Sell House Before Foreclosure Nationwide
USA
Stop Foreclosure
Fast
Want to sell your property quickly and easily? We buy land and houses for cash, in any condition, regardless of
your situation. We can help with inherited homes,
liens, rental properties, or foreclosures. We go above
and beyond to extend additional services that will improve your home selling experience and ensure
you have more money at closing.
Receiving a foreclosure can feel like the worst
piece of mail you'll ever receive in your life. While
it's definitely not good news, ignoring your notice won't make the problem go away either.
But failing to respond or take the appropriate action
can create a situation that's infinitely worse.
Selling your home before
foreclosure is a good option, and it could be the only real option you
have.
Despite what you might think, this can be the perfect thing when
dealing with a foreclosure.
It may not make the problem go away entirely, but
even in the worst-case scenario, selling your home facing foreclosure, can reduce the debt you owe
your lender.
If you are facing foreclosure and looking for a way out, you need to know how to
sell your house fast. Finding local home buyers can be
challenging. But before assuming the worst, it helps
to know your options.
A short sale is a possibility, though this may take
more time than you have. Selling to a real estate
investor is another option - and it may very well be your best one. Companies that buy houses can take your property off your hands
quickly and help settle your debt. This way you won't
have a foreclosure impacting your credit and you are free to move
on.
Before you can decide which option is best for you though, you need
to understand the differences between foreclosure, short sale, and selling to a home
investor.
What Is
Foreclosure?
Foreclosure is what happens when a home loan or mortgage is not
paid and goes into default. At this time, the lender
demands repayment of the entire loan. When the money
owed cannot be repaid, the bank initiates legal proceedings to repossess the home and sell it to
recover the money owed. During foreclosure, a
homeowner is evicted from the property, often leaving a family without a home as well as negatively
impacting their credit. Foreclosure is a circumstance
that should be avoided, if at all possible. Sometimes
this means considering a quick sale to a real estate investor. That scenario could allow homeowners to recover any equity they have built in the home,
even if the mortgage is in default.
How to
Sell Your House and Avoid Foreclosure
There are a few basic ways
to avoid foreclosure. The first is a short sale.
This is when the bank agrees to let you sell your
house for a reduced price. The reduced price will
entice buyers and will help you sell your house quickly. This has advantages and disadvantages. It
will allow you critical time to relocate and will help you avoid having a foreclosure on your credit
report. However, you may lose whatever equity you have
built in your home. The bank will keep enough of the
sales proceeds to pay off as much of the mortgage owed as possible, meaning there's a good chance
you could receive nothing from the sale.
Can
Selling to A Home Investor Be Better?
A short sale is not your
only option when facing foreclosure. If you're looking
for other options for how to sell your house quickly, consider companies that buy houses for cash.
As long as this action is taken quickly, there are
many advantages to working with a cash buyer.
Like a short sale, selling
your house for cash will help you avoid foreclosure and protect your credit. But unlike a short sale, you will have more flexibility to set your
own timetable and more control over the sale price. This is often a much better option since it will give you a better chance of retaining
some of the equity you may have built in your home. So
before you let your house go into foreclosure or agree to a short sale, talk to a home investor like
us. You may be able to pay off your mortgage and still
walk away with cash in your pocket.
Strict
Foreclosure
Mortgage defaulters living in Maine, Vermont and Connecticut should
be familiar with strict foreclosures, since lenders in these states are among the few that can use
this type of foreclosure process. A strict foreclosure
requires lenders to get approval from the court to recover property so that they can put it up for
sale. One of the requirements to obtain approval is
that the property must be worth less than the mortgage balance. When the court approves a strict foreclosure, it gives the homeowner a deadline to pay back the
mortgage debt. If the homeowner fails to pay by the
set deadline, then the lender immediately regains ownership of the
property.
Non-Judicial
Foreclosure
In a non-judicial foreclosure, lenders enforce their right to
foreclose on a property without a court's approval, as long as it is carried out under the terms of
the power of sale clause featured in the deed of trust and the state's foreclosure laws.
States such as California, Texas and Michigan allow
lenders to use this streamlined foreclosure process. Homeowners should understand that in a non-judicial foreclosure, the lender may only be required to send them one
or two notices before their home is sold in a foreclosure auction. Consequently, homeowners get only a small window of time to make
arrangements and keep their home.
Judicial
Foreclosure
The judicial foreclosure process may be used by lenders in states
all across the country. This type of foreclosure
requires the lender to rely on the court to foreclose on the property. The lender must file a lawsuit and a lis pendens
notice against the homeowner in order to obtain a judgment for the amount owed. Homeowners are given proper notice of the lawsuit and an
opportunity to pay back what is owed. However, failure
to pay the debt will result in an order from the court allowing the property to be sold in a public
auction held by a representative of the county court or sheriff's
department.