Allowing Someone to Assume Your Mortgage

You’re in a situation where you’re already several months late on your mortgage. On the plus side, no foreclosure lis pendis law suites have taken place and you still have time to act. Your significant other is beginning to wonder why you’re always stressed. She has not yet received the memo. You don't want another problem on your shoulders. The wonder house that you and your family bought several years ago has become more than you can handle, especially with all of the unexpected bills popping up left and right. The hour cuts are also making the situation worse. If you don’t do something soon, you’ll find yourself and your family in a terrible situation.

Looking at your dilemma, you can see that your house is in good shape less normal wear and tear. You can’t sell your house without having to come to closing with at least $35K which is totally out of the cards. The reason for this is a house a couple of yards down the block in better condition sold last month for $150K. You owe $185K and no one in their right mind is willing to pay that much for your house. You do not like the idea of pursuing a Short Sale as you have heard of the many terrible stories that people go through during and after the process. Your credit does not get destroyed as much as it would after a foreclosure but it still takes a significant hit. In addition, there is still about a 35 percent chance that the bank may still come after you for the difference. To make matters even worse, Short Sales are a success for only about fifty percent of the time.

Listing with a Realtor and waiting for a pie in the sky buyer is pointless as you can’t come to closing with the difference of $35k and doing a Short Sale is completely out of the question. Here is solution that you might not have thought of: Mortgage Assumption. There are different names of the method such as Subject To the existing mortgage or Mortgage Management.

Mortgage Assumption involves transferring the ownership of your house to another buyer in exchange for their bringing the mortgage current and making sure the payments are made on time, every month. In the Real Estate market of 2012 - 2018, its very hard to get approved for a mortgage especially among American locals. This method of doing business opens the doors of opportunity to thousands of buyers who, due to various circumstances, can’t qualify for a mortgage on their own.

Your best bet in this situation is to work with a seasoned professional Real Estate buyer or college essay writer who can either assume the mortgage himself or find several interested buyers out of his huge network to do so. There are not many professionals who know how to legally structure this correctly and finding an agent who knows how to do this is like finding a one hundred dollar bill on the floor of a populated shopping mall. Find a well connected Real Estate entrepreneur who can assist you and allow you to move on with your life and preserve and maintain your good credit standing.

Miami Foreclosure: Solutions and Consequences

Within this post we're going to talk about solutions to foreclosure and the aftereffects that may occur if you decide to let the bank forcefully take back your property. We'll go over subject to, short sales, straight purchases and a number of other options.

So, your property in Miami is in foreclosure and you're desperately searching for a solution. Hopefully I may have the chance to bestow upon you several solutions that will help you and your family survive the storm.

Foreclosure can have ruinous effects on personal and business credit for as much as 7 to 10 years. Some say letting a foreclosure transpire is worse than going into bankruptcy. Perhaps it has something to do with the 'American Dream' of having a home and letting get repossessed. Back between the years of 2006 and 2010 everyone and their dog was loosing their house. Fortunately that does not need to be you.

If your Miami house does actually enter into foreclosure you might be facing several issues. The first is the most obvious fact; your credit score will plummet about 450 points and the foreclosure entry will remain on your credit for 7 to 10 years. After you loose your home it will be VERY hard to obtain another or even rent an apartment. I'm sure you don't like the idea of being homeless or living with friends and relatives. In addition to that, the bank may come after you for what is called a deficiency judgment. This occurs when your property sells at auction, after it has been reclaimed, for short of what you owe. So if your mortgage is $200k and your property sold for only $100k at the courthouse steps, then you're liable for the remaining $100,000. The bank can garnish your wages and seize any assets you obtain until the $100,000 is paid off. Yes, it does seem very draconian but that's how the system works. Banks these days have too much power and you're much better off discovering a solution instead of twiddling one's thumbs.

Speaking of solutions, you can always sell your property before the auction date. By doing this there will be no deficiency judgment and your credit will be salvaged where you'll have the chance to move on with your life much sooner than 7 to 10 years. If you have equity, you can sell your Miami house very quickly to a person just like myself where you can close in as little as 20 days. You'll be guided throughout the entire process from beginning to end and you won't have to bother with any step of the procedure to sell your home.

You can also check out a solution called a 'Short Sale.' This solution takes longer than 20 days but is still worth it. If you owe more on your home than its worth, the mortgage balance can possibly be negotiated down and your property sold with little effect to your credit and in many cases, you won't have to worry about the bank coming after you for the remaining balance.

We can also do something called a 'Subject To' takeover. This solution involves the buyer, me, taking control of your payments and/or bringing them current and taking the property ownership from that point on relieving you of any worries or responsibilities. This is also a good solution if you owe exactly what the property is worth or a little more and you wish to maintain stellar credit by keeping the mortgage current but you no longer want to own the residential property or house in Miami.

If you'd like to learn more about how you can stop foreclosure you can always call me at 305-349-3231.