What Should I Do When I'm Facing Foreclosure?
Purchasing a home is an exciting time in life, and it is a great investment. Unfortunately, life sometimes gets tight financially and leaves you struggling to pay your mortgage.
If you are going through a difficult time right now and you are behind on your house payments, don’t stress too much yet. Keep reading to figure out what you can do to prevent foreclosure and take action today.
Take back control of your life and avoid foreclosure altogether.
Talk to your Lender
If you have dried up all of your funds and you can’t scrape up enough money to make your house payment this month, then call up your Mortgage Lender.
Seek the help as soon as possible so that you don’t accumulate more interest and get charged late fees.
Talk with your lender to see if you can get a payment extension date.
Beware that if you do get an extension date it will cost you more money in the long run due to the additional interest payments. This way you won’t have a late payment or miss one.
Once you miss three mortgage payments you will get a foreclosure notice. If this continues to happen they will set an auction date to sell your home.
Try to sell your home through a short sale
A short sale will allow you to get into a better place with your mortgage lender.
You will not get the full amount that you owe on your home, but this will get the mortgage company more money for the home than they would have if they had gone through a foreclosure auction.
A short sale is a great option to help you stop foreclosure, but this can take time. If your home is in terrible condition it can take a lot of time to find the right interested buyer. You may have to jump through some hoops and laws to qualify to make a short sale.
If you only have 30 days to sell your home, a short sale is a great option, but make sure you are aware if the mortgage company doesn’t like the offer. If they choose to not accept this offer it can lead you closer to foreclosure.
Sell your home to a cash buyer
If you have tried or have considered all of these things above and nothing has worked for you, then contact a cash buyer. These types of home buyers purchase homes fast.
This will get your home taken off of your hands in a short 7 days because they have the funds to give you a cash offer. If you don’t have time to waste and don’t want to completely butcher your credit, then contact a cash buyer as soon as possible.
Here at Pro Source Home Buyers, we are cash buyers, and we have helped a lot of people in your same situation get the help that they need. We don’t fall through either, so this allows you to stop the foreclosure process before it even happens.
If you have more questions give Pro Source Home Buyers a call at 865-268-4537 today. We will help walk you through this simple process and help answer any questions you have. We want to help you feel comfortable and get you out of your hard times.