Case Study - Foreclosure Prevention
Family 4 months behind on mortgage with lis pendens filed - sold for $195,000, kept $23K equity and clean credit.
James and Keisha owned a 3-bedroom, 2-bathroom home in the Arlington area of Jacksonville. They purchased the home in 2018 for $180,000 with a conventional mortgage. James worked in logistics and Keisha was a medical assistant. Together they comfortably made the $1,450 monthly payment.
In early 2025, James was laid off during a company restructuring. He found part-time work but at less than half his previous income. Within three months, they fell behind on the mortgage. By month four, the lender filed a lis pendens - the first step in Florida's judicial foreclosure process.
Florida foreclosure is a judicial process that typically takes 6 to 12 months, but the damage to credit begins immediately. James and Keisha had $23,000 in equity. If the foreclosure went through, they would lose all of it, destroy their credit for 7 years, and still potentially owe a deficiency balance.
They explored loan modification with their lender but were denied because James's new income did not meet the minimum threshold. They looked into selling with a real estate agent, but the agent estimated 60 to 90 days to close after listing - time they did not have. The lender's attorney was moving forward aggressively.
The outstanding mortgage balance including late fees and legal costs was $172,000. They needed a buyer who could close before the foreclosure progressed further and pay enough to satisfy the mortgage while preserving their equity.
We contacted James within 24 hours of his initial call. Our team assessed the property and ran comps within 48 hours. The home was in decent condition with only minor cosmetic needs - the primary issue was the foreclosure timeline, not the property condition.
We presented a cash offer of $195,000. After paying off the mortgage balance of $172,000 (including all arrears, late fees, and lender legal costs), James and Keisha would walk away with approximately $23,000 in cash.
We coordinated directly with the lender's attorney to obtain a payoff statement and ensure the lis pendens would be satisfied at closing. Our title company handled all documentation. We closed in 11 days - well before the next foreclosure hearing date.
James and Keisha avoided foreclosure, preserved their credit, and kept $23,000 in equity that would have been lost entirely. They used the cash to relocate to a more affordable rental while James rebuilt his career. Because the sale was recorded as a standard transaction - not a foreclosure or short sale - their credit remained intact for future home purchases.
"We were about to lose everything. OneCashOffer moved fast enough to beat the foreclosure and we walked away with money in our pocket instead of ruined credit. They saved our family." - James