Attention homeowners in the Miami - Dade county Florida area there is a solution for you if you are facing foreclosure. Foreclosures have threatened the housing market in Florida as well as every other state across the country.
Homeowners behind on payments with little equity until recently had no solutions when it was time to sell their home. Now sellers have a new method called the short sale process which allows them to sidestep the foreclosure process and put a stop the sales auction.
A short sale is when a sellers mortgage lender agrees to reduce the amount owed on their mortgage balance to make the purchase price more attractive to buyers. Lenders agree to a short sale because a foreclosure is costly and accepting a short sale can save them money and allows them to put their money back house. The foreclosure process can take months and lenders want to cut their losses as soon as possible and the short sale allows them that alternative.
Homeowners benefit from a short sale because it allows them to walk away from their home without bringing any money in most cases. Also lenders sometimes agree not to come after the homeowner for the difference in the discount and final sales price. Home owners can now sell their house faster because they can create equity when they normally can't sell. Now homeowners can put a stop to foreclosure and move on without worrying about a house they can't afford.
BofC buys houses through short sales to create equity in a home they can't otherwise purcahse. Sellers in the Miami area can sell their house fast to stop foreclosure by going to http://www.buyersofcharlotte.com/
