Our goal is to help Florida homeowners a clear and concise pathway to saving their home if their is enough equity in the home. Your home is. your greatest asset and we certainly understand the anxiety and range of emotions that come with facing possible foreclosure on your owner occupied, condo, non owner or doublewide and land.
A foreclosure bailout loan or refinance will stop the foreclosure and give you a new lender and new loan and pay off the previous loan and all the fees and late penalties associated with that loan. We see alot of people who wait to long before it goes to an attorney and they could have avoided extra costs and attorney fees and should have refinanced sooner however they wait and then the equity that was there is gone because the final mortgage payoff is much higher. We staff will guide you through the foreclosure bailout process in a simple, easy, honest, clear way so you understand every step of the loan process that will save your home.
If your have gotten a sheriff sale date, if. your current lender is giving you warnings you will go into foreclosure if you have gotten letters telling you that your going to foreclosure do not avoid this, please reach out and call someone who can help you save your home and do a Florida foreclosure refinance and bail. your house out of foreclosure.
Our network of hard and private money lenders have done hundreds of foreclosure loans, and have streamlined the loan process , the key piece to the foreclosure bailout loan is how much equity in your home. Typically most lenders will not go over 60% and i few will do 65% loan to value. Equity is key in saving your home, moving in a quick and fast manner is of vital importance. If your over 65% most lenders will not be able to help save your home so what is the answer then. We have and experienced team in place that is their to give you tons of options if you don't quality for the foreclosure bailout loan because of equity issues.
Steps in the foreclosure loan process:
Call your lender and explain your situation
Give the lender all the details about your current payoff and how much equity in your home
Let the lender know if its gone to and attorney yet
If you have the right equity, the loan process will begin
They will order title and appraisal , you will need a great letter of explanation for the new lender, income documents and a few other items that underwriting team may need. Its vital you get this items as soon as they ask for them.
The lender will inspect the property, while your title is ordered
Title company will need to get the most updated payoff
Once all these items or gathered is should be time to close your loan.
The title company will setup a closing time and close your loan and you will have 30 days until your first payment with the new lender.
The foreclosure bail out refinance loan is a loan that is short term 1 to 2 year loan to get you steady on time mortgage payments and build up your credit, with good pay history, The goal is to show you have good 24 months of on time payments with the new lender. The ultamite goal is to get you with a new lender at a lower rate after the two years. Now if you don't qualify for a foreclosure refinance loan in Florida. Another way to solve your situation is to think about selling your home and pay off the balance and get the profit for selling. We hope this article give you some insight and good points to take. We are here to answer all you questions and give you the best advice to help you make and informed and wise decison in this stressful and emotional times.
