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Foreclosure 101

Wednesday, April 13, 2022   /   by Stephanie LeFew

Foreclosure 101

How Can We Help You?

Foreclosure can be a fast-moving train and we are here to help you get out from in front of it! 

 

We understand how scary and difficult the process of foreclosure can be, we have been there before with our clients, family members, and our friends. We want to help you gain control of the situation. 

What Is Foreclosure?

Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.

How Long Can Foreclosure Take?

Florida foreclosures occur through the judicial system and can take about 4-6 months to complete.

Steps After Foreclosure

After foreclosure, we suggest renting something that you can get into - probably will take extra money down to have them accept the credit challenges, and start rebuilding their credit - pay off other bills.  Just start saving & see what happens with the market.  It very well may be that the market will be more of a buyer's market when you decide that you may want to buy again.


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