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How To Stop A Foreclosure
Timing is everything. We can help you understand your options.
You've Got Options
10 Ways To Stop A Foreclosure Fast
Pay Off Loan Balance
Must have cash
Pay Off Arrears (Cash / Bridge Loan / Hard Money / Personal Loan)
Homeowner must be in good standing with some cash reserves
Demonstrate the ability to pay back the loan
High interest - 18% or more depending, with the right to foreclose if defaulted (if you miss one payment doing this, the house is gone)
Loan Modification (MUST start 40 days prior to auction)
Need to make 2x the mortgage payment in income per month (They'll need to show proof of that income, proof of employment)
You have to be current on all taxes
You cannot have filed for a loan mod more than 2x this year
A "letter of hardship" describing why they got behind and why it is no longer an issue. It's over and NOT coming back, I can pay now
Bankruptcy
This DOESN'T STOP the foreclosure... just extends it. During this period of time, home and homeowner accrues legal fees and interest
Damages credit worthiness for up to 10 years
Refinance
Homeowner must be in good standing with good credit to be approved
Home has to be in good financeable condition
Short Sale
Homeowner gets NO MONEY because they are upside down on the home or believe they have NO EQUITY
**Homeowners can get up to $10k in relocation funds in a short sale as long as they are living in the property. The average amount is $2,500 subject to bank approval **
Deed in Lieu
You sign title back to the bank, you get nothing but stops the foreclosure
Listing on the MLS (Work with a realtor)
Lengthy process
Home needs to be in good financeable condition (can a new buyer get a loan)
Possible that the deal falls through weeks after an accepted contract, leaving the owner with little time
Sell Your House for CASH (We can make an offer to buy your property)
We pay moving expenses. We buy AS IS, no closing costs or fees
No need to clean or repair
Money in your pocket at closing
Creative Financing (We have creative finance solutions)
In some situations, we are able to save your home, reinstate the mortgage that is in foreclosure, and give you some cash to walk away and start the next chapter of your life
100% Risk Free
Safe & Secure Transaction
No Obligation Offer
Do not ignore your situation, or you lose. If your house does sell at auction, this is what can happen:
Title is transferred and you lose your house
You must vacate within 30 days
For 7 years, you can't qualify for a loan
For 7 years, you can't qualify for a car loan
For 7 years, you can't qualify for an apartment rental
For 7 years, you can't even qualify for some jobs
For 7 years, you get calls from bill collectors
Most solutions can take 30-40 days to execute. The sooner you take action, the more options you have to create the best outcome.
5 Stages of Foreclosure Grief
Denial - the first reaction many people have when they learn that they might be losing something important to them is to deny that it's happening. "There must be a mistake. I'm not going to lose my home."
Anger - when you understand that this is really happening and denial can't last forever, you get angry at whomever you think is to blame or the closest person to you. "Why is this happening to me? It's not fair. Those greedy banks are to blame!"
Bargaining - involves you trying to avoid the cause of the grief entirely through some action. "Maybe if I work really hard and tell the bank about my hardship, they'll let me keep the house."
Depression - you are typically saddened by the reality of your situation. "I have so many good memories in this house."
Acceptance - you accept the reality of your situation, have stable emotions about it, and look for a solution. "This is really happening, I wonder if there's anything I can do about it."
No matter what stage you may be in, we can help you understand your options and provide a solution to guide you through this confusing, emotional time.
There are a few questions to think about to see what option is best for you:
How is your current credit?
Do you have any friends or family who could help?
If you could reinstate the loan, can you afford the current mortgage payment?
What life event(s) led to this particular situation?
Have you thought about where you will go if you lose the house?
If you can't keep the house, can you at least walk away with some money?
Have you considered listing your property with a realtor?
Are you open to all options available to you?
Are you familiar with what happens to your credit after a foreclosure?