Coconut Creek Real Estate: What to Do If You Are Facing Foreclosure

Any number of circumstances can cause a family to face foreclosure in Coconut Creek. Job loss or an unexpected illness or injury can easily reduce a household’s income by half or more. Because of the state of the economy, more jobs are lost each day and increasing number of people are unable to make their monthly mortgage payment, causing them to lose their Coconut Creek homes to foreclosure. If you are in this situation, the worst thing you can do is to do nothing. Take the simple steps described below and you may just see the light at the end of the tunnel that you have been hoping for.

Step 1: Talk to Your Mortgage Lender

The first thing you should do if you are having trouble making your mortgage payments is to call your mortgage lender and let them know what is going on. If you don’t communicate with your lender, you deny your lender the opportunity to assist you. This is not to say that all lenders will be understanding but many will work with you to help you avoid foreclosure. Remember, foreclosure hurts banks and loan companies as much as it hurts you. Chances are that your lender will make arrangements with you to get you back on track.

Step 2: See If You Qualify For the Hope Now Program

Earlier this year, as a part of the economic stimulus package, Hope Now was established to assist homeowners that are facing foreclosure. The program requires the approval of your mortgage lender in order to participate, and you must also meet a few other requirements. Visit the Hope Now website to learn more about this program and how it may help you to keep your home.

Step 3: Consult a Realtor to Assist You with a Short Sale

If all else fails, consider a short sale to avoid foreclosure on your home. Contact a knowledgeable realtor who deals with short sales to help you sell your home. Short Sales occur when a homeowner can no longer afford their home and their lender agrees to sell the home for below market value. Lenders typically agree to short sales when they determine that there is no other way to keep the home out of foreclosure proceedings. You may be able to find an investor to purchase your home via a short sale who will then rent you back your home so that you do not need to relocate. This is a great way to prevent foreclosure and preserve your credit.

If you are facing foreclosure, do not lose all hope. Communicate with your lender and make sure that you know all of your options. If you are looking to sell your home to avoid foreclosure, contact me to get started on the process of getting your Coconut Creek home on the market.

To Begin Your Search for the Perfect Home or to Sell Your Home in
the Township of Coconut Creek, Begin Your Journey by Calling
Silva Stoyanova at (954) 673-4402.