When facing foreclosure, time is of the essence. Unfortunately, many people I talk to wait until the eleventh hour, which is sometimes too late. I understand these words can hit deeply when an impending foreclosure is on your horizon.
Right now you have more options than you will down the road if you choose to wait or ignore the situation. Right now you have the ability to make wise financial decisions and possibly net a profit for yourself at closing. Waiting will inevitably hand over all decision-making and profit to the bank.
Please, before it’s too late, take the lead and take immediate action to head off foreclosure with your lender. When your home is at risk, the unknown outcome can cause a great deal of stress on you and your family. When facing foreclosure, knowledge truly is power, especially when it concerns a financial matter as serious as a foreclosure in Roseburg.
By educating yourself on the specifics of the processes involved in foreclosures, you’ll have a clear blueprint for a better understanding and the information you need to make an informed decision.
I have compiled the following tips to help you understand the ways you can fight back against foreclosure in Roseburg.
Make the First Move
The best and most important way to fight back against foreclosure in Roseburg is to be upfront with your lender about your financial problems or other issues which will interfere with your ability to maintain your monthly mortgage payments. Lenders will typically be willing to work with you if you communicate with them.
I have seen lenders offer assistance to distressed homeowners in order to maintain their mortgage through special financial arrangements like forbearance, repayment plans, mortgage modification. I have even seen lenders offer to bring the mortgage current by adding the delinquent balance to the end of the loan.
Of course, selling your home is a consideration. If selling is the best option for you, we should talk about options. We pay cash for properties we buy, but we can also talk about the possibility of listing the property on the market. It all depends on your needs and what works best for you.
Sometimes cash and a fast sale are what the client is looking for, but if you believe you could afford the holding costs to wait for a buyer, listing might be the best route. Either way, after we talk, you’ll have a good idea of what you would earn if you worked with a real estate agent or sold directly.
It’s Not Too Late
If you’ve received notices from your lender and hesitated in making any moves to fight back against foreclosure in Roseburg, but foreclosure proceedings have not started yet, reach out to the mortgage lender about what they can do to help. You might also ask about the possibility of a short sale or deed in lieu of foreclosure.
A short sale requires the lender’s permission, allowing the property to sell for less than is owing on the existing mortgage. However, it’s important to note you may still be left owing the difference to the lender. This is called the deficiency balance, and we have had great success getting the mortgage company to waive the deficiency amount.
Compare these options for yourself and decide which way works the best for you. Should you select to sell to us, in many cases, we can offer a guaranteed closing within a matter of days.
Need a few more days or weeks before you move? We can set a date that suits your needs the best. And Sky Real Estate Investments is fully transparent with how we calculated our offer, so you’ll agree it is fair.
Out of Time
When you wait, there will be a time that options are gone and it’s too late to really do anything. A foreclosure will remain on your credit history for seven years following the first missed payment. If you file for bankruptcy, depending on what type you file, it could stay on your credit history for up to ten years.
It sometimes comes down to a decision between which is worse for your credit, bankruptcy, or foreclosure. In that case, your unique situations causing the foreclosure are the deciding factor that will do the least amount of damage to your future.
Both options can make attaining another mortgage difficult, depending on your credit history following the event. Possible consequences could include limited living options, your ability to acquire credit, and possibly missed employment opportunities.
Sky Real Estate Investments may be the best answer to your troubles. We could potentially help you maintain your credit standing with our fast closings to fight back against foreclosure in Roseburg. And, because we pay cash, you won’t have to worry about financing approvals, appraisals, and other traditional hiccups and delays.
Our difference is we actually stop and take the time to listen to your circumstances. We at Sky Real Estate Investments have years of experience helping homeowners facing foreclosure jump over any hurdle.
Our commitment is to help you win the fight against foreclosure in Roseburg. To learn more, send us a message or call Sky Real Estate Investments at 541-643-1131.