Nobody wants to be forced out of their home and onto the street. It’s a nightmare scenario for every family, but Florida foreclosures are a continued challenge as families struggle to grasp the woeful economy.
The idea of having to rip our family from the roots we’ve laid down can be alarming, but foreclosure doesn’t mean you need to get out tomorrow and you may even get help covering relocation costs. Your options ultimately depend strongly on the intentions of the new property owner once the foreclosure process ends.
Become a Tenant
This is the least likely scenario after foreclosure, but it’s something to consider. The new owner may intend to turn your home into a rental property, and there are no laws preventing you and your family from becoming tenants.
Obviously, if you were struggling to make mortgage payments it’s unlikely that you will be able to cover rental payments which are going to be higher than mortgage payments. However, as a tenant, you will have fewer responsibilities in taking care of the home which could open up some finances.
You would need to work directly with the new owner of the property as it’s likely they will instead ask you to vacate or evict you from the property. However, there could be a temporary rental solution if the lender repossesses the home and needs time to get it on the market.
Cash for Keys
Nobody wants to go through the eviction process. It’s expensive, time-consuming, and can impact your future ability to rent or even get loans. What many people fail to realize is that property owners don’t want to go through the process either. It can be expensive for them too and takes time away from other business.
That’s why a “cash for keys” offer could be your best option. The new owner may offer you a lump-sum payment in order to get you out of the property in a timely manner without going through a messy eviction process. These offers could be in the thousands of dollars which could help you and your family get back on your feet and cover moving expenses. If the property owner doesn’t offer this, you can bring it up yourself as an alternative to eviction.
Sell Off Property
If you’re in a hole financially and aren’t able to move quickly, your best option may be to sell off personal property. Proceeds from the sale of your property can then be turned into moving expenses or even the down payment on a new home.
When you’re evicted and fail to get your possessions out in a timely manner, the new owner can change the locks and take possession of all your property. You don’t get any money out of any sales after the new owner takes possession of the property which leaves you out of options.
The first and most sensible step to take when you’re facing foreclosure is to work with an experienced foreclosure attorney in Florida. At the Law Offices of Ray Garcia, foreclosure defense is one of our main focuses. We have a free resource to help you understand this process and can work directly with you as you navigate the situation. When you know a foreclosure is an option, make us your first call.
Law Office of Ray Garcia, P.A.
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