Have you fell behind on your mortgage payment & now received a notice of default? This is the first step for the bank in the foreclosure process. However, if you are already actively researching how to sell your home in default then you are going in the right direction. If you cannot make your back payments then what other options do you have?
Past Due on My Mortgage
Maybe it’s 1 month behind or maybe it’s 3-4 months past due. Whatever the case may be, it is still possible to sell your home! Just because the loan is in default, it does not mean that you don’t have the right to sell the property. Your lender will be sending you all the intimidating letters in the mail regarding foreclosing on the mortgage, attorney fees, & so on. Why they do this is to make you aware that they will be proceeding with the foreclosure process unless payments are reinstated or you sell the property.
The Simple Options – Selling Your House With a Past Due Mortgage
The first & easiest option would be to make up your back payments. This will reinstate the loan to its “current” standing & the case for foreclosure will be dropped against you. However, I realize that if you could reinstate the loan you may have already done such a thing. For whatever reason you could have fallen behind in the first place & maybe don’t have the extra money to reinstate the loan. DON’T WORRY!
Another option is to list it for sale on the market. This requires meeting with a Realtor, making repairs to the home, & making sure it is in show ready condition at all times. From the dozens of people I have met, I don’t know a single one that actually “likes” the process of listing a home for sale on the market. Of course it is tolerable, but it can be a very large hassle if not done properly. But what if you owe more than what the house is worth or don’t have the extra money lying around to fix it up?
If you owe more than what the house is worth or don’t have the funds to repair it, then it might be worth reaching out to a local house buying company like ourselves! Get a Cash Offer Now >>
We won’t require you to make any repairs, we don’t charge you commissions, & we can buy it whenever is most convenient for you. Of course we only purchase properties that we can make a profit on, but we do have some creative strategies for helping out homeowners who have fallen behind on their mortgage 🙂
How Long Will My Home Stay in Default
After receiving the notice of default from your lender on your mortgage it will remain in default until brought current, or until the foreclosure date. By bringing the home current or paying off the mortgage you completely avoid the foreclosure on your credit. Which means that you won’t have to worry about the issue of financing a car, finding a home to rent, or even getting hired at a new job. With a foreclosure all 3 of the listed things will be significantly more difficult for you!
Remember, it is always better to sell before foreclosure! Don’t wait till the last minute as people may no longer be able to help.
Will You Buy My House?
Here at CB Home Solutions we do purchase properties where individuals have defaulted on their mortgage. Even if our numbers don’t work out for you, we can still provide you with more options on how to avoid foreclosure all together. If you would like to have a confidential conversation give us a call at 920-215-4201 or fill out the form below. I look forward to speaking with you soon!