All of us face difficult times in our lives – death, divorce, illness, and job loss to name a few. When these difficult situations prevent us from paying our mortgage, constant harassment – letters, phone calls, emails – from the bank or collection agency can make difficult situations feel infinitely worse.
If you are facing this situation and want to put end to it, the first step is to decide if you want to keep or sell your house.
How you can stop foreclosure in the Capital Region if you would like to keep your home
If you were unable to pay your mortgage temporarily due to job loss, but have resumed payments and want to stay in your home, the best thing you can do is communicate with your bank, explain the situation, and figure out a way to remain in your home and make your payments current.
For example, your bank may be willing to modify the terms of the loan or offer you a payment plan to get you back on track. Or they might add the arrears to your current balance and let you resume regular payments.
The bank would prefer this approach to going through the foreclosure process. The key is to act quickly and communicate with the bank.
How you can stop foreclosure in the Capital Region if you would like to sell our home
On the other hand, if you do not see the light of the tunnel, you will probably want to sell your house quickly before the bank forecloses on you and sticks you with a pile on fees and interest on top of any unpaid balance principal.
As you might appreciate, the timing is critical this point. To save your credit and minimize fees, you have to act quickly.
A regular sale through a realtor won’t just do anymore. Not only might you have to make repairs and improvements to our house to sell it, often at a cost of thousands of dollars, which is just not possible under the circumstances, but it also takes an average of 60-90 days before the house is sold, even when it’s in tip top condition, which is more time than you have the luxury of right now.
Your best option is a quick all-cash sale.
When homeowners who are facing foreclosure and need to sell contact us, Capital Region House Buyers will provide a written cash offer within 24 hrs and can close in as little as 2-3 weeks. We will buy the property AS-IS and you don’t have to make any repairs or even clean it. There are no real estate commissions, no closing costs, and no fees of any kind . Lastly, if you need a few days after closing to make arrangements to move, we will work with your timeline to make the move as smooth as possible.
To be fair, a cash sale to an investor will be a price that’s less than what a homebuyer might pay. However, a fast cash sale will stop foreclosure and you will avoid losing the equity in your home when the bank forecloses. Wouldn’t it be preferable to recoup some of the equity so that you can move on with your life with a clean slate and some cash in your pocket?
In summary, if you’re facing foreclosure you do have options, but the key is to make a quick decision about whether to keep or sell the property, and then when you have made the decision you have to act swiftly.
If you decide to keep the property and believe you can financially handle the mortgage, call the bank immediately, explain your situation, and ask them to come up with a plan that will allow you to become current with your mortgage again. On the other hand, if you want to sell the property, whether it’s because you can no longer afford the mortgage or otherwise, your best bet is to sell the property quickly AS-IS for cash. It is the most painless way to stop the foreclosure and let you walk away with your equity, ready to begin the next chapter in your life with peace of mind.