In our Nov. 12, 2014 blog post, we discussed some of the points surrounding a judicial foreclosure. That post might have some of our readers wondering what they should do if they find out that their home is facing a foreclosure. The truth is that there are several options available for homeowners who are facing foreclosure. Which option is the best for one person might not be the best for another, so anyone facing foreclosure should understand all his or her options.
One option for homeowners is that they can let the foreclosure proceed. That isn’t something that most homeowners want to do. Most people don’t want to see their largest asset go back to the mortgage holder. For those people, exploring the other options is necessary.
Some people who are facing foreclosure might need a mortgage modification. Others might need to use a short sale to deal with the foreclosure. Some others might decide that they need to downsize. Others might opt to file for bankruptcy protection under either Chapter 7 or Chapter 13 bankruptcy. Each of these options has specific benefits and drawbacks for homeowners to consider.
There is one common thread that binds all these options together. That thread is that swift action is necessary for someone who wants to have the best chance at avoiding foreclosure. We can help our readers in the Miami-Dade area to explore these options. We can help to negotiate with the mortgage holder to figure out a solution that will stop the foreclosure.
Because foreclosures aren’t going to go away on their own, those who are facing foreclosure should work to understand their options so they can make a timely decision about how to stop the foreclosure.