Is Bankruptcy Really The Best Option if I am behind in my house payments?

Is filing for Bankruptcy really the Best Option  if I am behind in my house payments?   Depending on your individual circumstances, it is always advised that you seek competent legal advice.  If you are falling behind in your house payments another option may be to seek a short sale application from your lender.

IN A SHORT SALE? A Short Sale occurs when a property owner suffers a hardship, preventing them from keeping current on making their mortgage payments. There are several reasons a financial hardship can and does occur. Loss of employment, divorce, reduction is wages, or medical expenses are just a few. More times than not, the property is no longer worth what is owed against it.

A Short Sale can be applied for; based on the hardship. If the home is your primary residence some lenders may qualify you for depending on your particular set of circumstances. There has been major attention focused on lenders and new legislation put in place which may benefit you.

But in cases where the property is an Investment Property most often the Lender’s Investor will want the seller to contribute something at closing and share the loss.  This could be signing a Promissory Note over an extended time period, or bringing cash to closing. Failing to pay your mortgage means you could lose your home and damage your credit.

Filing Bankruptcy is an option but is it really the best one?

It is paramount to putting a band aid on a bleeding artery in terms of damage to your credit. Yes, it will stop collection calls.Eventually the bank will pursue foreclosure. Compounding the damage to your future credit.

So what are the options?

1) Avoid knee jerk reactions. Keep talking to your lender. Communication is the key to solving your repayment problems.

2) Look long term- the decision you make today; will have an impact on you in the future.

3) Weigh carefully- the cost of damage control regarding your credit rating. If paying down a portion of the debt over time is manageable; you may want to give that some serious consideration.

Discuss your financial situation with a Tax Advisor. Seek Legal Advice from an Attorney.

Nothing is worse, than having a ready, willing and able buyer and discovering you cannot or will not meet the term and conditions of sale a lender has requested from you.

Make an informed decision before you list your home. Talk to your lender and discuss what options you have. Then talk to us.  At St Cloud Homes & Land, we understand.  Allison Stewart Realtor, and Real Estate Broker is a Certified Short Sale and Foreclosure Resource Specialist. Trained in Advanced Evaluations, and Procedures, as well as a Certified Distressed Property Expert.  She will take the time to listen to you and discuss Short Sale Procedures in easy to understand terms.

Homes & Land, LLC,. A local St Cloud Florida Real Estate Brokerage.

Committed to excellence and superior customer service, the emphasis has always been on Unparalleled Customer Service which begins with YOU. St. Cloud Homes & Land, LLC has performed consistently and grown over the years. What makes us successful is our commitment to you.

Knowing a little about us is nice, but Focusing on what is important to you is what we do best!

Whether Buying St Cloud Florida Homes & Land, or Selling St. Cloud Homes or Land, Allison will take the time to find out what is important to you, answer your questions, and share important information on current market conditions.

Licensed and Certified we specialize in ALL aspects of residential Real Estate. From contact to closing we are with you every step of the way, answering your questions, overcoming obstacles and getting you to the Closing table as stress free as possible. Our team consists of like minded, friendly knowledgeable Sales Associates who offer outstanding Customer Service. We guarantee you love what we can do for you in making your Home Buying or Selling Experience with us a good one.

St.Cloud Homes & Land, LLC is a full service Licensed Real Estate Agency Providing OUTSTANDING customer service and commitment to excellence for its clients. The best in business, call us 407-545-8002

St.Cloud Homes & Land, LLC
Providing Professional Real Estate Services
2490 Bronco Drive
St. Cloud, FL 34771
Phone: 407-545-8002 | Email: Allison@Kissimmee-stcloudflhomes.com