Stop Omaha Foreclosures
Analysts say the U.S. is close to a recession because the FED is boosting interest rates to cool inflation. A recession means trouble for housing, rising unemployment, and businesses going bust. Here is critical information you need to stop Omaha foreclosures
9 Ways to Stop Omaha Foreclosures
- Bringing 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. Foreclosure is no picnic for either party involved. And, frankly, both you and your lender lose in the end
- 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. The lender also agreed not to initiate a foreclosure during the forbearance period.
- Loan Modification – Loan modification could include a reduction of the interest rate, conversion from a variable interest rate to a fixed interest rate, or an extension of the length of the loan term. A loan modification agreement is a permanent solution to unaffordable monthly payments.
- Repayment Plan – Repayment options could include a plan to repay missed payments and make monthly payments, especially if there is a temporary hardship
- Selling Through 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 do you stop an Omaha foreclosure? File for bankruptcy. Taking that action stops a foreclosure proceeding.
- 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 to be paid 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 real property to the mortgagee (i.e., the lender) to satisfy a loan in default and avoid foreclosure. In the housing crisis of 2007-2008, people used “jingle mail.” Homeowners put the house keys in an envelope, mailed them to the bank, and drove away. A deed-in-lieu is a more formal process for jingle mail.
- Stop Omaha Foreclosures by Selling to a Cash Buyer –
- Try calling us. It is quick! You can sell your house fast in Omaha, generally 30 days or less. That is much quicker than a traditional sale, which can take several months, delaying closing until 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. Worrying 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 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 utility bills.
Stop Omaha Foreclosures
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 any situation, no matter what! There are no fees, upfront costs, commissions, or anything else. Instead, we offer the simple truth about your home and how we can help you sell it fast.
Give us a ring. We would love to help you understand the process and answer all of your questions. You can reach us at 402 999.0577.