My Home Was Foreclosed On Now What
If you mean my home was foreclosed on, now what, you could be asking can I remain in your home after it has been sold at a sale? The answer is yes. You could become a tenant of the purchaser. However, that tenancy can be terminated by the new owner by serving a 30-day Notice to Quit upon the former owner remaining in possession of the property. Once this has been done, the new owner can seek your eviction.
If you mean my home was foreclosed on, now what you could be asking about is receiving notice of foreclosure from your lender. First, they send a notice stating that you were late with your payment. Then they started calling warning about foreclosure if you don’t bring things current. There are many things to do to stop foreclosure before the sheriff tacks up notice to vacate. Here are nine ways to stop the Omaha foreclosure.
My Home Was Foreclosed On Now What
- Bring the Loan Current aka Reinstatement – Believe it or not, your lender wants to work with you to help you get back on track and make your payments. Neither party will find foreclosure a picnic. Frankly, both you and your lender lose in the end
- Try to Work Out a “Forbearance Plan” – a forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
- Ask for a Loan Modification – Loan modification could include a reduction of the interest rate, convert from a variable interest rate to a fixed interest rate, or extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
- Ask for a Repayment Plan – Repayment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
- Sell as a Short Sale – you may be able to sell your home with the bank’s permission before the foreclosure process begins. A pre-foreclosure sale, also known as a short sale, allows homeowners to sell their home at current market value and use that money to satisfy their mortgage [source: Chicago Tribune].
- File for Bankruptcy – Contact a bankruptcy attorney. You need to know your options so you can make informed decisions. How to stop an Omaha foreclosure? Filing for bankruptcy stops a foreclosure proceeding.
More of My Home Was Foreclosed On Now What
- FHA Programs for Homeowners – Home & Garden writes about the partial claim, a loan modification offered by the U.S. Department of Housing and Urban Development (HUD) for FHA-approved loans [source: HUD]. The FHA provides an interest-free loan to pay off your missed mortgage payments, and it doesn’t need paying off until you sell your home or make your last mortgage payment [source: HUD]. There are many programs for those with floundering financials.
- A Deed-in-Lieu of Foreclosure – a deed instrument in which the borrower conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure. At the height of the housing crisis in 2007-2008, they called it “jingle mail.” Homeowners simply put the house keys in an envelope and mailed them to the bank and then drove away. A deed-in-lieu is a more formal process for jingle mail.
More of 9 Ways to Stop Omaha Foreclosure
- Sell the Home to a Cash Buyer –
- How to stop an Omaha foreclosure? Try calling us. It is quick! You can sell your house fast in Omaha normally in 30 days or less. That is much quicker than a traditional sale. You may not have several months. In most cases when an investor and a seller can agree on a price immediately, they can close as fast as one to two weeks.
- A real estate investor will buy as-is. Don’t worry about some repairs that you’ll need to fix based on an appraisal. An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property in whatever condition.
- No Fees! A real estate investor doesn’t charge you a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, the risk of foreclosure, or past due water and sewer bills.
Bottom Line – there are at least nine ways to stop foreclosure. Seek answers from your bank, a bankruptcy attorney, and a real estate investor.
Styl Properties, Inc. is here to help homeowners out of any distressed situation.
As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. We offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. Let us help you understand the process and answer all of your questions.
You can reach us at 402 999.0577.
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