Are You Facing Foreclosure?
For millions of Americans living paycheck to paycheck, there is a constant struggle to balance the budget and keep your bill payments up to date. For some, a single unexpected expense can throw off the balance, making it impossible to make payments for everything life requires.
It can only take a few missed mortgage payments to put the house you’ve worked so hard for in danger of being foreclosed on. If you’re facing this situation, you’re probably wondering what you can do to remedy the situation.
The most important step is to take action immediately. Procrastination will only make the situation more difficult to fix and less likely to have a favorable outcome.
Step 1 – Confirmation of Notice of Foreclosure Proceedings
Before making any decisions about your home, you should first make sure that you were properly notified that your home is facing foreclosure. Without notification, you can petition that the foreclosure be postponed, buying you more time to figure out a solution. It doesn’t stop foreclosure, but it does give you more time to make necessary arrangement to stay in your home.
Step 2 – Look into Foreclosure Prevention Options
Properly researching your options is the next step you should take. There are potentially multiple ways to escape the negatives associated with foreclosure, so it is vital that you do in-depth research into all options to find the best solution for you. Some of the most popular steps include:
- Loan Modification – many banks will allow you to request a loan extension, a re-amortization of your balance, or a decrease in your interest rate. For most homeowners, this is the ideal scenario because it will allow you to keep your property and keep a foreclosure from appearing on your credit report.
- Forbearance – sometimes banks will allow for a forbearance of your mortgage payments, allowing you to temporarily reduce or suspend your loan payments until you are able to fix your financial situation. This is a great solution for many, but be warned that it will generally attach additional payments to your mortgage.
- Bankruptcy – declaring bankruptcy can legally stop the foreclosure process, but it comes with a host of credit issues. It will buy you more time, but can be more harmful to your credit than a foreclosure. To make things worse, you will likely still lose your home and could even owe the balance if your home sale doesn’t cover all the costs.
- Sell Your Home – selling your home is the best solution for your financial situation. It will allow you to escape a mortgage that you cannot afford and potentially even put a little cash in your pocket to help you get your finances in order. The problem, however, is that selling your home takes time–time you may not have if you are facing foreclosure.
Sell Your Home Fast for Cash With CLT Home Solutions
Rarely are home’s ready as-is for retail sale. They require repairs, upgrades, and more to make them fetch a reasonable asking price in the housing market. Making repairs can add expense and time to the selling process, and when you’re facing foreclosure, time is limited.
The ideal solution for many homeowners that want to sell to escape and upcoming foreclosure date is to sell their home to a cash home investor. While it is true that you will receive less money than you do through a traditional home sale, you do save on listing costs, closing fees, real estate agent commissions, and more. Often, a cash home buyer will offer you between 60 and 70 percent of retail home value, but allow you to walk away in a matter of days with cash in your pocket rather than dealing with a lengthy negotiation, inspection, and repair process associated with traditional home sales.
If you’re facing foreclosure in Charlotte, NC and need to sell your home fast, contact CLT Home Solutions today. We will take a look at your property, make you a fast cash of