How to Stop Foreclosure
|Fri Aug 28, 2015 10:04 am MST|
Are You Facing Foreclosure?
It only takes a few missed mortgage payments to put the house you worked so hard for in danger of foreclosure.
So what are the smartest steps to take if you’re already facing pending foreclosure or just afraid you might be headed there? If you don’t react proactively you will eventually lose your property. So don’t procrastinate - take action immediately!
What Should You Do First?
Before you make any decisions on how to handle your home facing foreclosure, make sure a notice was given to you in a timely and legal manner. Lenders must properly notify the homeowner by a certified delivery of a notice to foreclose at the owner’s most recent address known. Without this timely notification you can petition to delay your foreclosure and seek relief. Though this only postpones foreclosure, you can buy yourself more time to figure out what path is best to take.
What Are My Options to Prevent Foreclosure?
The most important step you can take when facing foreclosure is to maintain communication with your lender. In the end most lenders are not interested in foreclosing and then owning your property, they just want their payments for the money they loaned you.
In many situations, good communication can lead to some kind of satisfactory agreement such as loan modification or forbearance.
Loan Modification can refer to a wide array of changes to your loan. You can request a loan extension, a re-amortization of your remaining balance, or a decrease in interest payments. A loan modification is really any change in the terms of the note that are agreed upon and legal. This is the most logical route to take in a foreclosure situation because you’ll be able to keep your property and keep a foreclosure off your credit report.
Forbearance. This means you can get your payments reduced or suspended for a period of time until you are able to fix your financial situation. Though forbearance may be able to buy you time to save your home, it often comes with additional attached payments, which can pile up easily if you’re already under a financial strain.
A lot of people think filing for Bankruptcy is the right move in a foreclosure situation. This can legally stop the foreclosure process but bankruptcy isn’t the ideal route to take. In most cases bankruptcy is a bandaid and essentially just buys you more time. Usually in the end you will still end up saying goodbye to your home and dealing with bankruptcy on your credit record. The worst part is you could still end up owing money after your house is sold if the sale doesn’t cover all the costs.
Your best option may be to sell your home while there is still time and before you are too deep in the foreclosure process. You can sell your home in a Retail Sale with the help of a real estate agent, or sell it to an Investor for cash in a short amount of time. Selling your home in a retail sale works best if your house isn’t in need of any major repairs, homes are selling quickly in your area, and you have time to wait for it to sell. If your house is in good condition you may be able to recover some of your equity, but if not, the time and money required to sell your home by listing it with a real estate agent may not be worth it. When selling to an investor you typically aren’t responsible for making any repairs on the property, you can sell for cash (no waiting for a retail buyer to qualify for a loan) and usually close within a week. This is the ideal situation for someone who needs to move quickly to prevent a foreclosure.
If you’re already struggling with foreclosure it’s likely that you’re being contacted by lots of investors promising you fast cash for your home, and you’re probably wondering “Who are all these guys?” - and you are right to be concerned about disreputable people who aren’t able to actually buy your home.
We can buy your house fast for cash and even help you in situations where your house doesn't have equity. We’ve helped millions of property owners just like you and we can help you get on with your life after facing foreclosure.
In cases involving foreclosure, time is money. Don’t let this situation haunt you and your credit report for years to come. Work with the official “We Buy Houses” and let us help you save your home before it’s too late!.
Call us today to get a no-obligation cash offer for your property.
What to do with Vacant Property
|Fri Aug 28, 2015 10:03 am MST|
Frequently Asked Questions Buy Houses Homes Cash Fast Quick Repairs
Did you know that there are over 14 million vacant houses in America? Though the reasons for these vacancies vary in the end, they are almost always a headache for all those involved.
Are you tired of dealing with the problems that come with owning vacant properties?
Vacant homes tend to be a magnet for vandalism, attracting higher crime rates, trespassers, and plenty of unwanted attention that can bring down the neighborhood's property values. If that isn’t enough of a pain already, you also have to deal with maintaining the home during winter months. If you live in an area that is severely affected by winter weather you will find yourself shelling out way too much cash for utilities or repairs to keep the house in good condition - or you will turn off utilities, make no repairs, and cross your fingers that nothing goes wrong.
You will also need to make sure you are regularly checking for problems like water damage or mold, which can become expensive issues if they go ignored for too long.
Another issue that can come with owning a vacant property is your homeowner’s policy which usually requires the home to be occupied.To make matters more stressful, if you don’t change your homeowner’s policy in a timely manner you may lose your insurance coverage if your property is damaged after being vacant for over 30 days.
So what’s the best solution?
If you want to keep your property free from the issues that come with a vacant home you should be doing everything you can to keep the property free of crime. Let your local police department know you have a vacant property so they can keep tabs on anything suspicious. Install a security alarm and make sure all locks on window and doors are unbroken.
Also make sure you keep the property maintained to the best of your abilities. Mow the lawn and handle all landscaping needed to make the property appear occupied. The best thing you can do if you have a vacant property is regularly visit it and do your best to keep maintenance up. Check smoke detectors, A/C systems, and electrical systems routinely to ensure any preventable problems are stopped.
What if you’re tired of dealing with the problems that come with a vacant property all together?
If you don’t want to spend more of your time and money trying to maintain the home, we can help you!
Call us today and let us deal with the issues that come tied to vacant properties. We’ll make you a cash offer for your property no matter the condition, location, or repairs needed. We’ve helped over 1 million homeowners and we can help you too!