Foreclosures Myrtle Beach
There is a nightmare that is facing families today in Myrtle Beach and it is called foreclosure. These are good people to whom bad things have happened. There may be a way to wake up to a happy ending and if that is possible the Short Sale Team at JP Real Estate Experts is here to help.
Foreclosures in Myrtle Beach can be stopped
The first and most difficult step in the foreclosure process is to deal with the facts openly and honestly. Don’t give into the temptation to hide your head in the sand. Contact your mortgage lender as soon as you become aware that you may fall behind in your monthly payments. The bank is not in the real estate business and they do not want your house – they want your money. For this reason, many mortgage lenders will work with you to avoid foreclosure. Foreclosures Myrtle Beach are increasing almost daily and your bank doesn’t want another house they need to sell. A legitimate lender will realize that it is in their best interest to help you avoid foreclosure. Keep in mind, however, that lenders are not charities. They will review your current circumstances, your long-term prospects, the total equity in your home compared to what you owe and your payment history. If they determine that foreclosure is in the best interest of the bank, they will proceed with the process. The earlier in the process you notify your bank, the more likely you can avoid foreclosures Myrtle Beach.
Dates To Remember with Foreclosures Myrtle Beach
The first and foremost date to keep in mind is the 16th day after your payment is due. Your statement probably says that you have until the 16th to avoid a late fee but it also means that you have until the 16th to avoid the foreclosure process. How does this work?
Let’s say your payment is due on the first of the month.
You subsequently miss your payment. The mortgage lender has between the 16th and the 30th of the month to access late fees and contact you. To avoid the foreclosure process starting, you want to contact the lender BEFORE they contact you.
The next step in the process is that between the 45th day and the 60th day, a notice will be sent to you in the form of a letter. They may also elect to send an email. This notice tells you the borrower that you are now in breach of the contract and gives you a specified period of time, usually 30 days, to pay the amount due including all late fees or other charges.
Sometime between 90 and 120 days the loan is then sent to the foreclosures department and the actual proceeding has begun. At this point you can still avoid foreclosure and possibly save some money by going back to step #1 and contact your mortgage broker. We hope you are getting the point that the sooner you contact your lender, the more likely you can avoid foreclosures.
From this point on the process will be covered by the laws of your individual state. You will want to research the specific laws of your stare regarding the timing of the foreclosure, what if any redemption period there is and notice provisions. This can vary anywhere between 150 days after you have missed your first payment to 415 days or longer. Always enlist the help of an attorney if you find yourself in foreclosure.
Options to Avoid Foreclosures Myrtle Beach
Setup a repayment plan. This will depend on the individual mortgage institution as to whether they will agree to spread your delinquent payments over a specified period. This is helpful if your situation is temporary such as a medical emergency or an unforeseen problem financially.
Look into loan modification. Current federal laws encourage mortgage holders to adjust the terms of the loan to help lenders avoid foreclosures. Some of your options include:
- Lengthening the mortgage schedule reducing the amount you pay each month
- Lowing the interest rate to today’s favorable rates
- Roll the delinquent payments into the load and then adjusting the amortization
Short Sale. This alternative to avoiding foreclosure will depend on your lender and whether they are willing to write off the balance of the debt when the house is sold for less than the debt.
Short Refinance is a combination of a short sale where the home is sold for less than what is owed and the balance being refinanced into a new loan.
Bankruptcy. Contact your attorney before making this decision. You will have to live with the effect of this decision for several years.
Avoid Foreclosures Myrtle Beach by contacting JP Short Sales Team
Selling your home before the bank starts the foreclosures Myrtle Beach process is the best alternative to avoid foreclosure. We work with mortgage institutions in the Grand Strand area to help determine a selling price that is fair to both the borrower and the lender. People heard to many horror stories and they are just sure that their house is worth next to nothing when in fact it could sell for a price that relieves you of the debt and satisfies your banker.
We are familiar with the laws in South Carolina and how they govern your foreclosure process. By contacting an agent early in the process, you are increasing the probably your home will sell before the foreclosure process is even considered.
JP Short Term Team has experience in the Myrtle Beach Real Estate market and knows what it will take to sell your home. They will work to get the highest possible price for your listing. Facing pending foreclosure is a scary place to be and it can undermine your confidence. Regain control and get the confidence you need by contacting us today to review your options.
Call us today 843-222-1926 for your foreclosure alternative
JP Short Sales Team
854 Jason Blvd Unit G
Myrtle Beach, SC 29577