Do you need to sell your house facing foreclosure?
Are you behind on the mortgage? Late payments piling up?
Bank Threatening or Already Filed For Foreclosure?
Are you currently at or close to foreclosure?
Have bills started to mount up higher and higher?
Is the financial strain and stress making the light at the end of the tunnel look non-existent?
If you want to avoid foreclosure, damage to your credit and get your house sold so you can avoid foreclosure, we can help! Our partners have been helping homeowners like you for over a decade, and can address many circumstances and phases of foreclosure to help you come out on top. We Buy Homes Near You investors can negotiate with your bank to stop the foreclosure process immediately and give you time to work something out!
Selling a foreclosed home is an option many homeowners who have defaulted on their loan don’t know much about. Foreclosure is a long and heartbreaking process for a homeowner. But, it’s not hopeless. When looking for a solution to defaulting on their mortgage payments, many owners float this question: “Can I sell my home if it is in foreclosure?” The short answer is yes.
How does foreclosure work?
A foreclosure starts when the homeowner is issued a notice of default after your fourth missed payment. The whole process can take from six months to one year or more, depending on the negotiations between you and your lender.
Selling a foreclosed home after foreclosure has begun
You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender.
One way to avoid foreclosure is to sell your home and net enough to pay off everything you owe the lender, including back mortgage payments, penalties, and fees. You won’t own your house anymore, but you won’t have the house foreclosed upon, which would do serious damage to your credit.
Of course, making the decision to sell sooner than later will take some of the pressure off the deal and allow you more time to get the best price for the property. Make sure you ask the lender how long you have before the property will go on the auction block. It all depends on which state you live in. In some states, a lender can auction off a property in less than a month; in others, lenders can’t auction off a home for more than a year.
Short sale to the rescue
Lenders hate foreclosures because, even for them, they are legal, financial, and PR headaches. That’s why some lenders agree to a short sale, where you sell your home for less than everything you owe.
Agreeing to a short sale is a desperate action for a lender to take. Lenders don’t want to lose money on mortgages, but they also don’t want to spend their time foreclosing on, owning, and selling property.
So, after you spend a lot of time filling out paperwork and explaining how you got into this financial predicament, you might be able to persuade your lender to work with you on a short sale.
Short sales avoid foreclosure and the huge hit your credit score can take as the result of a foreclosure.
Other ways to stop foreclosure
The worst thing you can do when you fall into mortgage arrears is attempt to hide from your lender.
Reality check: Lenders will find you or start foreclosure proceedings if they can’t. It’s much better to call your lender, explain your financial problem, and beg for mercy and a little more time to catch up on your payments or to refinance.
If that isn’t feasible, here are other ways to rescue your home:
Restructure the loan: Some lenders will restructure your monthly payments and allow you to repay missed payments over time. They might also allow you to reduce your interest rate.
Ask for forbearance: Your lender might agree to reduce or suspend your payments temporarily to give you time to sort out short-term financial difficulties (e.g., waiting for your new job to start).
Search for money: Make sure you’ve liquidated everything you can before losing your home. Can you raise money by selling a car and taking public transportation? Pawning jewels? Cleaning out closets and selling items on eBay or Craigslist? Also, consider asking your parents or other flush family members and friends for a loan or gift. Make sure you draw up papers so everyone is clear about the details of the loan and repayment schedule.
Find new ways to save: Go over your monthly budget with a magnifying glass and see where you can save money, and brainstorm about how you can earn more. Maybe you can find a temporary second job, or earn money on weekends by baby-sitting or walking dogs. This is the time for everyone to pitch in and pinch their wallets.
Why should you sell your house facing foreclosure to us?
Your home is yours to sell all the way up until the bank starts the foreclosure auction. As long as you sell the house fast for enough money to satisfy what you owe to your lender, you can avoid the scar of foreclosure on your financial history. Here’s how you benefit when you sell your home to us.
Does this sound like your situation?
Your bills are piling up and your financial situation is not going to improve soon.
Creditors and debt collectors are aggressively pursuing you or taking action against you.
Your home needs too many repairs or renovations to sell on the traditional market.
You’re behind on your mortgage to the extent that your bank is contacting you.
You’ve officially received your “Notice of Default” and you want to avoid the foreclosure process.
What can you expect selling your inherited house to us?
Avoiding foreclosure. We know how to speak to your lender and satisfy their requirements. We can navigate the situation for your benefit to salvage as much of your credit score as possible.
No Repairs or Cleaning. You can take what you want to keep and move it to your new living arrangement. We’ll handle literally everything else.
Get your money before you move so you can use it to secure a new place to live. We don’t want you to have nowhere to stay in the interim, so we’ll work with you to make sure you’re safe and secure.
There’s no hassle when you work with us
We specialize in working with sellers who don’t have a lot of time and don’t want to spend a lot of money. We’ve designed our process to be as convenient as possible for people in all kinds of situations, including foreclosure properties.
Forclosure homes usually come with difficult times for families. When this happens, there’s a lot to deal with. Selling your home doesn’t need to be difficult. We’re here to help you through.