Best Ways To Stop Home Foreclosure

Published: 18th June 2015
Views: N/A

You have done all you can and still can't avoid the inevitable. Foreclosure has taken place and you don't know where to turn. Or maybe you didn't do all you could because you didn't know how to avoid foreclosure, so you just let it happen. No matter what your story is you are not alone. There are millions just like you who have experienced this life changing process. By taking a look at some of the things that happen after that dreaded notice comes to your mailbox hopefully you can know when it's time to either sell your house fast, work with companies who buy houses, or exercise other options.

1. Just Pay It

This may seem like circular logic. Obviously, if you could afford to pay for the home, you would not be in this situation. Many times the situation is due to loss of employment, divorce, medical issues or other life changing events. For some people who were living paycheck to paycheck, when a devastating event occurred, they were unable to compensate. Once they were behind it simply kept snowballing with no end in sight. Still if there is a way to work out a plan to catch up the arrears and get back on track, now is the time to make that offer. Sometimes the company will agree to put the arrears on the back end of the loan and simply restart the payments. In situations of multiple mortgages or credit lines taken out against the home, getting all of the competing mortgagers to work together is near to impossible.

Make An Attempt To Sell It

Most people who have faced losing their home have at least thought about selling it. Unfortunately, many Americans faced situations where they were underwater on their loan and cannot sell to get out from under it. If the home sells for less than the loan amount, the difference will still have to be paid. It is a depressing circle that many people cannot see a way out of. However, sometimes there is a company who buys houses or arranges for an investor to buy the house. Sometimes if the homeowner has an investor who is willing to pay cash, the mortgage company may accept a cash out to avoid further delays or possible litigation. This situation must be handled quickly if a notice has been delivered in the mail. If a notice has been served there is often not enough time to handle even a quick sale.

When someone is faced with this situation they often turn to someone who buys houses because it is quick and easy to sell to these people. Many investors will even be able to pay all cash which ensures you do not have to deal with the bank during the sale.

Allow The Mortgage Company to Auction The Home

When the bank puts the home up for auction, whoever makes the highest bid will be the new owner of the property. They may ask you to leave, or they may work out a deal that allows you to stay in the home as a renter, a rent to own arrangement. Sometimes the new owner may even allow you to purchase the home from them if you can prove you are able to arrange financing quickly, but you will have to pay the price that they decide which may be higher than what they purchased the home for.

Sometimes the lender will seize the property and takeover if the auction does not pan out. This is where you see the sheriff come to perform an eviction. They will force you to move your belongings out of the home. This is the extreme that many homeowners want to avoid.

Before you simply leave and allow the mortgage company to take possession of the home, it would be to your advantage to contact a company to help you sell your house fast. Finding the right investor is difficult for a homeowner, but working with a company that deals with investors constantly, can help the transaction to be quick enough to allow the homeowner to leave on their own terms. Moving under duress is not the best plan, but it is still better than being removed from the home by law enforcement. Make the contact today and find a company to help you find an investor and sell your home quickly.


------

If you aren't aware of the cost of selling a house, you could get yourself into a situation you're not ready for. Preparing for your home sale is important. It's important to save money when selling a home.

Report this article Ask About This Article


Loading...
More to Explore