First: don’t ignore the letters
Missing mortgage payments is stressful, and it’s tempting to avoid the mail. But the earlier you look at your options, the more of them you have. In Florida, foreclosure is a court process: the lender files a lawsuit (and a lis pendens in the county records), you have a limited time to respond, and a sale date is only set after the court enters a final judgment. In Polk County, foreclosure sales are held through the Clerk of Courts’ online auction.
That process gives you time, but not unlimited time.
Your options, honestly
- Talk to your lender about a repayment plan, forbearance, or loan modification.
- Talk to a HUD-approved housing counselor. They’re free and can help you evaluate options.
- Talk to a foreclosure defense attorney, especially once a lawsuit has been filed.
- Sell the house. If you have equity, selling before the auction pays off the loan, stops the foreclosure, and lets you keep the difference. A foreclosure sale, by contrast, often wipes out equity and does more damage to your credit.
How a cash sale can help
Traditional sales often take too long when a sale date is approaching, and a financed buyer’s loan can fall through at the last minute. We buy with cash and can close quickly once the title company gets the lender’s payoff. We’ll:
- Give you a written offer fast, usually within 24 hours of seeing the house.
- Work directly with the title company to get payoff figures and coordinate with the lender.
- Buy as-is, so you don’t spend money on repairs you can’t afford.
If the numbers don’t work (for example, if you owe more than the house is worth), we’ll tell you, and point you toward options like a short sale or a housing counselor.