Of Foreclosure:

Ok. Well… The Deed in Lieu of a Foreclosure isn’t the greatest, but it tends to be better than a foreclosure.

In this scenario, you willingly deed the property back to the bank. This alleviates the bank from going through the foreclosure process. And you voluntarily provide them the keys to the property. Usually this can stay on your credit for about 4 years and is still harmful to your credit thus preventing you from getting another mortgage in the near future and also being hit with high interest rates on everything from credit cards to car loans.

And… Unless negotiated, the bank will still reserve their rights to come after you for a deficiency judgement. This judgment could potentially affect you in wage garnishment and even being attached to other assets. In both the Deed in Lieu and a Foreclosure, this could be detrimental as well for future employment especially if your job / career has anything to do with finance, acquisition, accounting, etc. So, if you want to avoid this and stop foreclosure in Naples Florida, let’s take a look at your next option.

Loan Modification:

Ok. This might not be for you especially if you have loss of income. In a loan modification, essentially you will “re-apply” with your current bank to modify your loan. This will include going through an approval process where you will have to provide tax returns, pay stubs, bank statements, hardship letter, personal financial statements and on…

If you have income and employment your lender may elect to modify the loan so that your monthly payments are more manageable for you.

How do they do this? Well, they usually do this in 3 different ways and / or a combination of… This is to reduce your interest rate, extend your loan out several more years or do a principle reduction. Let’s quickly talk on each of these…

• Reduce Interest Rate: Let’s say you have a rate of 4%. They might drop your interest rate to 3% in order to lower the amount of interest you pay on the loan which will reduce your monthly payment.
• Extend Your Loan: This is essentially extending your “amortization” out. Many people get a fully amortized loan of 30 years. Meaning after successfully paying your loan over 30 years you become free and clear on your mortgage. In this scenario, the bank may elect to drag it out to 40 years which in turn will reduce your monthly mortgage payment but you will pay more in interest over the life of the loan.
• Principle Reduction: In this scenario, the bank could elect to reduce the amount owed to them. For example, the bank may see you owe $300,000. And maybe the current market value is $250,000. They might agree to take a $50k hit as they will be much more in the hole based on our conversation above on Foreclosure. Your new principle amount with your current rate would reduce your monthly payment.

And as mentioned, the bank could work with you to come up with a combination of the scenarios above. If you want to keep your property, I strongly suggest you start with this first. Simply, call your bank, explain your hardship and ask them how to begin the process to apply for a loan modification.

Short Sale:

Full disclosure. We are real estate brokers in SW FL. During the last crash, this was all new to everyone. We knew there were so many people upside down on their mortgages and many who were trying to stop foreclosure in Naples Florida.

So, I decided to get certified in performing short sales in Florida. We ended up helping hundreds of people avoid foreclosure (including myself) by doing a short sale.

Essentially a short sale is getting the bank to stop foreclosure on your Naples Florida property and agreeing to settle for less than amount owed. You would end up listing your property subject to your bank agreeing to the short sale.

Once a buyer was lined up, the bank would review the offer, the current market values as well as all the pertinent paperwork from you in order to make a decision. The paper work is comparable to the information provided in the loan modification mentioned above.

If the bank agreed to the short sale, they would provide a “short sale approval letter.” In the letter it would usually state the following information: Buyer’s Names, Seller’s Names, Short Sale Approval Amount, Close Date and if they will reserve their rights to a deficiency judgement.

The short sale is much better on your credit and we have even sold people homes within 2 years of completing a short sale.

Sell To Us:

And finally… One potential option to stop foreclosure in Naples Florida and potentially walk away, could be selling to us. Even if you are in default and / or upside down on your mortgage.

When someone is upside down on their mortgage, it means they own more than what the property is worth. Even if you owe what current market value is, you are still upside down and you would have to cut a check at closing to get the deal done. For example. If you owe $300,000 and you sold your property for the same amount, you would have to cut a check of around $18,000 – $21,000 due to closing costs.

In our scenario, we buy homes in default or upside if we can turn a profit when we rent the property out. But we will have to have a more in depth conversation with you and your family as well as answer all questions that you might have.

You can call us direct on my personal cell phone at anytime at (239) 425-5671. Or you can fill out your information below and we will reach out as quickly as we can. There is absolutely no obligation or any cost to talk to us. Worst case scenario, we will provide you some guidance and suggestions on how you can stop foreclosure in Naples Florida.

How It Works

To start, simply fill out our short information form on this site or give us a call at (239) 425-5671. For homes that qualify, we can present you with a fair cash offer within 24 hours with zero obligation. If you have a unique situation, we will discuss the details with you to figure a creative solution to get you to be able to move on quickly with limited stress. Don’t worry if you have no equity, delinquent on your mortgage, have deferred maintenance, we buy houses in all types of situations.

STEP 1

Tell us about your house. We’ll get to work today analyzing your property.

STEP 2

We’ll make you a fair offer based on the market value and condition.

STEP 3

You choose the selling option that works best for you with zero obligation.