Sometimes, life throws you a curveball for hardworking homeowners in the Sunshine State. Maybe it’s an unexpected job loss, a medical emergency, or a series of financial setbacks that snowball out of their control. If you find yourself missing mortgage payments and staring down the barrel of pre foreclosure, you’re not alone. At Lincoln Madison Investments, we’ve stood alongside countless Florida homeowners just like you, finding solutions that work and helping you sell your house before foreclosure
What does pre foreclosure mean?
Pre foreclosure is the initial phase of the foreclosure process that commences when a homeowner defaults on their mortgage payments, usually for a period of 90 days or more. At this juncture, the lender will formally file a notice of default with the county recorder’s office, signaling their intention to foreclose on the property if the outstanding debt remains unpaid.
What does pre foreclosure sale mean?
A pre foreclosure sale, often referred to as a short sale, occurs when a homeowner sells their property for an amount less than the total outstanding mortgage balance. This can be a viable option for homeowners who are unable to bring their mortgage payments current and wish to avoid the devastating consequences of foreclosure. However, it’s important to note that the lender must approve the sale, as they will be accepting a lower amount than what is owed on the property.
How can I sell a pre foreclosure home?
If you’re grappling with pre foreclosure, selling your home may be the most effective way to prevent further financial hardship. Here are some essential steps to consider:
- Reach out to your lender and inform them of your intention to sell the property. They may be open to collaborating with you to postpone foreclosure proceedings, providing you with valuable time to find a buyer.
- Consider partnering with a real estate agent who possesses expertise in pre foreclosure sales. They can offer invaluable guidance in pricing your home competitively and implementing effective marketing strategies to attract potential buyers.
- Explore the possibility of selling your house fast before foreclosure to a reputable cash buyer like Lincoln Madison Investments. We can present you with a fair cash offer and complete the transaction in as little as 7 days, allowing you to sidestep the emotional toll and credit ramifications associated with foreclosure.
Recently, we had the privilege of assisting a homeowner in Winter Haven who had fallen behind on their mortgage payments due to an unexpected job loss. Burdened by the fear of losing their family home and the impact a foreclosure would have on their future, they reached out to us for help. Within 24 hours, we presented them with a cash offer, and in just 12 days, we successfully closed the sale. This allowed them to move forward with a sense of relief and a fresh financial start, a feeling we strive to provide to all our clients.
How long does a pre foreclosure stay on your credit report?
It’s important to understand that a pre foreclosure can remain on your credit report for up to 7 years, even if you manage to catch up on your payments and successfully avoid foreclosure. This negative mark on your credit history can significantly impact your ability to secure new credit or loans in the future. That’s why it’s imperative to take swift action when faced with pre foreclosure, as time is of the essence and every moment counts.
Foreclosure and pre foreclosure: What is the difference?
While pre foreclosure and foreclosure are closely related, they are distinct stages in the overall process. Pre foreclosure refers to the period after a homeowner has defaulted on their mortgage but before the lender has fully completed the foreclosure proceedings. In contrast, foreclosure is the legal process through which a lender takes possession of a property after the homeowner has consistently failed to make their mortgage payments.
The foreclosure process in Florida typically takes between 6 to 12 months from start to finish. However, homeowners in pre foreclosure often have several months to explore their options and take action before the lender progresses to the final stages of foreclosure.
What is a pre foreclosure sale?
A pre foreclosure sale occurs when a homeowner sells their property during the pre foreclosure period to satisfy their outstanding mortgage balance and prevent the lender from proceeding with foreclosure. This can be accomplished through a traditional sale with the assistance of a real estate agent, where the property is sold for an amount that covers the mortgage balance, or by means of a short sale, in which the lender agrees to accept a reduced payoff amount, often less than the total mortgage balance.
Pre foreclosure auction definition
In certain instances, a pre foreclosure home may be sold at auction. This scenario arises when the lender has initiated foreclosure proceedings, but the homeowner manages to sell the property before the scheduled foreclosure sale takes place. Typically, the auction is conducted by the lender or a designated trustee and is open to public bidding.
How to purchase a home in pre foreclosure
If you’re interested in purchasing a pre foreclosure home, there are several key factors to keep in mind:
- Collaborate with a real estate agent who has a proven track record in handling pre foreclosure sales and can guide you through the intricacies of the process.
- Be prepared to act swiftly, as pre foreclosure homes often generate significant interest and tend to sell quickly.
- Ensure that your financing is in order before submitting an offer, as the majority of pre foreclosure sales are cash transactions.
Can you buy a pre foreclosure home with a loan?
While it is possible to purchase a pre foreclosure home with a loan, it can be more challenging compared to a traditional sale. Many lenders are hesitant to finance pre foreclosure properties due to the elevated level of risk involved. If you decide to pursue a loan for a pre foreclosure purchase, be prepared for a more rigorous underwriting process and potentially higher interest rates.
Foreclosure and pre-foreclosure listings in Polk County Florida
If you’re interested in exploring pre foreclosure home opportunities in Polk County, FL, there are various resources available to assist you in your search. The Polk County Clerk of Courts maintains an up-to-date list of upcoming foreclosure sales on their website at https://www.polkcountyclerk.net/169/Foreclosure-Sales. Additionally, partnering with a local real estate agent who specializes in pre foreclosure properties can provide you with valuable insights and access to exclusive listings.
What does pre foreclosure mean on Zillow?
When browsing listings on Zillow, pre foreclosure homes are typically categorized as “pre-foreclosure” or “foreclosure” under the “Listing Type” section. These listings represent homes that are in the early stages of the foreclosure process but have not yet been officially foreclosed upon by the lender.
Are Zillow pre foreclosures accurate?
While Zillow can serve as a helpful resource for identifying pre foreclosure homes, it’s crucial to approach the information with a degree of caution. Zillow relies on public records and user-submitted data, which can occasionally be incomplete or outdated. To ensure accuracy, it’s always advisable to verify any pre foreclosure listings with a local real estate professional or by directly contacting the county recorder’s office.
What does it mean when Zillow says auction?
When a property is listed as “auction” on Zillow, it indicates that the home that you are viewing is scheduled to be sold at a public foreclosure auction on a specific date. This is typically the final stage in the foreclosure process, occurring after the lender has exhausted all other avenues for recouping their losses. If you’re considering purchasing a home at auction, is important that you research the property so that you can understand any potential risks or difficulties that might be involved.
Selling a house in preforeclosure
If you find yourself facing pre foreclosure and need to sell your home quickly, know that you have options available. At Lincoln Madison Investments, we specialize in helping homeowners sell their pre foreclosure homes fast for cash. We can provide you with a fair offer within 24 hours and complete the sale in as only 7 days, allowing you to avoid the stress and uncertainty that often accompany the foreclosure process.
We buy pre foreclosure homes in Lakeland, Winter Haven, & throughout Polk County, FL
No matter where you reside in Polk County, Florida, whether it’s Lakeland, Winter Haven, or any other area, we can assist you in selling your pre foreclosure home quickly. With years of experience working with homeowners facing challenging circumstances, we understand the importance of treating each client with compassion, respect, and professionalism.
If you’re ready to take the first step towards resolving your pre foreclosure situation, contact us for a free cash offer today at 863-521-0549. We’re grateful for the opportunity to do business with you!
