Yes, it's very possible to refinance your current defaulted loan if you have the right amount of equity in your home, condo, land, doublewide, or investment property in Florida.
Our goal is to guide the borrower to take the right steps. If you have tried loan modification or your forbearance is up and the lender has sent your loan to the attorney, then foreclosure action is pending. What do you do? What are your steps? Many times, anxiety sets in and some borrowers get overwhelmed with no clear path to take action to save their home.
You need to call a Florida hard or private money investor. They are not like a bank. They take into account the daily lives of average borrowers who make mistakes but do not hold them against you. Maybe you lost your job, got very sick and couldn't work, you were not able to pay your bills or mortgage, you tried helping a relative, there's so many reasons someone might get behind on their mortgage. Our goal is not to point the finger. But to provide solutions, use the current equity in the home and save your home. Give you peace of mind. “Stop Foreclosure” are the words you want to hear. Your home is saved. Get you on a new path with a plan of action from a new lender.
The number one thing is to contact a private investor and determine how much equity is in your home. We have a network of many private investors that are ready to help you in your stressful ordeal if the equity position is right. Typically our investors will not go over 60% loan to value.
When will the investor let me know? The investor will personally come to your home to look at the property, give a value, and let you know if it's possible to help.
When do I take an application? The loan officer will call you and take a full application with your information and employment and must determine if you qualify with income for your monthly payments. Your debt-to-income ratio has to work to qualify for the loan.
If I qualify for the loan what is the next step in the foreclosure bailout loan process? The next step is you order your title and appraisal. This will take about 5 to 8 days. Once these items come back then, We will have to see what your current payoff is.
If the payoff is with an attorney, are there more fees? Yes, the attorney will get the payoff, all late fees to your lender, the attorney fees will be included in the final payoff. Getting the payoff can take as little as one day up to two weeks.
When do I get to close my foreclosure bailout loan? Once your title is in, an appraisal is in, a letter of explanation to the lender/investor, the payoff is in and all the numbers work. you will get a final hud settlement statement for final review before you go to your closing.
What happens at closing? They will review and explain in detail all your mortgage note documents, closing documents, and if you have any questions please ask. You have three days still to review all your documents.
When do I make my new mortgage payment with the new lender? Usually, you have a 30 to 40-day grace period that will be in your closing package where you make your new payment. The goal is to save your home and get you on track. Sometimes you can get a little cash out if you need it. And establish a good payment history with your new lender.
How long does the whole foreclosure bailout loan process take? It can take as little as 7 days to one month. If your home is going to auction then every day is vital and we can’t waste any time. If you know you're going to foreclosure and you're a homeowner in Florida, and have nowhere to turn, then you can call us. We have investors and loan officers with years of experience who will answer all your questions in detail and give you fast, real, genuine, and honest answers so you can hopefully save your home with a new loan.
