Methods to Avoid Foreclosure Before the Holidays
Talk with Your Lender
If you miss a loan payment the best thing to do is talk with your lender as soon as possible. Let them know the reason for missing the payment. It is an even better idea to reach out before you miss a payment if you know you are having trouble making ends meet. The more honest and upfront you are about the situation the more willing a lender is to work with you and try to help you avoid the foreclosure process. You may be more likely to be offered options to help you get back on track.
Arrange Mortgage Deferment
This is sometimes also referred to as a forbearance. This is a temporary option that pauses or lowers your mortgage payments until you are able to catch up and pay back the amount from the missed payments.
Get Permission for a Short Sale
If you are not able to make a different payment plan, or your lender will not work with you on alternate payment options, talk with them about a short sale. Lenders also want to avoid foreclosure if possible. It is extra work for them as well and finding other solutions to get the money they lent paid back is in their interest as well.
A short sale means that you will sell the home for a lesser amount than what you owe on the loan to get it paid off. If you would not be able to pay what you owe through the sale of your home getting permission to sell the home for less money from the lender is necessary.
Talk About Another Payment Schedule
Some lenders are willing to talk about a loan modification for customers who have been responsible with their mortgage and have shown great character and reliability in the past. A modification is the process of reworking the loan terms to make the monthly payments attainable for you right now by extending the life of the loan or reducing the interest rate. This is a great way to try and avoid foreclosure and stay current on your loan.
List the Home for Sale
You can try and beat the deadline by listing your home for sale. However, when you list your home traditionally you may not always beat the deadline for foreclosure. Selling a home traditionally does not give a guaranteed timeline of when your home will sell and when you will receive an acceptable offer that would allow you to pay back what you owe on your loan.
Sell Your Home to a Cash Buyer
In some cases, if a homeowner is pretty far behind on their mortgage payments and unable to work out an agreement with the bank the best plan of action is to consider a guaranteed home sale to a cash homebuyer.
When you call a reputable cash homebuyer in Harrisburg the process is straightforward and simple. You initiate the home sale by making contact telling the buyer about your home and arranging for an appointment to show the home. If your home meets the buying criteria you will receive an all-cash offer in writing.
A trustworthy buyer will be open about their offer and will enable you to take your time reading over the details in the paperwork. You are encouraged to ask questions and never pressured to accept the offer.
“Phil was amazing when I needed him most. He was a trooper even when things went awry, such as the fence falling down onto my garage and scraping all the paint. I’d definitely have him over again to help in a time of need.”
If you decide to sell your Harrisburg home for cash you get to choose the closing date. If you are looking to sell your home as quickly as possible you could sell your home in as little as seven days.
Contact us any time to find out more information about avoiding foreclosure and selling your home quickly with as little stress as possible We will never pressure you and want you to fully understand our offer and our process, you never pay any real estate fees.
