What You Can Do To Stop Miami Foreclosures

What You Can Do To Stop Miami Foreclosures

While foreclosures are an ugly truth and side to the foreclosure market, people are not entirely helpless from stopping them. Banks are required to exercise prudence in their dealings with struggling owners and borrowers especially those who have been under dire personal circumstances. For people who are in danger of Miami foreclosures, here are the top solutions that can help you retain title to your homes.

Do Not Ignore Your Lender

When people are under pressure, it is typical for them not to respond to any debt collection efforts and notices from their lenders. But this can only be a mistake. One of the biggest mistakes that a troubled homeowner could commit is to ignore the notices and the bank.

On the contrary, a more positive and proactive response is to acknowledge the situation and immediately contact the bank. This would put you in a good light as the bank would see that you are interested in working out your loan and that you are not reneging on your obligation.

Know Your Alternatives

Miami foreclosures are undoubtedly on the rise and this could be putting a lot of homeowners in distress as they anticipate their own foreclosures and evictions. But there are actually alternatives open to troubled borrowers. You just have to find out what they are and which of those could best address your situation.

You might want to ask your lender about a repayment, refinancing or even a loan modification plan. If your financial difficulty is only temporary, them you might want to consider a forbearance program which will allow you to pay your missed payments over a period of time until you have recovered financially. In the end, what you choose should not only address your short term needs but you must also allow for a contingency plan.

Save or Sell

If somehow you think foreclosure could inevitable, there is another way to save your credit from a total ruin. You may want to sell your house in a short sale. There are many people who, in order to avoid Miami foreclosures, opt to sell their houses and used the proceeds to pay for their mortgage loans. This could be tricky but is an option worth looking into as it will soften the impact of a foreclosure on your credit.

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