Expert Help to Stop Foreclosure and Sell Your Home Fast | Short Sale & Pre-Foreclosure Solutions
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Stop Foreclosure and Sell Your Home Today
Economic pressure and fluctuating mortgage rates have created what many experts believe is an unstable market. This has led to an increase in foreclosures starting in October 2024. According to data by Attom, 2025 may be an even more challenging year for homebuyers and even your average mortgage servicer.
According to the data, around 30,784 properties reported foreclosure in October, a 4% increase from the 299,668 foreclosures in September. Thus, it is evident that foreclosure may be inevitable for some homeowners. But for those who have trouble paying, there is a way to stop it and still end up with money in your pocket.
What Are Your Options?
While things might appear hopeless or near impossible to address, starting by taking stock of your options is important. I think you should take action today.
Generally speaking, here are your options when facing the prospect of foreclosure:
Getting help – There are a few relief options like restructured repayment plans or forbearance. You can also get in touch with housing counselors. These options can help you remain in the home during this time.
Short Sale Solutions – You can use the home's proceeds to pay off the mortgage. A short sale can help you pay off at least part of the mortgage. Generally, the loan servicer or bank may agree to a short sale if you owe more than the home's value. This means that the service provider will agree to the amount offered and thus will be considered full payment of the debt. This is a great way to minimize loss and leave the door open to get future loans.
Mortgage Release—This is also known as a deed-in-lieu for foreclosure. It means that the ownership of the property is transferred from you, thus releasing you from payments due on it.
I want to let you know that even if the process of foreclosing your property has begun, there are still ways to escape without any damage being done to your credit. However, time is of the essence, as with all things relating to finances, the sooner you act, the better. You should also be able to speak to a few free legal services to understand your position better.
Getting Pre-Foreclosure Help
Remember, time is of the essence, and the sooner you act to avoid a foreclosure, the better. Thus, pre-foreclosure steps are important. They are the first step in a legal proceeding that will conclude with the repossession of the property. The lender will start by filing a notice of default, as the borrower has exceeded the contractual terms, aka delinquent payments.
The pre-foreclosure notice informs the borrower that the lender or bank is pursuing legal action and that the home is headed for foreclosure. So, you are left with a couple of options right now. Some lenders may be interested in negotiating, depending on what you have to offer.
Get In Touch With A Short Sale Experts If You Can't Make Mortgage Payments
As mentioned earlier, a pre-foreclosed home that the borrower sells or intends to sell is referred to as being in a short sale. This can be any sale from a private transaction between two parties or another business buying the property. However, the bank must approve the buyer before the sale is finalized. The other condition of the sale is that the purchasing price should be less than the loan balance, which is why the term “short” is used.
Your goal should be to sell a home fast, but remember that not all short sales are of pre-foreclosed homes.
Sometimes, homeowners in trouble who want to sell their homes or properties fast will do so for a lower-than-market price. Plus, buyers are entitled to inspect a pre-foreclosed home before making an offer. Also, the buyer is often an investor looking to buy the house for below market value, or FMV, to flip it for a higher price.
When a homeowner lists their property for sale through a realtor, a prospective buyer contacts the agent. Since the bank is involved in a short sale, multiple real estate agents, brokers, and attorneys prepare a price opinion.
This shouldn't be confused with other foreclosure prevention options, such as loan modification. If you are unsure about your steps or if you are missing payments, please contact your lender to discuss your options.
Pros and Cons of Pre-Foreclosure Short Sales
As mentioned and established earlier, it is possible to sell a home during the foreclosure sale if all parties agree. Often, it is because it is a win for everyone involved. As the homeowner, you will get to avoid any adverse effects that the foreclosed home would have on your credit history. The buyers win because they snap up a piece of property for below market value, thus with the prospect of making a profit. The lender or mortgage broker will not have to pay the costs of foreclosing the home or investing in selling the property.
While short sales solutions may sound simple, selling your home independently can be challenging because of various legalities and disclosures. Buyers must often be aware of things like property liens and any unpaid taxes on the property, as these could be transferred to the new owner if a complete disclosure is not made.
Also, if the homeowner has not made previous and present mortgage payments, a modification will be in order and must be negotiated. If not, the home can be sold during the pre-foreclosure period because the lender will grant authorization for the lien around this time. But when it does happen, the owner can be evicted, and the property can be sold. Now, the bank owns the property and thus will sell it at a lower price because it (the lender) mostly wants to steer clear from having to bear taxes, pay insurance, and pay ongoing expenses.
We Make The Process Quick and Easy To Sell Your House
One of the most common questions is, “Can you Help me Sell My Home Before Foreclosure?” The answer is yes! We are short-sales experts buying distressed and foreclosed homes for over a decade. As professionals, we understand the process and will often help homeowners take the proper steps to avoid foreclosure.
Selling a home can be challenging, but with our experts working with you, there are no blind spots. We will inspect the property and the documents and make you an offer. Once you accept, we can review the required documentation to finalize the deal and get the once-burdensome home off your shoulders.
Just so you know, the short sale process of a foreclosed or pre-foreclosed property takes time. Our team works with you, the lender and other parties to speed things up, but some steps must inevitably run their course.
Why Choose A Short Sale?
Many professionals recommend a short sale to avoid foreclosure or prevent it from staining your credit history. However, there is more to it than that. For starters, your credit will plummet if you are behind on payments or have chronic trouble paying your mortgage, but that isn’t entirely true because your credit rating is the sum of your finances. That said, defaulting for over 90 days will impact your credit rating.
The primary reason agents will encourage sellers to choose a short sale is that they get paid. After all, they receive the short sale proceeds and aren’t paid if the seller decides to give up their home to the mortgage company or bank, in other words, following through the foreclosure process. Then, there is also the fact that even if the house does not sell during a short sale, the agent will still receive free marketing and possibly new business as their signage was displayed and postings and listings were used.
The most significant benefit of a short sale for most homeowners facing foreclosure is to walk away with their dignity intact, knowing they sold the home. There is a social stigma associated with foreclosure, and it prevents you from having to suffer from it. Plus, no mortgage payments are pending unless you choose to pay. You can also choose to buy another home after around 5 years. The key is that the credit report shouldn’t reflect late payments.
The other significant benefit of a short sale, especially when you choose us, is that it is quick. Our goal isn’t just to buy the home and ensure that the process bears the least hassle for you. Thus, the sale can breeze through, and you can be out of the woods with the mortgage company in no time.
Frequently Asked Questions (FAQs) About Foreclosure Process
Q. Can you stop your house from going into foreclosure?
A. Yes, you can. You can do so in several ways, including a short sale, loan restructuring, and mortgage release. The option you choose entirely depends on your unique circumstances.
Q. What's the fastest you can sell a house?
A. Selling for cash is the fastest way to sell a house. A cash home buyer may offer you a lower than the market price for the home but will close within days of agreeing to the offer.
Q. How does foreclosure impact my ability to buy a home later on?
A. If your current mortgage or home ends in a short sale, deed in lieu, or foreclosure, the amount lost on the loan has to be paid back. This helps to restore your credit. However, all this depends on the deal you strike with the mortgage company. The “restoration of entitlement” process can be tricky, but it is worth making it a part of your negotiations.
Q. Judicial vs. non-judicial foreclosures
A. As the term suggests, a judicial foreclosure is court-supervised and usually involves lengthy but formal legal proceedings. Usually, homeowners will receive a legal notice, and the court or the sheriff will then approve the foreclosure date. On the other hand, if a foreclosure isn’t court-supervised, it is non-judicial.