Is It Too Late In The Foreclosure Process To Save My Home?

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Is It Too Late In The Foreclosure Process To Save My Home?

 

The foreclosure process that many homeowners are finding themselves in today is incredible stressful and frightening.  Many may find that they have even fewer options now than they did a few months ago.

While there are always new foreclosures being filed nationwide, many homeowners are clueless where to start. Let alone who to trust.  While others thought lenders would be more eager to work and give them more time.  Unfortunately, for many, nothing ever materialized.

In comparison to 2008 real estate market, nationwide market has improved.  Although not fast enough for many distressed and delinquent homeowners.  Today, banks once again are rushing ahead with foreclosures and are speeding up the foreclosure process.

Many homeowners may have held up foreclosure sales at various times for various reasons.  However, didn’t stop the behind the scenes foreclosure process.  Now, lien holders are swooping in to scoop up homes and resell them.

 

ALTERNATIVE TO FORECLOSURE JUDGEMENT

  • Short Sale  ~ If you want to avoid foreclosure, consider finding a buyer who is willing to short sale your home.  Asking your bank to consider a reasonable short sale will save them time, effort, and trouble of finding a qualified buyer.  Explain to your lender that it may be difficult for them to find a buyer at auction.  If they want to avoid the risk of keeping your property on their books, a short sale should look like the more appealing option.  Even if your lender has initiated the foreclosure process, you should continue to seek out buyers who might be interested in purchasing your property.

 

  • BankruptcyFiling for bankruptcy will stop the foreclosure process dead in its tracks. If you file bankruptcy, federal law states that any debt collectors, which includes your mortgage lender, must halt continuing collection activity. This might sound like the best options — and for some homeowners it can be — however, keep in mind that filing bankruptcy won’t let you off the hook forever, it will simply pause the foreclosure process for a reasonable amount of time. You, your bankruptcy trustee, and your mortgage lender will eventually have to work together to create a fair repayment schedule.  Be sure to consult with a bankruptcy attorney before filing to ensure its the best route for you.

 

  • Deed In LieuA deed in lieu of foreclosure is exactly what it sounds like: you, the homeowner, voluntarily signs the deed of your home over to the bank. Sound simple, right? Unfortunately, a deed in lieu still has the same effect on your credit score as a foreclosure and, often times, banks won’t even accept a homeowner’s request for a deed in lieu of foreclosure. Why? Well, banks are reluctant to go down the deed in lieu of foreclosure option for a number of reasons. Firstly,, the bank will have to pay off any second or third mortgages or home equity lines of credit before fully carrying out the a deed in lieu if they choose to execute this option. Second, the lender wants to be sure that your financial stress is true and that you are not faking poverty. Therefore, a deed in lieu is almost always only performed if your home has been on the market and unable to sell for a several months. Unless foreclosure is imminent, it may be difficult to get approved for a deed in lieu.

 

  • Lease Option ~ A lease option scenario looks like this: a buyer becomes your tenant (as you continue to own the property) until the buyer has saved up enough to purchase your home. In some situations, the buyer will make a one-time, lump sum payment upfront, paying you to obtain the option to purchase your home. You can apply this option payment to your mortgage. Then, the buyer will pay you their monthly rent payments which you can also use to make your mortgage current. To successfully use a lease option to stop the foreclosure process, you must negotiate a renal payment that covers most or all of your mortgage payment, property tax and insurance obligations.

 

Is It Too Late In The Foreclosure Process To Save My Home?

Are you still wondering what can you do if you are just days away from foreclosure?  Did you realized that it is far better if you can sell your home? Are you interested to prevent further damage to your credit?

Well, you can approach your loan servicer again, although there is no guarantee that they will slow the foreclosure process.   You can research loan refinance options, though odds are it may be too late in the game for this.  Or you can…

  • Call Us Today at (808) 773-1415 to know your OPTION at no Cost To you!

RC Property Group, LLC is a real estate investment firm that can buy your home for cash and close within your own timeline.

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