Hi, you guys. Carter here with CB Home Solutions. In today’s video, I’m going to go over the process in the question, can you stop a foreclosure once it starts? The answer is yes, you can stop a foreclosure once it starts, but how do you go about doing that? Is it an easy process, is it a difficult process? In this video I’m going to explain the steps in the process and what you can do to stop a foreclosure. Step number one, obviously if you have not paid on your mortgage, you are going to be foreclosed upon in some way, shape or form. With that being said, how do you go about stopping that foreclosure and what are the steps in the process?
Step number one is to get in contact with some sort of real estate professional. What I mean by this is you can either contact us here at CB Home Solutions, we’re a local real estate investment company, you can search FlipFoxValley.com and you’ll find us there, or give us a call, otherwise you can contact a real estate agent. Typically to stop a foreclosure, a real estate investment company like ourselves is going to be your best solution to your problem because what we will do, we are going to step in between you and the bank to stop that foreclosure action.
Ultimately what will happen is this, we will try and do what is called either a short sale on the property, if you owe more than what it is technically worth, so the bank would then forgive the difference in the amount of debt owed, or we’ll just purchase it outright as a normal transaction if you have enough equity left in the property. Say you owe 30,000 on it, but the house is worth 130,000 and we paid you 70,000 for it, then you wouldn’t have to go through any sort of foreclosure or anything like that. You can avoid foreclosure completely. That’s probably the most beneficial thing for you.
With a short sale, it does affect your credit and there are implications of a short sale because the bank is forgiving an amount of debt that you did personally guarantee you would pay back. Do your research, talk with a tax representative, accountant, CPA, whatever it is, and figure out which option works best for you. I mean, it really depends upon the situation. That is going to be the step number one, whether it’s a short sale or just a normal sale, get in contact with us here at CB Home Solutions. We can help you out in that regard. From there we’ll make you an offer on the property, or if it’s a short sale, we’ll get you in contact with our short sale specialists, and they will take you through that step of the process because with a short sale, there’s a lot of paperwork that’s needed in order to avoid the foreclosure.
It’s complicated. I’m not going to go into it on this video, but you can avoid a foreclosure once the process has started. If you just reach out to a local real estate investment company like CB Home Solutions, and we’d be more than willing to help you out. That is the quick rundown on your steps in the process. You can avoid a foreclosure if you want to. You need to be proactive in that realm of things. Get in contact with a real estate professional and we’ll assist you and guide you from there. Then once it’s all said and done, hopefully whether it’s a month, two months, three months down the road, we can completely get the foreclosure or have you avoid the foreclosure so it’s not on your record, your credit score isn’t in the gutter. We save your credit, we save your finances, everything like that. It’s beneficial for you because that’s what we want to do. We want to create win-win situations for homeowners like yourself or property owners like yourself.
Like I said, if you guys have any questions, go to FlipFoxValley.com. We can also get you a fair cash offer at FlipFoxValley.com, or give us a call on our office line which is (920) 215-4201 and I’ll be more than willing to talk with you. Have a great day, you guys. Thanks so much for watching and I’ll talk to you soon.
