How Selling A House To Avoid A Pending Foreclosure May Be The BEST Option For You!
Having to deal with a foreclosure was probably not on your mind when you first purchased and or built your home. Life happens and sometimes, it really affects us even to the point of almost losing our homes. The common question we are asked is how do you stop a lender from claiming your home? In this article, you’ll learn how to avoid a pending foreclosure by selling your home through a real estate investor. There are other ways to avoid losing your home which includes, paying off the outstanding debts or refinancing the loan.
What leads to a pre-foreclosure? It is a normal practice for people to take loans and mortgages to purchase their houses. Most people usually have plans to pay back the loan but certain unforeseen circumstances may lead to a break in your ability to fulfill this contract. Job loss, medical problems, relocation, a death in the family and divorce are some of the major causes banks unfortunately engender a pre-foreclosure process on your house after two to three (2/3) non-payments.
If a loan is not paid, the lender or borrower can file a default notice on your house. This notice means that the lender will file a case if the debt owed is not paid. It should be noted that a default notice can only be served 3 months after the house owner has defaulted consecutively on the loan.
Selling Your House
Selling your house in this stage might just be the best option for you. A short sale will enable you to sell your home fast. The other side of this is that your house goes for a lower amount. It is called a short sale for a reason. If the house is not sold during this period, the lender will foreclose the house and will probably sell at an even cheaper price.
The bank or lender is usually made aware of the intent to sell the house. The bank or lender is entitled to being a part of the sale process. If an asking price does not favor the lender, the transaction could be cancelled.
Selling the house however does not absolve you of the debt. The proceeds derived from the sale will be used to offset the loan.
A lender is likely to take the offer of a short sale as it would save them the resources that would have gone into a lawsuit. The lender would want to avoid a long litigation process and by this, the lender will settle for this option.
Who Should You Sell Your House To?
In order to avoid foreclosure, you need to sell your house fast. This means that you need an already interested buyer for your house. Getting a buyer has never been easy, and in such a short time, it can get more difficult…so what should you do? Get an interested real investor to buy your house. We are always looking out for houses to buy, in any market which means you can get to sell your house to us at any time. The stress of searching for a buyer will be taken off your hands and we will offer good cash for the value of your house. We can also take over your payments which will allow you to transition with an ease of mind.
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