06/09/2017
What Are My Options to Stop Foreclosure?
When facing foreclosure, it's important to maintain communication with your lender. At the end of the day, most lenders are not interested in foreclosing, they just want their payments on the money they initially loaned out.
Loan Modifications can be an option for you to consider. Try requesting a loan extension, a re-amortization of your outstanding balance, or a decrease in interest rates. This is the most logical option when facing foreclosure because you’ll be able to keep your house and keep foreclosure off your credit report. However, less than 1% of the requests get approved.
Forbearances can reduce/suspend payments for a period of time. This is a temporary solution. In the long run, this can put you at more of a financial strain if payments are added to the loan balance.
Bankruptcy can legally stop the foreclosure process but it's not the ideal route. Bankruptcy is also a temporary solution. At the end of the day, you will still lose your house and now deal with bankruptcy on your credit record. Plus, you can still whine up owing on the house, after you sold it.
Your best option may be to sell your house while there is still time and before you are too deep in the foreclosure process.
You can sell your house in 4 to 6 months on the market, paying an agent 6%, or you can sell it to an all cash investor in less than 15 days. The answer to which option is best for you, is the condition of the property.
When selling to an investor you're usually not responsible for making any repairs or paying closing costs, you can sell for cash (no loan issues) and close quickly. This is the ideal situation for someone who needs to move quickly to prevent a foreclosure.
If you’re struggling with foreclosure proceedings, you probably have already started getting contacted by investors asking to buy your house.
Stubbs Buys Houses advocate for the homeowners, so you're not robbed of your property's equity. We make fair cash offers, and help you re-invest. We are licensed professionals. When you work with Stubbs Buys Houses, you have options!
In cases involving foreclosure, time is money. Don’t let this situation ruin and your credit report for years to come. Call us today to get a no-obligation cash offer for your property. (310) 684-3517.
