What Can I Do if Facing Foreclosure?
Are you falling behind with your mortgage payments? Or, maybe you aren’t behind yet but you know it is coming. If so, the best time to act is now. Learning how you can win against foreclosure can help save your credit, and your sanity!
The dilemma? Most people don’t know that there are steps to take to avoid foreclosure, no matter where you are in the process.
First, before we discuss the options if you are facing foreclosure, it is important to understand what the steps of foreclosure are.
- While a homeowner is technically in default after missing just one payment, the lender generally starts the foreclosure process after anywhere from 3 to 6 months of missed
payments. After a missed payment the bank will send a missed payment notice and offer a grace period to make the payment. A late fee will probably be charged after the grace period. A demand letter will come after more than one missed payment.
- After multiple missed payments, the bank will send a notice of default. This is a notice sent to the homeowner and recorded with the county recorder's office. The lender usually offers a 90-day period to bring payments current.
- After the notice of default period, the lender can put the property up for a trustee’s sale, which is also recorded with the county.
- The lender will offer the property at a public auction and sold to the highest bidder accepted by the lender.
This all sounds pretty scary, right? A foreclosure can stay on your credit report for up to 7-years. But, remember, like we discussed earlier, it is possible to come to a solution that will help you avoid foreclosure altogether. It is also important not to delay. The sooner you act you avoid foreclosure, the better.
Can I Sell My Home After Receiving Notice of Foreclosure?
Yes! Most homeowners don’t even think of selling their home as a likely solution. However, they are likely thinking of the traditional way of selling a home.
The problem? A traditional sale can take way too much time. First, you have to find a realtor, then make any repairs to the home, stage it, clean it, list it, find a buyer....you can see where I am going with this. It takes a lot of time. Time you likely don’t have if you are already missing mortgage payments.
However, there are local investors like Synergy Home Buyers that will buy your home with cash. And the best part? They can close quickly, sometimes even within a few days. They will also work with you at any step of the foreclosure process.
Here’s how it works:
- You contact an investor like Synergy Home Buyers and let them know your situation.
- They will give you a same-day estimate on the cash amount they can offer for your home.
- If you accept their offer, you can select a date to close. That’s right, you choose the date.
That’s it! You can see how simple the process is in relation to the foreclosure steps mentioned above. And a reputable local investor like Synergy Home Buyers will work with the bank for you so you can focus your attention on other important aspects of your life.
Let’s recap some benefits of working with a cash investor if you are facing foreclosure, or are already in the process.
- Will buy your home with all cash.
- No more dealing with banks or lenders.
- No need to make improvements or clean the home.
- They can help if you are facing foreclosure.
- Closing is on your schedule and can happen within just days or weeks.
- Avoid the hassles of putting your home on the market, which takes time.
- No hidden fees or commissions.
- You can avoid lengthy credit issues that come with foreclosure.
Now that you can see the benefits, it is time to contact a reputable local cash investor like Synergy Homebuyers to sell your home now and avoid foreclosure and damage to your credit. Yes, you can win against foreclosure!