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Discover Your Options

In these hard, economic times, even financially responsible families can find themselves having trouble paying bills and making payments. Ardent Property Group, LLC, in Miami Lakes, Florida, provides solid, financial advice to help you work with your bank to stop foreclosure, giving you time to find solutions to your money problems.
 

Loan Forbearance

As bills start to pile up, it's hard to know where to turn, especially when you have a mortgage payment to make. Forbearance is the ideal solution to temporary, financial problems. The lender agrees to delay his right to exercise foreclosure if the borrower can catch up with the payment schedule within a certain period. This gives you time to reassess your finances and make the changes you need, to continue making your payments. If you have a more serious problem, like a high, adjustable-rate mortgage, forbearance may not be the solution. However, you do have options available.

 

Short Sale

When a borrower cannot pay a mortgage loan, the lender may decide that selling the property at a moderate loss is better than pressing the borrower. A short sale, so called because the sale proceeds fall short of the balance owed, is consented to by both parties. This allows the property owner to avoid foreclosure and protect against a bad credit report. Banks are also free from paying hefty fees, incurring a smaller financial loss than foreclosure or continued non-payment. Property owners can expect to:
Avoid Foreclosure  •  Appear More Responsible to Future Creditors  •  Pay No Upfront, Out-of-Pocket Money for Our Services  •  Live in the Property Until It Sells

Deed in Lieu of Foreclosure

This specific deed instrument allows the borrower to transfer all interest in a real property to the lender, satisfying a loan that is in default to avoid foreclosure proceedings. With a deed in lieu of foreclosure, you give your property to the lender because you just cannot afford to pay the mortgage any more. The lender then sells off the property in order to retrieve part or all of the loan balance you owe.