Stop Foreclosure Fast

Foreclosure can feel like a nightmare when you don’t know all of your options. Selling your house is just one option when facing foreclosure. Explore this page for other options and feel free to reach out to us if you decide selling your house is the right option for you.

There are several options to stop foreclosure of your property.

Loan Modification – One option is to work with your lender to modify the terms of your loan. This can include extending the loan term, reducing the interest rate, or deferring a portion of the loan. Loan modification is a process where the lender agrees to change the terms of an existing loan to help the borrower make the payments. This can include reducing the interest rate, extending the loan term, or deferring a portion of the loan. The goal of loan modification is to help the borrower get back on track with their mortgage payments and avoid foreclosure.

Refinancing – Another option is to refinance your loan. Refinancing is a process where the borrower takes out a new loan to pay off an existing loan. This new loan usually has different terms, such as a lower interest rate or a shorter loan term. The goal of refinancing is typically to lower the borrower’s monthly mortgage payment or to pay off the loan more quickly. Refinancing can be a challenge when you are already facing foreclosure. It’s better to explore refinancing early in the process whereas loan modification can sometimes occur even in later stages.

Bankruptcy – Filing for bankruptcy can provide a temporary halt to foreclosure proceedings, and in some cases, it can provide a permanent solution to avoid foreclosure. The two most common types of bankruptcy used to stop foreclosure are Chapter 7 and Chapter 13.

Chapter 7 bankruptcy, also known as a “liquidation” bankruptcy, can provide an immediate halt to the foreclosure process. If a homeowner qualifies for Chapter 7 and their assets are protected under the exemptions, the lender may not proceed with the foreclosure. However, the homeowner will lose their home as the bankruptcy trustee will sell the property to pay off the debts.

Chapter 13 bankruptcy, also known as a “reorganization” bankruptcy, allows the homeowner to keep their property and pay off the past-due mortgage payments over a 3-5 year period. This allows the homeowner to catch up on their mortgage payments and avoid foreclosure.

It’s important to note that bankruptcy is a complex legal process and it’s important to consult with an attorney who specializes in bankruptcy law before making any decisions. Also, bankruptcy is not a suitable option for everyone, and there may be other options available that may better meet your needs and goals.

Short Sale – A short sale is a way for homeowners to avoid foreclosure by selling their property for less than the outstanding balance on their mortgage. The proceeds from the sale are used to pay off the outstanding mortgage balance, and any remaining debt is typically forgiven by the lender. However, a short sale requires approval from the lender and the process is often quite slow.

A short sale can be a way to avoid foreclosure because it allows the homeowner to sell their property before the foreclosure sale date, which can help to protect their credit score. Additionally, the lender may be more willing to approve a short sale than to go through the time and expense of a foreclosure process.

It’s important to note that a short sale is not always a guaranteed solution to avoid foreclosure and it’s not the best option for everyone. The lender must approve the short sale, and the homeowner must be able to find a buyer willing to purchase the property at the reduced price. Additionally, the homeowner may be required to provide a financial hardship letter and other documents to demonstrate their inability to make the mortgage payments.

Sell Your House Fast – Selling your house fast may be the best option to avoid foreclosure in many cases, especially if you cannot get approval for loan modification or refinancing. When you are facing foreclosure, time is usually of the essence and you might need to sell your house quickly to avoid the foreclosure sale date. Selling your house in such as way that allows you to pay off the mortgage will also save your credit whereas the short sale process and bankruptcy can have a significant impact on your credit.

We buy houses that are nearing foreclosure and can make you a cash offer for your house. In order to do so, we will need to get certain details such as the foreclosure date, mortgage balance, current delinquent payment amount, and mortgage details. We will provide you with our best offer based on your situation and the condition of the property.

Please note, that selling your house fast may not be the best option for everyone, and it’s important to consider all your options and seek legal advice before making any decisions. However, if you are ready to sell your house fast, please complete the form below to get your offer started.