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What Next After Receiving A Foreclosure Notice?

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Published on July 10th, 2018

If you are falling behind on your mortgage payments, you should expect the foreclosure notice at any time. Should you get it, you should avoid panicking at all costs.

When you panic, you will not have a moment to think things through. You may end up making rush decisions that will end up making matters worse. Take a moment to consider the options you have.

Foreclosure
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Experts’ advise that making a call to the bank or lender should be the first thing you do. Contacting the lender allows you to plead your case and chart the way forward. You can ask for more time before the effect of the foreclosure.

This buys you time to look for the money to pay the bank. You can also renegotiate your payments to amounts that you can afford. If these talks fail, you still should not panic.

 

1. Evaluate Your Options

Evaluate Your Options
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If the lender insists on the foreclosure, it is time to go back to the drawing board. You will be surprised how resourceful you can get when under the pressure of a foreclosure.

If you really want to keep your Tampa Bay property, you may just find a way to do this. Take a look at your financial situation.

If you do not have a line of income, you can consider getting rid of any movable assets you have to offset the arrears.
You may have to survive on bare minimum for sometime but at least you will have a roof over your head.

You may also have to find the entrepreneur side in you at this point and surprise yourself. As said, if you really want to keep your home, you will have to step out of your comfort zone to raise the money to meet the mortgage payments.

If all your efforts to raise money fail, then you need to think of other alternatives. One such option is finding a buyer yourself.

 

2. Finding A Buyer For The Property

Finding A Buyer For The Property
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This option is good as you get to sell the house at its real value. You can offset the mortgage and remain with a balance that you can use to support yourself. You should, however, speak to the lender before you do this to come to an agreement.

Many lenders do not mind giving you the chance to sell the property yourself. This saves them from the costs that arise with having the property auction.

When it comes to selling a house under foreclosure, you want to a quick sale. If you are looking for a fast sale, you can offer your property to investors that buy from property owners facing foreclosure.

These Tampa Bay FL house buyers understand the pressure that comes with a foreclosure notice. You can use this as an alternative to short sales or dealing with a property agent.

You do not have to pay any fees and other costs that arise from using property agents.What you do after a foreclosure notice will determine how well you handle the situation. Remember, all is not lost and you can still salvage the situation.