My Home Was Foreclosed on. I received notice of foreclosure from my lender. First, they sent a notice stating that my payment(s) were late. Then they started calling warning about foreclosure if I didn’t bring things current.
My home was foreclosed on. Can I remain in my home after it sold at a foreclosure 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. Once served, the new owner can seek your eviction.
There are many things to do to stop the foreclosure before the
sheriff tacks up a notice to vacate. Here are nine ways to stop the Omaha
My Home Was Foreclosed
On. 9 Ways to Stop
Bring the Loan Current, akaReinstatement –
Believe it or not, your lender wants to work with you to help you get back
on track and make your payments. Foreclosure is no picnic for either
party involved. And, frankly, both you and your lender lose in the end
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.
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.
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
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
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 9 Ways to Stop Omaha Foreclosure
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
Deed-in-Lieu of Foreclosure – a
deed instrument in which the borrower conveys all interest in 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, it was called “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
More of 9 Ways to Stop Omaha Foreclosure
the Home to a Cash Buyer –
to stop an Omaha foreclosure? Try calling Styl Properties, Inc. It is quick! You can sell your house fast in
Omaha, generally 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.
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
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
Bottom Line – When you acknowledge my home was foreclosed on, there are at least nine ways to stop foreclosure. Seek answers from your bank, a bankruptcy attorney, and a real estate investor.
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
us a ring. We would be more than happy to help you understand the process and
to get all of your questions answered.