Millions of people every year have to deal with the imminent possibility of foreclosure.
QUICK ACTION is the key to success, as a foreclosure will significantly impact your credit rating and make it near impossible to borrow for another home. Here are two important options you exercise in order to avoid foreclosure or delay the process:
- Negotiate with your lender
This one may fall on deaf ears, but it’s worth a shot. Call your lender, let them know the situation you are in, and see what they say. Your lender may allow partial payments for a few months (that you can make up for later), renegotiate the terms of your loan, or accept late payment.
Keep in mind it is in the best interest of the banks to keep you out of foreclosure, but due to lots of bureaucracy and red tape, if you get in touch with them too late there may be nothing they can do. Expect to make a number of phone calls before getting directed to the proper department.
- Sell the home yourself – quickly
Finding a cash buyer to buy you out of the property will help avoid foreclosure and is a viable option in many cases. This way you can pay off the mortgage that you’re over-extended on in one lump sum and relocate to a home that is more affordable given your current economic conditions.
It’s extremely important that your buyer can pay cash and settle quickly, as putting it on the market with a realtor can take months, which can put you into foreclosure before the sale and reduce the value of the home significantly.
If you would like to speak to us further about your options to avoid foreclosure, call us any time, we are here to help!
I thought the selling of my house was going to be a stressful situation. However, Nick proved me wrong. From the beginning of our first conversation, you explained who you were and how you conducted business. With your open line of communication, starting with the initial purchase agreement, to the final closing, he was true to his word. I would recommend Nick to anyone thinking of selling their home.