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Foreclosure is a legal process that a lending institution or mortgage company obtains ownership of your home, in other words, a repossession of the property. There can be any number of reasons that cause the foreclosure process, as well as a few ways to avoid it. Your next question is likely How can I save my house from foreclosure? First, let’s look at why you may be facing it, and then, how to avoid foreclosure.
The most common reason people end up facing repossession is failing to make their mortgage payments on time. Foreclosure is the legal way the lender can get their money back. The problem is the result of the process is you will have to move out of your house. What’s worse, is you could end up still owing the mortgage company if the deficiency can’t be made up by the sale of the property.
Your most obvious question is Can I save my house from foreclosure? And the answer is that there may be some ways of avoiding foreclosure. It will depend on if it is a non-judicial or a judicial foreclosure. These are the two ways lenders can use to take back possession of the house.
There are some options you have before the process gets started. To answer your question, how can I save my house from foreclosure, let’s look at some of the steps to avoid the process entirely.
If you want to know how to stop foreclosure, there are several options available. Some are faster and easier than others, and some are difficult. Look through these choices, and decide which one is the best for your specific situation.
Depending on how far behind you actually are on your house, your lender may be able to help you. In some instances, they may be able to adjust the loan. They may be able to help in a number of ways, such as:
If your house is due to be sold in a short time, filing for bankruptcy might stop the sale. An automatic stay goes into effect when you file. However, if you are already in the process, a chapter 7 bankruptcy may not be enough to save your home. It will, however, give you some time to talk with your lender about possible options.
An investor will offer you a cash price for your house. If you accept it, they will buy your house as-is for cash.
The foreclosure process can be long and difficult. It can be hectic and discouraging. There can be some distinct advantages to selling your house for cash, especially those who are asking, Can I save my house from foreclosure? Here are the specific benefits you will enjoy.
Each situation is different and has various elements. In very few instances, a lender may re-negotiate the terms of a loan. It’s always worth the try, but if you are already behind on your mortgage payments, it’s not likely. Bankruptcy might help a few people, but it will mar your credit for at least 7 years. For most people, selling to a cash buyer is the best option. It’s simple. It’s easy. It’s fast. And it’s done. They will offer you a fair price, you accept the offer and then they will take care of all the paperwork. There is far less worry involved, you have no expense and it’s done in a very short amount of time saving you the headache of suffering through the foreclosure process.
We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At Druther Home Buyers, we’re here to help you. Ready to sell, or just have a question? Give us a call at 910-275-5152. We’ll give you a no obligations cash offer to help you stop foreclosure in its tracks!