Pre-Forclosure in Charlotte, NC
Owning a home is a huge financial responsibility, and regrettably, many homeowners find themselves with an inability to keep up with their mortgage payments because of an unfortunate financial event, such as the loss of employment.
Hundreds of thousands of Americans are faced with the possibility of foreclosure every year – including some homeowners in the Charlotte, NC area. However, before their homes are foreclosed on, they will be provided with a pre-foreclosure notice.
What is a Pre-Foreclosure?
Getting a month or two behind on your mortgage payments for your Charlotte-area home is certainly a concern, but it’s not quite grounds for foreclosure. However, if you miss between three and six months of mortgage payments, then your mortgage lender will issue a pre-foreclosure notice, which is a warning that if you don’t begin catching up on your mortgage payments that you will lose your home.
Although it varies, most Charlotte lenders will give homeowners three months to catch up on their mortgage payments. If you’ve been given a pre-foreclosure notice on your Charlotte-area home, then you have a few options to consider to prevent the foreclosure of your property. These include the following:
- Refinancing your mortgage – If you have equity in your home, then refinancing your mortgage can be an option that will help lower your monthly payments.
- Declare bankruptcy – Declaring bankruptcy is a last-ditch move that should only be done if you are in dire financial straights as doing so will damage your credit significantly. However, declaring bankruptcy can help buy you some time to catch up on your mortgage.
- Sell your home to a cash home buyer – If you’re behind on your payments and can’t afford to keep paying your mortgage, give us a call. CLT Home Solutions is Charlotte’s premier cash home buyer. We buy foreclosed homes in Charlotte, and you can have cash in-hand in as little as two weeks!
Consider a Cash Home Buyer
The problem with receiving a pre-foreclosure notice is that many home buyers don’t have equity in their homes and therefore cannot refinance their mortgage. Declaring bankruptcy may not be a wise decision either since you’ll still have to pay your mortgage – and if you still can’t mange to do that then you’ve made things a whole lot worse.
Your only other option may be to sell your home for cash. While this is not always ideal, it’s a much better option than losing your house to foreclosure. Unfortunately, selling a home can be a huge hassle as well. In order to get a decent return for a home, you’ll have to invest a lot of money into it, from real estate agent fees to marketing fees and more. Not to mention, there is no guarantee that you’ll find a buyer within the three month period that you have to pay your back mortgage payments.
This is where CLT Home Solutions comes in. We help to eliminate the stress and time it takes to sell a home by offering cash for your property. Not only do we buy homes no matter what their condition, but we pay in cash within as little as seven days. By selling your home to us, you’ll avoid foreclosure, which can cause substantial credit damage.