A foreclosure is the legal process where your mortgage company obtains ownership of your home (i.e., repossess the property). A foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan. Some of the things that could happen:
Selling your home is an option if you have a financial hardship and can no longer afford it. It does not matter if you have entered pre-foreclosure or are nearing the end of the foreclosure process, you can still choose to sell your home. If your home is worth more than the amount you owe on your mortgage and other debts secured by the home, the difference is known as home equity. A sale with equity lets you convert this portion of your home’s value into cash that’s yours to keep or use for other purposes when you sell your home. What a quick sale can do for you:
There are serious consequences if you let the home go to foreclosure. If this is a scenario you are currently experiencing you must understand you have options. We are very successful at negotiating debt with banks and can often purchase your property directly from you thus saving you from a foreclosure. In many instances it may be in your best interest to sell. If you are struggling to make the mortgage payment each month you may need to find a more affordable situation. Likewise, do not risk losing valuable equity to a pending foreclosure by not taking action. We can purchase your home directly from you and there are no hefty realtor commissions you will have to pay. We can close on the timeline that is best for your unique situation. Call us today and we can make you an offer in less than 24 hours!