Life is unpredictable these days and stress is at an all time high. Whether you’re experiencing a job loss, unexpected medical bills, or other personal hardships, you’re not alone. Many Jacksonville homeowners are falling behind on their mortgages and it’s estimated that thousands of homes will fall into foreclosure this year.
Do you have a Jacksonville area house that’s in foreclosure right now?
Many people going through the foreclosure process want to get out from under their burdensome house and wonder if they can sell their house to stop foreclosure in Jacksonville. The short answer is, yes you can stop foreclosure. The long answer is, it’s a bit more complicated. But you can usually sell your house prior to foreclosure.
The most important thing for you to know is there is hope and you have options to stop foreclosure in Jacksonville. As long as you have an open mind and you’re willing to talk to someone about your personal hardships. You may be able to turn things around and keep your house even if you’re far behind on your payments.
Forbearance is a process where your lender significantly reduces your mortgage payments or even pauses your payments for a short period of time. It’s surprising that many homeowners are not aware of forbearance. It’s usually a pretty good option for homeowners facing a short-term disruption in income and need to stop foreclosure in Jacksonville.
In order to request a forbearance, first visit your lender’s website and check for a list of information you’ll need to start the process. You may even be able to request your forbearance online. Next, have your account number ready along with the information and answers requested on your lender’s website. Then call your lender, explain your situation, and request a forbearance.
If you don’t qualify for forbearance, you can always contact us or request a cash offer online. We’ll make you an offer on your house within a few days and help you stop foreclosure in Jacksonville.
For Jacksonville area homeowners with mortgages covered by the CARES Act, you only need to explain that you have a pandemic-related financial hardship, directly or indirectly related to the pandemic. You have the right to request forbearance for up to 180 days and you can also request an extension for up to another 180 days.
Some lenders may allow you to enter into a repayment plan and it’s a great option for Jacksonville homeowners who can afford it. A repayment plan will require you to make your regular payment amount plus an additional amount. This repayment plan will continue for as long as it takes you to make up for the late payments.
First, be prepared and have all your financial information ready before contacting your lender. This includes things like mortgage statements, a list of your other monthly debts, and details about your household income.
Next, call your lender and explain your current situation. We know it’s not easy to talk about your personal hardships with a stranger, but your lender will need to understand the reasons why you need a repayment plan.
Your lender will take all of this information into consideration and let you know if you qualify for a repayment plan. If you qualify, your lender will have you sign an agreement that will outline the length of your repayment period along with terms, details, and your obligations. If you don’t qualify, we can help. You can contact us or request a cash offer online at any time.
Check your lender’s website for a repayment plan calculator. You can use this tool to get an estimate of your new monthly mortgage payments before requesting a repayment plan.
If you feel like keeping up with your Jacksonville mortgage payments is going to be an ongoing or long term problem, it may be better to seek out a loan modification or refinancing option.
With a loan modification, your lender will agree to modify the terms of your mortgage. You’ll either be given a better interest rate or the length of your mortgage will be extended in order to lower your overall monthly payment.
If your lender isn’t willing to adjust your mortgage terms, refinancing your Jacksonville home may be a suitable alternative. When you refinance, you take out a brand new loan with a monthly payment that works better for you. You can then use the proceeds to pay off your existing mortgage.
It may be tough, but be prepared to discuss your financial hardships in detail with your lender. You’ll have to document your hardship as part of a formal application process. Take the time to gather all the relevant documents before calling your lender.
Your lender will likely require you to apply for the modification in writing, and to submit proof of income and expenses before and after the onset of your hardship. That could include tax returns, pay stubs, monthly bills and statements, plus information on your savings and any assets you may have.
If approved, your lender will start the process and get the ball rolling on your load modification or refinance. Not approved? Not a problem. We are problem solvers and we help distressed property owners in Jacksonville. Get the process started by requesting a free cash offer.
If your mortgage is backed by a federal agency or program, you may qualify for a government mortgage modification plan. Do your research before contacting your lender.
Okay, this is typically a last resort option and we know bankruptcy is a scary word, but keep reading. Bankruptcy is a legal process imposed by a court order through which people in financial trouble can seek relief from the debtors. Both bankruptcy and foreclosure are extremely damaging to your credit, but bankruptcy enables you to start fresh. You’ll be debt free and immediately begin rebuilding your good credit.
It’s highly recommended that you seek the advice of a qualified attorney before filing for bankruptcy. Individuals can file bankruptcy on their own without the help of an attorney. This process is known as filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long term financial and legal outcomes.
Is there a last minute strategy to stop a foreclosure? Yes, there is! Selling your house for cash will help you avoid foreclosure and protect your credit. This is often a much better option since it will give you a better chance of retaining some of the equity you may have built in your home. Orbit Properties can pay you cash for your home fast. We may be able to you pay off your mortgage and walk away with cash in your pocket.
Our goal is to make this process as quick, easy, and stress free as possible. First, request a free cash offer from Orbit Properties. Our team will review your request and follow up. We’ll make sure we can help you avoid foreclosure and that your property aligns with our buying criteria. If our goals align and we can help, we’ll present you with a fair, written, no obligation cash offer for your property.
Contact us before deciding on any option to avoid foreclosure. We’ll review your situation and recommend the best solution even if that means we don’t buy your home.