What Options do I have if I'm in Foreclosure?
It is Possible to Stop The Foreclosure Process
If you have entered the foreclosure process there are still several options available but you must act quickly. Whether it is an estate sale, foreclosure, or distressed property, an expert can help you decide which option best fits your financial needs. In most instances you will have to decide between the following options:
- Renegotiating with the bank to stop the foreclosure and restructuring the terms of the loan,
- Sell your property to an investor for cash who will stop the foreclosure process, but, much of your equity will disappear with the transaction.
- Sell your property to a retail buyer, which may help you retain some of your equity, but it can be very difficult to pull off if you are not working with a company that understands the process.
- If you owe more on your house than it is worth your only option prior to foreclosure is a short sale. The bank may be willing to let you sell your house for a lower amount under the right circumstances. A short sale can be complicated and usually involves a mediator along with a buying and selling Realtor. This is only an option for those who are on the verge or just entered the foreclosure process. If an auction has been scheduled it is likely too late. Each case is unique so get expert advice. It is possible that the government will consider this type of sale as income as well so make sure to speak to your accountant.
In all cases, the sale or refinance of the property prior to the foreclosure auction should be your first priority. Consider any equity retention as a bonus if your only choice is selling the property. The important factor is that stopping the foreclosure from occurring will benefit you in the long run when you want to buy your next property.
Time is not on your side and one of the mistakes most people make is waiting. Never let fear control your decision making or avoid contacting a professional to help you resolve your situation. You must be proactive and take the steps to stop the foreclosure. sellmyhouse.com has partnered with the premiere expert in loss mitigation to provide our clients expert advice. With over 20 years of combined experience working directly with clients and banks they bring the expertise needed to help you resolve your situation. With specialized experience at assisting home owners, investors, landlords, and commercial property owners they can help save your property from foreclosure by repairing or renegotiating defaulted mortgages or approaching your bank about an outright sale. Don 't wait until last minute to get help. Your legitimate options diminish daily.
Call Sellmyhouse.com TOLL FREE at 888-557-2772 to learn what options you may have to stop the foreclosure.
To learn more about stopping the foreclosure process click here.
Some Things to Consider:
- If you are three or more payments behind, the mortgage company has probably already begun the foreclosure process.
- If possible stay in your home. That will show your lender you want to help resolve the situation instead of running away from the problem.
- If you are less than 90 days behind on your mortgage payments, you may qualify for new a debt consolidation or mortgage refinance programs .
- There are new FHA Federal Housing Authority loans insured by the federal government that you may qualify for to refinance to a low market rate fixed loan. This program is available even if you made late payments after your adjustable rate mortgage adjusted higher.
- If you stop the process prior to foreclosure, it may be possible to re-establish your credit thru credit repair and purchase another property through companies that sell to folks just like yourself via Contract For Deed. They agree to hold the financing for you for 13-18 months while you re-establish your credit. This may be an option versus renting.
- You need advice from an expert who is working for you and not the bank. A lenders number one priority is to collect a debt which they disclose when contacted. Many homeowners give up before ever making contact with right person.
- Once it gets to an attorney you loose all chances to communicate with your lender about your case. Make sure that you do not let it get to that point because additional administration fees and penalties start accruing. This is in addition to the normal mortgage payment. Find someone that will provide a Foreclosure Prevention Analysis to explore what options best fit your personal situation.
To learn more about stopping the foreclosure process directly from our partner click here.
