Can I Save My House If It’s in Foreclosure?
You have struggled to make your payments ever since you were laid off. The phone rings day and night. Not only do bill collectors call, but the lender started calling. First, the lender sent a notice stating that you were late with your payment. Then they started calling warning about foreclosure since you were in default. You can’t sleep. Instead of counting sheep you are cringing from the imagined sound of the sheriff tacking up a notice to vacate. You moan in your sleep. How Can I Save My House If It’s in Foreclosure?
9 Ways I Can I Save My House If It’s in Foreclosure
- I Can Bring the Loan Current aka Reinstatement – Believe it or not, your lender wants to work with you to help you get back on track Foreclosure is no picnic for either party involved. And, frankly, both you and your lender lose in the end
- I May 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.
- I can ask for a Loan Modification – A loan modification could include a reduction of the interest rate, convert the loan 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.
- if there is a temporary hardship, I can request a Repayment Plan – Repayment options could include a plan to repay missed payments in addition to making monthly payments.
- I Can Sell Through a Short Sale – I may be able to sell my 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].
- I Can File for Bankruptcy – I can contact a bankruptcy attorney. I need to know my options so I can make an informed. Filing for bankruptcy stops a foreclosure proceeding.
More of 9 Ways I Can I Save My House If It’s in Foreclosure
- 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, 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 jingle mail.
- Sell the Home to a Cash Buyer
- I Can I Save My House If It’s in Foreclosure by calling Styl Properties, Inc.It is quick! I can sell my house in Omaha normally in 30 days or less. That is much quicker than a traditional sale, which can take several months, and closing takes places after repairs. 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. I don’t need to worry about some repairs that I’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 me a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, or past due water and sewer bills.
Styl Properties, Inc. is here to help homeowners out of any kind of 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 to resolve any situation.
If you’d like to give us a ring, we would be more than happy to spend some time with you to help you understand the process and to get all of your questions answered. You can reach us at 402 999.0577.