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28 August 2021
Is your home in danger of foreclosure? Do you need to stop it fast, before that happens? If so, SellThatHome may be able to help. We offer a free cash offer and we buy houses quickly from people who are in all types of situations - including the process of foreclosure proceedings - letting them avoid this terrible situation without even putting up too much effort!
What is the Foreclosure Process?
The foreclosure process commences when homeowners begin missing their monthly mortgage installments. Your bank most likely begins sending notifications letting customers know they have been neglecting make timely contributions. They may also tack on late fees onto what is owed; it's important not to let this snowball into something worse - Pre-Foreclosure.
The 120 day pre-foreclosure waiting period exists because a foreclosure lawsuit cannot be filed until you've been delinquent on your mortgage payments for at least 120 days. You'll receive more notices and letters from your lender during this time, but don't worry! This is the perfect opportunity to consult with a foreclosure attorney about any and all options you have available to you.
The summons and complaint filed against you will be delivered to your door by either the county sheriff or a private process server. You’ll have 20 days from when they are served with the papers before making any decisions about how to proceed.
If you don't respond, it's possible that a court could issue summary judgment against you, which would continue the foreclosure process. The house will be sent to auction, and once sold, you'll only have 10 days to vacate the property. What's worse, is the possibility of a deficiency judgment if the property didn't sell for as much as was needed.
As you can see, the foreclosure process moves very quickly and you may only have a limited time to act. If you contact SellThatHome to stop foreclosures, we are going to ask for more information from our clients because it makes a big difference on when they will be served with papers or if they’ve been late on their payments.
Best Steps to Prevent Foreclosure
For those looking to stop foreclosure you have several options. As previously stated, always consult an experienced attorney for advice before making any major decisions- we’re not attorneys and nothing on this page should be taken as legal advice!
1. Strategic Default
A strategic default usually means walking away from the house and letting the bank foreclose on their own property. This is often done with assistance of a qualified bankruptcy lawyer. It’s not really an excellent option to prevent foreclosure in for most people.
A strategic default will mean you can't get a mortgage for up to seven years, and could be liable if the bank is still owed money after they sell your house. You'll have terrible credit for that time as well! It's not worth it at all - try to avoid this route!
If your situation is dire, a good option to consider may be strategic foreclosure. This entails coming up with an agreement where you will give the bank back the title of the house but they won't pursue any deficiency judgments in court against you at some point down the line.
You'll want legal assistance for this process as it can get complicated and there are several factors that could cause other credit impacts even if it doesn't happen immediately after signing off on one deed-in-lieu or another foreclosure plan.
3. List with a Real Estate Agent
How do you stop foreclosure? Listing SellThatFloridaHouse.com with a real estate agent could be an option. This is not the fastest way to stop foreclosure, but if your home has plenty of time left before it goes up for auction and it's in good condition, listing might work out well.
Even if your house is priced right, you’ll still need to be prepared for the inevitable. That means being ready to wait at least 90 days for it to sell, sometimes longer. The foreclosure auction isn't kind in these cases either; we see a lot of houses that are actively listed with realtors go up there because they weren't sold before their time was up.
Many people going through foreclosure don't have the cash lying around to make quick repairs that are required by a buyer's lender. If your house is in need of an expensive repair, it might be difficult for you to find someone who will buy from you.
4. Consider a Short Sale
If you owe more on your mortgage than your house is worth, a short sale may be the answer to stop foreclosure. A short sale can basically refer to selling your home for less than what's owed and coming up with an agreement with the lender so that they'll accept it as payment.
You’ll want to find a good lawyer and real estate agent who are experienced with short sales. Short sales often take a long time, so you’re going to need people on your side that can help make this process as easy for you as possible! We see many properties listed by agents go into foreclosure auction because the seller was unable or unwilling to complete their sale before it expired.
5. Sell to a Home Buying Company
We know life sometimes has its ups and downs, which is why we're here to help! Sometimes homeowners are going through foreclosure but don't have the time or cash lying around to get their house in shape for sale. Luckily there's a solution that can stop this from happening - selling your home with one of our professional cash buyers who want you on track again as soon as possible.
As cash home buyers, we can purchase your house quickly and hassle-free. You won’t have to worry about repairs or updates as they are our responsibility! We also offer a guaranteed closing so you don't have to wonder if the sale will fall through at the last minute like some other companies do. This is great for those with limited time on their hands who want an easy way out of foreclosure without having any worries that things could go wrong during this process.
6. File for Bankruptcy
There are a number of reasons why people file for bankruptcy. In some cases, filing stops the foreclosure permanently but often it only delays things until later on down the line. You should always consult an experienced bankruptcy attorney if you decide to go through with this process because there is not much room for error when filling out these forms and making such important decisions about your financial future.
Bankruptcy is not an easy way to go. It can have long-term negative affects on your life, such as staying on a credit report for up to 10 years. Also, it becomes difficult for you to get loans or use credit cards again in the future. Bankruptcy should only be used when all other options are exhausted and there's no one else who would pay off your debts if you didn't file bankruptcy.
7. In Foreclosure? Reach Out Today
If you’re ready to stop foreclosure, reach out to SellThatHome today! If you need your house sold fast and want a cash offer for it, we can close quickly even if the property needs some updates or repairs. We also have connections with one of the top real estate teams around so no matter what condition your home is in now, contact us using our form below and get help immediately!