Real EstateFebruary 21, 2023by shelby0Understanding Your Options When Facing Foreclosure

Foreclosure can be a very scary thing and you might think you have no options. However, understanding the process can ease your worries and help you know what to do next. There are many paths available when facing foreclosure. 

Defining Foreclosure 

Foreclosure is the process of your home being repossessed after you have failed to make many mortgage payments. This process does not mean you will immediately be foreclosed on. You will first be given several warnings that you have missed payments and need to make them up. You will then be sent notices that you will be foreclosed on and then you will be noticed that the home is being sold. It is a longer process than people might expect, but this doesn’t remove the stress it brings. 

Steps You Can Take 

To start off, you should talk with your lender. Talk to them about what options you have and what they are willing to do for you. For example, if you’ve only missed a few payments you could talk about having those payments forgiven. You could even ask for a period where you go without paying so you can get back on your feet. You will make up these payments later. It’s also possible to renegotiate your loan to give you a longer loan period and shorter monthly payments. If these other options don’t work, you may need to sell. 

Selling Your Home 

Selling your home when it’s being foreclosed on allows you to make up the money you owe and get out of having to pay a mortgage. These sales need to be done quickly because you only have so much time between being notified of a foreclosure and actually being foreclosed on. A cash sale is your best option. Cash sales are typically completed in 30 days or less and can even be done in just two weeks. If you need to sell soon, contact a local home buying company to get the process started. 

Selling to a home buying company can make the selling process easier and faster. You simply need to contact them via their website in order to get started. You can sell your home and avoid a foreclosure.

Living Way Properties regularly buys homes facing foreclosures. Click here to see how they can help you sell and to get a no-obligation cash offer in just 24 hours.