August 30, 2018
Pro Source Home Buyers

Options When Facing Foreclosure

Options When Facing Foreclosure?

When you acquire a mortgage, there is always a risk of foreclosure sitting in the back of your head. Life can get rough and monthly payments may start to pile up. When the hard times have rolled in full swing, you may not be able to make ends meet and find yourself getting behind on your house payments. So what can you do when you are facing foreclosure on your home in? Well, it may not be easy, but here are a few suggestions to help you get headed in the right direction. The sooner you take action on your home, the sooner you can get in control of your life and avoid foreclosure.

Lender Communication

If you find that you are not able to scramble together enough funds to make your monthly house payment you should seek help as soon as possible. The longer you wait to make a payment the more interest you will accrue, and you will be charged late fees. If this becomes a pattern after just three missed payments you will get a foreclosure notice, then in 30 days, there will be an auction date set to sell your home.

One of your options to stop foreclosure before it happens would be to reach out to your lender. Talk with them and see if there is a way to renegotiate the contract and get a payment extension date.

The nest walks you through the steps to start the mortgage extension process. But you need to be aware that extending your monthly payment may reduce the payment and allow you more time to find the funds, but it will extend the term of the loan. Meaning that in the long, it will cost you more money due to additional interest payments. But the benefit is that it helps extend your payment so that you have more time to get back onto your feet, and to stop the foreclosure of your home in.

Sell house fast

Short Sale

A short sale is another option that can get you in better graces with the mortgage company. Although a short sale isn’t the full amount for the loan, it is most likely more money than what the mortgage company was going to make in the foreclosure auction. A short sale is a cheap option but can take some time to find the proper buyer, especially if your house is “ugly”. This may make it difficult to stop your foreclosure. With a short sale can be tough to get because of all of the mortgage laws and hoops that you have to jump through.

If you only have 30 days to sell your home in, a short sale can help but could also get you in a bind if the mortgage company doesn’t like the offer. It is a step closer to getting rid of your home, but could potentially lead to a tougher situation and the house may not even sell.

Sell to us

If you are finding it difficult to fund your home, then maybe you don’t want to find a way to keep it and need to find something more affordable.  Sell your home and get into something that better fits your lifestyle. Did you know that you can sell your home and have cash in your pocket in just seven days? This allows you to stop foreclosure in its tracks.  

Let Pro Source Home Buyers help you ease your financial burden, and take your home off of your hands in a short amount of time. There is no need to ding your credit, lose your home, and deal with the stress of being left with nothing. Call us today at 865-268-4537 for any questions. We are experienced and help free people from their homes while making everyone feel comfortable with these difficult decisions.

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