Foreclosure is a legal procedure used by lenders such as mortgage holders to reclaim property when the borrower defaults on their loan terms. At the foreclosure sale, the lender may sell the property publicly or privately. Public foreclosure sales are typically held by auctions open to anyone who wishes to purchase the house as-is.
As you’ve just read, foreclosure is not pretty. Dealing with an issue of this magnitude is highly stressful. Foreclosure happens after getting a loan and not paying the monthly installments. Hence, banks start taking away the borrower’s property since they can’t repay debts anymore.
But what if we told you that there are some ways to stop this madness from haunting you?
Ways To Getting Rid Of Foreclosure
- Partial Payments On Loans
- Request Forbearance
- Short Sale
- Loan Modification
- Work With A Real Estate Agent
- Get An Offer From A Cash Home Buyer
It’s a scary time for most families in the US, and there is little you can do except sit around and hope it doesn’t happen to you. However, in this blog, we show you the proactive steps that can be taken to avoid or get rid of foreclosure.
Partial Payments On Loans
Suppose your loan was bought by an investment group. In that case, it might be possible to pay them directly rather than sending payments to the company which used to hold your mortgage.
Many banks will accept small payments even if they’re behind on other payments as long as they see there’s enough money coming in to keep the house.
This is a good thing when you’re in foreclosure but can lead to future problems when your loan actually does go up for auction, and you still owe money on the property.
Forbearance is a special deal that can be requested from your lender. Forbearance will temporarily stop foreclosure proceedings by allowing you to catch up on your payments over time, usually three months.
If you’ve fallen behind because of medical expenses or other debt, forbearance should still allow you to stay in the house and get back on track with the loan.
If you’re underwater (owe more than it’s worth) but have enough income to make monthly payments, then a short sale might be possible through your lender. A short sale is when you sell the home for less than what is owed, and the bank forgives the difference. This can work in your favor or against you, so this isn’t a definite solution.
If you’re just late on payments, then it might be possible to get a loan modification through your lender. Loan modifications lower the interest rate on loan and extend the term of when you’ll pay off the house.
Suppose a homeowner manages to make their payments overtime during a loan modification process. Then, they may be able to save their home from foreclosure even after missing several months of payments.
The chances are that your lender will support you on this because the truth is that they want you to pay them, of course.
Work With a Real Estate Agent
If you’re underwater and can’t afford your mortgage because of market conditions, then it might be time to let your home go. However, you don’t have to give it away; there are still ways to make money off the sale of your house.
If you contact a real estate agent immediately, they’ll begin marketing your home. Your agent will attempt to sell it at the most reasonable price in your area. Once an offer comes in that’s eligible, your agent will submit the paperwork for the buyer.
Just remember that you’ll be charged a portion of the total sale as a commission for the agent.
You Can Partner With A House Buyer
If you have been struggling with paying your mortgage recently, going through a foreclosure can be an extremely frightening experience. However, it can feel like there’s no other option left for you when you’re in this situation. While that might be true, if you sell your home to a home buying company at a fair price, then you won’t have to go through foreclosure.
In fact, there are many reasons why this option is better for you when dealing with foreclosure.
These reasons include:
- Making a sale within days
- Receiving a cash payment
- Not having to pay for maintenance and renovation costs
- Not having to pay for extra fees and commissions
- Not having to market your house
Walk Your Way Out Of Foreclosure By The Hand With Results House Buyer
If you thought that everything was lost, Results House Buyer is here to tell you that it isn’t. We know that the thought ”I want to sell my house fast ASAP” has previously haunted you. With us, that won’t be a problem anymore.
This is what we’ll do. You get in contact with us and ask for a cash offer for your house. We’ll send you a fair cash offer within 24 hours, and then you’ll just have to start fresh. We provide you with a new beginning.
Our hardworking team will ensure that you get the fairest cash offer possible. You can finally lay back and relax. At Results House Buyer, we’ve got your back! Stop foreclosure with us right now!