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Davie Home Finance, 115 Donna Rd NE, Palm Bay, FL 32907
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Foreclosure
Foreclosure is legal procedure whereby property used as
security for a debt is sold to satisfy the debt in the event of
default in payment of the mortgage note or default of other
terms and conditions in the mortgage contract. The
foreclosure procedure brings the rights and obligations of all
parties to a final conclusion and passes the title in the
mortgaged property to either the holder of the mortgage or a
third party who has the option to purchase the property at the
foreclosure sale. At this point the property is free of all the
past encumbrances affecting the property subsequent to the
mortgage.
When a Notice of Foreclosure is served, a homeowner has
basically three options:
Bankruptcy- Filing bankruptcy delays the mortgage
repayment. It does not eliminate the debt. Therefore, it is only
a temporary measure.
Sell the property- While selling the home and paying off the
mortgage effectively eliminates the debt, in a soft real estate
market, the homeowner may have to sell the property at a
distressed price to keep within the time frame of the
foreclosure proceeding.
Refinance- The homeowner can also refinance and pay off
the current mortgage. As long as the homeowner has enough
equity in the home, many lenders are willing to finance the
property to help the owner out of foreclosure.
It is important to know that foreclosure is not automatic. Due
to the high cost of foreclosure to lenders some of them will try
to work with you to find other options, especially if they feel
you can provide a valid solution to the problem.
If your house is in foreclosure, you do have options. Call us
today for free information.
Foreclosure is legal procedure whereby property used as
security for a debt is sold to satisfy the debt in the event of
default in payment of the mortgage note or default of other
terms and conditions in the mortgage contract. The
foreclosure procedure brings the rights and obligations of all
parties to a final conclusion and passes the title in the
mortgaged property to either the holder of the mortgage or a
third party who has the option to purchase the property at the
foreclosure sale. At this point the property is free of all the
past encumbrances affecting the property subsequent to the
mortgage.
When a Notice of Foreclosure is served, a homeowner has
basically three options:
Bankruptcy- Filing bankruptcy delays the mortgage
repayment. It does not eliminate the debt. Therefore, it is only
a temporary measure.
Sell the property- While selling the home and paying off the
mortgage effectively eliminates the debt, in a soft real estate
market, the homeowner may have to sell the property at a
distressed price to keep within the time frame of the
foreclosure proceeding.
Refinance- The homeowner can also refinance and pay off
the current mortgage. As long as the homeowner has enough
equity in the home, many lenders are willing to finance the
property to help the owner out of foreclosure.
It is important to know that foreclosure is not automatic. Due
to the high cost of foreclosure to lenders some of them will try
to work with you to find other options, especially if they feel
you can provide a valid solution to the problem.
If your house is in foreclosure, you do have options. Call us
today for free information.
| Call Today!! (321) 373-4659 (866) 319-2998 toll free |