Foreclosures

In a foreclosure, the lender seizes the home after the borrower fails to make payments. Unlike a short sale, a foreclosure is initiated by the lender alone. Foreclosure is the last option for the lender.

In such cases, the lender repossesses the home, hoping to eventually make good on its investment in the mortgage. Once the lender has access to the home, it orders an appraisal and puts it up for sale.

Foreclosures normally take less time to complete because the lender wants to liquidate the asset quickly. Foreclosed homes may even be auctioned off at a public trustee sale. Depending on the circumstances, homeowners who experience foreclosure have to wait for two to seven years to purchase another home. A foreclosure is kept on a person’s credit report for seven years.

If you are facing a foreclosure, call us immediately! 786-474-5738

We can help review your options and see how we can help you save your home!