“I’m behind in payments…will I be giving my house back to the bank in Tampa?”
Nobody wants to lose their house. But some financial setbacks can make you look for ways to get cash for houses in Tampa, FL, as a way to solve the issue. At Liberty House Buying Group, we buy houses in Tampa FL, as fast as 7 days for cash so that you don’t give your home back to the bank. If you’ve searched “sell my house fast in Tampa, FL,” you will find out how to do that here.
If your situation doesn’t get better, you may find yourself in the uncomfortable situation of having to give your house to the bank in Tampa FL, leaving you temporarily without a home. Furthermore, there may be long-term effects, including a severe and long-lasting impact on your credit (and your ability to get a house in the future).
Nobody wants that. That is not an ideal outcome. Fortunately, there is a technique you can use right now to help you protect yourself and get back on track to financial stability.
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and your mortgage type.
If you miss a few mortgage payments, your lending company will usually send you notices, followed by warnings. If you do not repay the missing mortgage payments, the lending company may sell your property at public auction.
The time you may remain in your home after it is sold at auction is determined by the state where you live. However, you will need to find yourself a new place.
Fortunately, you have options!
Waiting until your house is foreclosed might have a negative impact on your credit rating. One way to protect yourself is to negotiate an arrangement with the loan company called a “deed in lieu of foreclosure.”
This is when you give the lending company ownership of the house in order for them to save the money they would have spent on foreclosure procedures, which may be substantial. You also avoid having a foreclosure on your credit report.
You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full, there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full, you will need to make up the shortfall).
Here’s an example: Let’s say you owed $200,000 on your home, and you sold your home to us for $180,000. You would give that money to the loan company and $20,000 to make up for the shortfall, and your loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of a foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.
I want to avoid giving my house back to the bank in Tampa!
Why do people decide to sell their homes instead of going through foreclosure? (After all, they still don’t live in their home anymore.)
Well, losing a home can be challenging. Still, the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.
Interested in learning more about a proactive option besides giving your house back to the bank in Tampa? Call us at (786) 686-2060 or fill out the form to get more information.
Sell Your House Fast In Tampa For Cash!
Going out searching for homebuyers in Tampa FL will save you from giving your house to the bank. You can easily sell your house in Tampa FL, and get a cash offer immediately. When you are ready to sell your house in Florida, you should reach out to Liberty House Buying Group- one of Tampa, FL home buyers. Fill out the online form to get a great cash offer.