If you are one of the 2 million Americans that aren’t paying their mortgages, You might still have time to sell your home and even profit from the sale of your property while preventing Foreclosure.
Find out how by Scheduling a Call Today!
What is a Foreclosure?
A foreclosure is a method where the mortgage company reclaims a property due to various possible reasons, but most commonly the lack of payment on the mortgage loan.
How will a Foreclosure Affect My Credit Score?
Unfortunately, a foreclosure harms your credit score, which means that it will be more difficult and sometimes impossible to get credit cards and loans in the following years and that you can foresee to pay higher interest rates. Plus, some employers look at your credit score, which means that it may make it more challenging to land a job.
Experts estimate that a foreclosure will lead to drop of 300 points. So let’s say you had a near-perfect 800 credit score pre-foreclosure; after the foreclosure, you might have a credit score that was more in the 500, which is considered flawed (credit scores range from 300 to 850).
The good news is that foreclosure will disappear from your credit report after seven years. Going forward, try to pay all of your invoices on time and reduce the amount of money you owe, as these can help increase your credit score.
How can I stop foreclosure?
1- Get a Personal Loan
Reach out to family members that could lend you enough money to catch up, This might be a good option if you only need time.
2- Communicate With Your Lender
If you know that you will have trouble making your mortgage payments, contact your lender promptly and let them know you are having financial troubles. This allows your lender time to work with you to create a plan.
This option might not be for you if you are currently in forbearance or have not made your mortgage payments in the past few months.
Under this option, you reach an agreement between you and your mortgage company to change the original terms of your mortgage (monthly payment, length, Interest Rate. In most cases, when your mortgage is modified, you can reduce your monthly payment to a more affordable amount.
Cons of a Loan Modification?
Taking longer to pay off your debt
Paying more interest over time
The foreclosure process won’t stop while you’re negotiating
Lots of Paperwork Required
3- List your house with a Real Estate Agent – Have time and equity?
This is the option we recommend the most, since values of homes have increased in the last months.
We will make a Free Market Analysis and go over it with you, if you decide to move forward with the sale, we will apply several strategies that will guarantee an increase of the sales price of your property.
This option might not be for you if the value of your property is less than what you owe or if your property needs a lot of work.
Get your Free Market Analysis today by scheduling a call now!
4- Rental – No longer living in the property?
If you no longer live in the house that is facing foreclosure, perhaps you can rent it out. You will receive a monthly income that potentially will cover the mortgage payment, taxes and insurance.
5- Cash Offer – Little to No Time Left?
- What if my house needs work? Sell it for Cash!
If your property needs repairs such as roof, plumbing, structural, or your property have mold damage, selling it to an investor for cash will be your best option.
I work directly with investors and can offer you cash for your property so you can walk away with the most amount of money in your pocket while preventing foreclosure.
What are the benefits of selling to an investor?
- NO Commissions: Save thousands by not paying a commission
- NO Fees: No hidden costs or fees
- NO Closing Costs: The Investor will pay ALL the closing costs
- NO Repairs: The Investor will buy it “AS IS” Condition (even if it needs plenty of repairs)
- You Pick Your Move Out Date: Make your life & move easy
- NO Showings or Open Houses: Sell fast without the headache
Get your FREE No Obligation Offer Today by scheduling your call today!
6- Subject To or Short Sale – No Equity?
- Consider a Short Sale
A short sale is when a seller in financial distress sells their property for less than the amount due on the mortgage.
A short sale is much favorable than a foreclosure for the seller. Usually it will go on their credit report as a “deficiency payment.” This results in a much smaller drop in their credit score, and they can actually qualify for a new mortgage just two to three years later instead of the 7 years that a foreclosure will stay in your credit.
Not everyone qualifies for a short sale and it can be a long process, 3 to 6 months.
Find out if you may qualify for a short sale by booking a call now!
Subject to is where an existing financing that a homeowner has setup is taken over by an investor. This route is basically paying for the mortgage already in place through an agreement with a homeowner. The Homeowner walks away from his responsibility, and the investor takes over the mortgage.
7- Renovate and List
Partner with a Real Estate Investor that can help renovate the property then sell and potentially split the profits.
8- Consider Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Act Now – Time is Running Out
Click Here and fill out the form, one of my team members will contact you within 24 hours, We will go over what options you might have and the timeline.If you stopped paying your mortgage, Time might be running out and your options too. The faster you look at your options the better will be for you.
