There were well over 200,000 foreclosures in the US in 2020 alone.
If you’re going through foreclosure, it’s important to know that you’re not alone. It can be a daunting and intimidating situation when you start to fall behind on your monthly mortgage payments. Many homeowners succumb to the process and lose their homes, but it doesn’t have to be this cut and dry.
It’s important to know that you’ve got options for dealing with this problem. In this post, we’re going to tell you how to sell a house in foreclosure so that you can get back into a better place financially.
The consequences of foreclosure can seem dire, but keep reading, and you’ll understand a bit more about how foreclosures work and how you can avoid foreclosure by selling your home.
How Foreclosures Work
A home foreclosure occurs when a homeowner becomes unable to pay their monthly mortgage or violates the loan terms in some other way. The bank or mortgage company will go through the foreclosure process to take possession of the home.
Foreclosures work differently in different states, but they’ll likely start with a notice. Foreclosure can take anywhere from 6-12 months or longer to play out. If you’ve been foreclosed on, there are still a few things you can do to rectify this situation.
Consequences of Foreclosure
The consequences of foreclosure can be dire, affecting your short and long-term finances, your ability to find employment, and your credit score. On top of that, you’re going to be dealing with plenty of emotional stress due to the potential of eviction or loss of property.
In severe circumstances, you can be charged for a deficit after foreclosure. You’ll also have to wait 7 years before being allowed to purchase another home or take out another mortgage.
My House Was Foreclosed On – Now What?
With most foreclosures, you’ll have a set period of time – usually 30 days – to make your overdue mortgage payments. After this period, the process starts to accelerate, and your house could go up for auction at the hands of the local authority.
If your mortgage contains a “power of sale” clause, your home can be taken over by the mortgage company for auctioning off. When the debt amount is greater than the value of the home, the property goes to the mortgage holder.
During the process, there are many things you can do to delay or avoid foreclosure. It’s always a good idea to speak to a mortgage counselor for advice on what to do.
Getting loan modifications, filing for bankruptcy, or challenging the bank can buy you time. If you want to stop the foreclosure process altogether, the best thing to do is sell the home to a property investor.
How to Sell a House in Foreclosure
Selling your home before the foreclosure process can really take hold is one of the best ways to avoid the consequences of foreclosure. When you find a helpful property investor, like ibuyhomes.com, you’ll start to feel some relief.
With plenty of experience buying homes in foreclosure, we can offer you a way out of this tricky situation, helping you to save your credit score along the way. We’ll either buy your house, take over your mortgage payments, or split ownership.
As much as you don’t want to deal with foreclosure, your lenders won’t want to either. If your home is worth less than your mortgage balance, we can do a short sale, which saves the lender time and money.
Your other option is to turn the home over to ibuyhomes.com, and we’ll take over the mortgage payments. We’ll give you an incentive of $500-1,000 in return and set you up with a counselor to help you repair your credit.
Selling a Home for Cash to Avoid Foreclosure
If any of the above options sound like a good move for your situation, you can visit our site to get started. All you need to do is fill out our secure online form, and we’ll get back to you in a matter of minutes to follow up or give you a cash offer for the home.
Why is selling a home to a cash buyer the best option? When you’re selling a home in foreclosure, time isn’t on your side. The traditional selling process can take months to complete, not to mention the fact that it’s going to cost you money.
First, you’ve got realtors to deal with, who take anywhere between 4-6% of the home’s value. You’re at the mercy of a fickle housing market where there are no guarantees that you’ll find an interested buyer. If any repairs are needed to facilitate a sale, that’s even more time and money.
The cash-buying process is incredibly simple. Just give us details about your home to help us understand a bit more about the situation you’re in, and let us handle the rest. Since we’re experienced in buying homes in foreclosure, we can have a contract in your hands within 36 hours of filling out our form.
Once you sign the paperwork, the deal is complete, and you can begin to focus on putting yourself in a better financial situation. Having avoided foreclosure, you can look for another new home when you’ve got your ducks back in a row.
Contact Us to Sell Your Home ASAP
Now that you know a bit more about foreclosure, why you want to avoid it at all costs, and how to sell a house in foreclosure, you can make the best decision for you and your family. Things can snowball quickly when you miss a mortgage payment, so if you can’t afford your monthly payments, it might be time to sell.
To make the best of a tough situation, it’s best to work with a reputable and sympathetic property investor. Contact us at ibuyhomes.com today, and we’ll help you out of foreclosure before it affects your future.
