What Are Your Options if You Are Facing a Foreclosure?
When money is tight, it can be hard to keep up with those mortgage payments on your home. If you’ve received a foreclosure notice, you still have options. It is imperative to act fast after receiving notice if you are not prepared to lose your home. Here are four options if you are facing foreclosure.
MORTGAGE RELEASE
A Mortgage Release is when you voluntarily release the title of your home back to the owner of the property. Doing this will immediately stop the foreclosure and may even give you time to lease your home. You will also receive extra time to relocate and perhaps even funds to help with the moving process.
It’s possible that the debt will remain on your credit for up to seven years, and have thousands of dollars in tax implications. It is also possible for the lender to sue you for a deficiency judgment if they believe that they have legal grounds. This process cannot take place after the foreclosure process has already begun, most of the time.
WALK AWAY
Allowing a bank to foreclose your house is undoubtedly the most comfortable option; however, it comes with grave consequences. If you take no action after receiving the notice of foreclosure, the government will seize your home from you.
You will have little or no time to relocate. Also, you will most likely have to pay taxes and fees on the property. Foreclosure can also severely damage your credit, making it very hard to take out loans in the future. This option is generally not seen as a smart route to take, and there are ways to avoid it.
LOAN MODIFICATIONS
Talking to the owner of the mortgage means you may be able to modify the loan agreements to make the loan payable again. Loan reinstatement is when the lender agrees to reinstate the loan, but most of the time, the entire loan and all fees must be paid for this to take place.
Refinancing the loan can result in better terms, and perhaps lower payments in the future. A forbearance is when you apply to delay or lower payments for a short period. For both of these, you have to go to a loan services, and it’s possible that you may not even apply. These options also take time to apply and get approved for, if your lender is even willing to cooperate.
SELL YOUR HOME FOR CASH
The safest option financially is to sell your home for cash. This option is still available to you, even if your house is under foreclosure. The investor will not charge any additional fees or closing costs to take the house off your hands, no matter what the condition of the home is.
Investors are always looking to purchase homes and flip them or resell them. Using an investment firm will also save you the process of finding an acceptable buyer. Selling your home is also one of the fastest options. Some companies can close a sale on the house in as little as a week.
SELL YOUR HOUSE FOR CASH TODAY
Tacoma Cash Offer investors will pay you based on the true value of your home and will take into consideration your situation. They are local and will keep their word on offers made to you. If you are looking to sell your house fast, no matter what position you are in, call Tacoma Cash today at (253) 300-2897 and save yourself from the threat of foreclosure.