How to Stop Foreclosure on Your House
The foreclosure process can happen to anyone at anytime. Whether it is because of a lost job, divorce, health concern, or emergency it only takes a couple missed mortgage payments. Typically your lender will issue a notice of foreclosure after 90 days of late payments. At this time you will either have the option of bringing the mortgage current, or quit paying all together. A lender will not take partial payment on the mortgage once you are more than 1 month late.
Now you may be thinking, what can I do? The most important thing to remember is you DO have options. Below I will go through how we have helped past homeowners going through the foreclosure process. Learn how to Stop Foreclosure Oshkosh
5 Ways We Can Help Successfully Stop Foreclosure
- Loan Modification: Though a loan modification is a longer process, this can be negotiated with your lender to change the terms of your current loan. Helping you get back on track with payments and bring your mortgage back to current. If you still want to stay in your house this would be the best option! However, you need to act fast and cannot delay or the lender will not cooperate.
- Short Sale: If you are underwater on your mortgage (owe more then what it is worth) this will more than likely be the only option. Even though it is called a “short sale” the process can take as long as 6-9 months. A short sale is when the bank will forgive a large sum of debt owed against the property. Please speak with a CPA for the tax implications of this process.
- We Buy the Property for Cash: This solution doesn’t work for everyone. When we make homeowners offers there does have to be a large some of equity in the property. However, if you do have equity you could walk away from the house with $$$ in your pocket in as little as 2 weeks.
- We Take over Mortgage Payments: How this strategy works is we would purchase the property from you, but keep the mortgage in your name. We would have the property deeded over to us, but bring your mortgage current and continue paying each and every month. Why this strategy is beneficial for homeowners is because it will increase your credit score and allow you to move on with your life. This would require you to move out of the property as we would be either remodeling it, or moving a renter in.
- Sell on the Open Market: Depending upon your scenario this could be the best option. Listing your home with a Realtor will result in the highest price, but it may also take the longest. You can’t guarantee a sale when listing the home for sale, and then you have to allow buyers to walk through and inspections to be done. For most of our clients this is the bottom choice as it is not the quickest answer to their problem.
I hope you found this article valuable and that it shed some light on the Stop Foreclosure Oshkosh process. Remember you do have options and the sooner you take advantage of them the better!
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