So, your property in Miami is in foreclosure and you're seriously seeking a solution. Hopefully I may have the chance to bestow upon you several solutions that will help you and your family survive the storm.
Foreclosure can have demoralizing effects on personal and business credit for as much as 7 to 10 years. Some say letting a foreclosure come about is worse than going into bankruptcy. Perhaps it has something to do with the 'American Dream' of having a home and letting get repossessed. Back between the years of 2006 and 2010 everyone and their dog was loosing their home. Fortunately that does not need to be you.
If your Miami house does actually go into foreclosure you might be facing several issues. The first is the most obvious fact; your credit score will plummet at the very least 450 points and the foreclosure entry will remain on your credit for 7 to 10 years. After you loose your home it will be VERY hard to secure another or even lease an apartment. I'm sure you don't like the idea of being homeless or living with friends and relatives. As well as that, the bank may follow you for what is called a deficiency judgment. This occurs when your property sells at auction, after it has been reclaimed, for short of what you owe. So if your mortgage is $200k and your property sold for only $100k at the courthouse steps, then you're liable for the remaining $100,000. The bank can garnish your wages and seize any assets you obtain until the $100,000 is settled. Yes, it does seem very cruel but that's how the system works. Banks these days have too much power and you're much better off seeking out a solution instead of doing nothing.
Speaking of solutions, you can always sell your property before the auction date. By doing this there will be no deficiency judgment and your credit will be salvaged where you'll be able to move on with your life much sooner than 7 to 10 years. If you have equity, you can sell your Miami house very quickly to a person such as myself where you can close in just 20 days. You'll be guided throughout the entire process from start to finish and you won't have to worry about any step of the procedure to sell your home.
You can also check up on a solution called a 'Short Sale.' This solution takes longer than 20 days but is still worth it. If you owe more on your home than its worth, the mortgage balance could be negotiated down and your property sold with little effect to your credit and in many cases, you won't have to worry about the bank following you for the remaining balance.
We can also do something called a 'Subject To' takeover. This solution involves the buyer, me, taking over your payments and/or bringing them current and taking the property ownership from that point on relieving you of any worries or liabilities. This is also a good solution if you owe exactly what the property is worth or a little more and you would like to maintain stellar credit by keeping the mortgage current but you no longer desire to own the real estate or home in Miami.