Bank Foreclosures in Florida: Know Your Options

Bank foreclosures in Central Florida and across the country have been on the rise, but that doesn’t mean there is nothing that can be done to stop it. There are ways to avoid having a foreclosure on your permanent record- and to protect your credit score- but you need to ask for help in the right place.

When facing bank foreclosures, Florida residents can speak to the team at Florida Homeowner Solutions. With two decades of experience helping people navigate the trying times of pre-foreclosure, our family-oriented business understands exactly what you are going through and can help you find the other side.

What Is a Bank Foreclosure?

If a homeowner fails on their mortgage payments for whatever reason and can’t secure an adjusted loan, the bank can take ownership of a property and force the sale of the home to recover their losses. There are many bank-owned properties for sale in Florida for this very reason.

Bank-Owned VS Real Estate-Owned: What Is the Difference?

To officially become bank-owned properties, Florida homes must be completely foreclosed before listing for sale. As the homeowner, you have a certain amount of time to come up with the money or sell the property yourself before the bank can officially claim ownership. The bank then puts the house up for auction and keeps the money as payment.

Real estate-owned (REO) properties in Florida are houses that did not sell at the foreclosure auction- meaning the bank has not yet recouped any of the money, and they need someone to take charge of selling the home.

Real estate and bank-owned homes for sale in Florida make up a fair portion of the market.

How Does This Affect You?

Bank foreclosures stay on a person’s financial record forever. It can make it impossible to secure future loans or rental agreements and can even interfere with employment opportunities.

If you are facing foreclosure in Florida and know you won’t be able to get an approved loan or another source of income on time, your property will end up on the list of bank-owned homes in Florida going up for auction. That is unless you do something to stop it.

You have other options, including a short sale, which doesn’t let you keep the house, but it does protect your credit score and save you the life-long black mark of a foreclosed property.

Once your home forecloses and becomes property of the bank, there is nothing you can do, so it is essential to speak to someone as soon as possible.

How Can We Help?

We have helped thousands of Florida homeowners avoid foreclosure and have more than 20 years of experience. Our business is highly respected and a leading industry name in the fight against foreclosures in Central Florida.

If you need assistance applying for a loan modification or someone to guide you through the alternative options when other avenues are exhausted, you can turn to us. We provide these services for free to help out how we can in times of trouble.