Foreclosures in Miami FL
According to the latest report from Attom Data Solutions, Miami Dade County is second only to New York when it comes to repeat foreclosures. Repeat foreclosure is a phenomenon where the same property and the owner face foreclosure procedure again within a period of 10 years. The rate of foreclosure in Miami FL has fallen by 35% this year as compared to last year. Till April 2017, there were 986 cases of foreclosure in Miami FL whereas this number was 1509 in April 2016. This number though is still the highest as Broward County recorded 730 foreclosures and Palm Beach County recorded just 578 in the same period.
Miami has come a long way forward since the housing crash
It is a fact that Miami was one of the worst hit housing markets across the country when the housing bubble burst and recession hit the economy of the country. It was a combination of several factors with easily available mortgage loans at low interest and an abundance of condo projects being foremost. The situation today on the ground is much better with fewer cases of foreclosure in Miami FL. This is because home prices have regained their high levels and also because buyers are taking smaller amounts of mortgage while depositing a lot of cash towards purchase of homes.
If you are feeling the heat because of a foreclosure notice from your lender, it is time to give it serious thought. There is no use ignoring this very important document from the bank as your missed installments will add up and they will not be forgotten by the lender. If your financial condition is shaky but you are confident that it will improve in future, it is a good idea to talk to your bank!
However, if you or your spouse has lost your job and you do not see the situation improving in the near future, it is better to take action now than leaving it for a future date. Foreclosure in Miami FL can not only mean loss of your home but a blot on your credit that will take many years of effort to be erased. Do not bury your hand under the sand and behave as if nothing will happen. Law will take its due course and you will soon find your lender initiating the proceedings to sell off your home to recover its losses. Why face the humiliation of eviction from your own home when you can avoid it through timely action?
Contact your lender immediately as soon as you receive a notice of default from your lender. Negotiate with them to waive off the missed installments or adjust them in your outstanding amount. If the amount you owe to your bank is more than the value of your home, you can request the ender to agree to a short sale.
In a short sale, our house sells and the entire proceeds go to the bank. Though you do not get anything, you can walk out of your home with head held high as you sold your home as homeowner! There is also no blot on your credit.
Take a look at these options
However, if you have only a few unpaid installments and the value of your home in the market is much more than your outstanding loan, you need act quickly. You have equity. Equity is the amount of value in your house in dollars. For example, if you owe $50,000 and your house is worth $100,000, you have $50,000 left after paying the bank what you owe.
Equity = Money
Think about it. The bank is charging you interest, their insurance at their rate, real estate taxes, attorney’s fees, filing fees, and much more. The amount of money you are losing every month from the bank deducting from your equity is more than if you rented a home.
Another thing that eats up at your equity is your own house maintenance expenses. Do you need to repair the roof? How about air condition repair and maintenance, especially in MIAMI FL?
Sometimes it’s easier, less expensive, and less stress for you and your family to rent a new house instead of fight the foreclosure and lose your equity. It will probably cost you less.
There are many cash home buyers operating in Miami Dade County. You can get a quote for your house from several of these cash home buyers to get maximum value of your home. These buyers are flush with funds and they can seal the deal in just a few days. Imagine being able to avoid foreclosure and still walk away with a sizeable amount of money. You can use this money to invest in an attractive scheme or use it to pay the down payment for your next home.
Whether you have a lender who has agreed to short sale or you want to sell your home for fast cash, you need an investor who is experienced in such sales. He will guide you and also provide valuable help in completing the financial deal. This is a very good way to avoid foreclosure in Miami FL.