Need to Stop Foreclosure TODAY?
Here are 3 powerful strategies you can use TODAY to bring an end to the foreclosure process:
Bring the loan current
Also known as reinstatement, this occurs when you bring your loan current by paying any and all past due amounts.
Even if you have been served with a Notice of Default, you still have 90 days to bring the loan current.
But remember, most lenders will require the ENTIRE AMOUNT outstanding to be paid at once; otherwise the loan will fall into foreclosure.
Some lenders will occasionally allow you to continue making payments until the account is current provided you increase
the payment amount such that the account can be brought current within a few months.
Many homeowners find it difficult to pay any additional amount beyond what they’re accustomed to and have a hard time catching up.
Many banks require at least half of the outstanding amount due immediately and will allow the remaining half to be repaid
as part of your monthly payment, provided you are able to demonstrate increased financial responsibility beyond your most
recent situation that resulted in your falling behind in mortgage payments.
A short sale is when the mortgage lender, such as a bank, agrees to take a lesser amount than what is currently due on the balance
of your home loan. That’s it – they simply agree to forgive the rest. Why would a bank ever do that? Well, believe it or not,
banks don’t want your house. In fact, taking your house from you is the LAST thing a bank wants to do.
To be honest, it’s a hassle for them to deal with since they now have to find someone to manage the property,
handle the sale or auction, etc. The bank would MUCH rather YOU keep the house (if you’re able to continue making payments)
or sell it to someone else.
Before you get too excited, please understand this isn’t always as easy as it sounds.
You must first convince the mortgage lender (bank) of your financial hardship and persuade them to accept the short sale.
They are, after all, about to lose a considerable amount of money by agreeing to such a deal.
Whether or not a lender will agree to a short sale depends on several factors, many of which are outside of your control –
such as the state of the economy and current real estate market conditions.
The decision is obviously a financial one and ultimately comes down to which situation is going to cost them LESS money;
foreclosure or short sale. If the short sale is approved, whatever amount is agreed upon in the discussions is turned over
completely to the lender and your mortgage is now considered satisfied in full.
Although it should be negotiated ahead of time, the lender ultimately has the final decision as to whether or not the sale
will be approved. For this reason, many home shoppers often shy away from short sales for fear of an unexpected denial of sale
by the original mortgage lender.
Sell to a CASH Buyer
Many times homeowners find that they owe more on their mortgage than the house is worth.
In these situations, selling to a cash buyer is generally the best option. Why sell to a cash buyer?
Because cash buyers help you avoid foreclosure and all the pitfalls that come with it (eviction, ruined credit, etc.).
Why wouldn’t you just list your house on the market like everyone else? For many reasons –
primarily because it will take longer than you have.
Remember that once you have received a Notice of Default, the foreclosure process is already working against you –
and time is critical. Houses can sit on the market several months before they’re sold, and then the closing process can
take another couple of months. Chances are the home will be foreclosed within that time.
Cash buyers will buy your house “as is”, pay cash, and can close much faster than traditional buyers.
This is exactly what HTown Home Solutions specializes in – distressed homeowners who need to sell fast.
We can also work with you on the moving process – negotiating a move date so you have time to find another home and helping with
relocation expenses. And forget about all those hefty realtor commissions – you won’t pay any of those when you sell to us.
Not only will this allow you to avoid the stress and frustration of the foreclosure process but your credit will remain intact.
How do I get started?
You can either fill out the form to the right or give us a call today and we can discuss your options! 281.417.8833