Many people are going through foreclosure right at this very moment. It is very important for buyers, and mortgage holders to understand the process.
So what is a pre-foreclosure?
A number of people around Los Angeles are having trouble making their monthly mortgage payments. When a homeowner missed the mortgage payments for 3-6 months, the lending people will send out a warning. They will notify the owner to either pay or if not, they could lose their home. This is what we call a pre-foreclosure.
Lenders or financial institution gives 3 months for you to settle your balance or become current. The time frame may vary from one bank to another. If the property owner still has not made the necessary payments, then the house will be foreclosed. The bank will assume ownership and they will evict the homeowner. The good news is, the mortgage holder still has an opportunity to take a several options just to avoid losing their homes.
Pre-foreclosure Options for Borrowers
You are likely to receive a letter called “notice of default” from your lenders. It will state that you haven’t made your mortgage payment for the last 90 to 180 days. It may sound alarming but it is very crucial that you don’t panic.
You have another option that can either delay or prevent losing your home.
If your mortgage is above water or you have equity in your house, you may be able to refinance your mortgage!This may let you receive lower monthly payments. Check with your local mortgage broker… or contact a local cash buyer company like us and we can connect you with a reputable one.
You may also be able to sell your house fast to a 5 star rated real estate investor in Los Angeles like us. You can use the cash acquired to pay the mortgage that you were not able to pay the past months. We may also work something out. We can check if have the lender relieves all or just part of your back payments. We can buy your Los Angeles California home pretty quickly. We can close in a week or two, we pay in cash and we will take the stress out of your shoulder in trying to find the right buyer.
You can contact your bank and ask if they can permit a short sale. What is a short sale? You will be able to sell your home fast for less than what its worth and the bank will take the loss as a tax write-off. Some short sales require you to pay the difference to the bank if you don’t sell for what is owed on the loan.
You can declare bankruptcy. It can buy you time to pay off your debt. however, bankruptcy will remain on your credit report for years and it can also cause a huge damage to it.
Lenders are aware of financial troubles across the country. If you’re thinking that they want to get the property from you. You are completely wrong. They’d rather you stay and keep it so that they can still collect the money you owe on the property.
a foreclosure can greatly impact your credit score. It can deduct about 200-400 points which is a big deal. It will prevent you from getting a loan of any sorts for about 5-7 years. So you need to act fast and smart once you received a notice of foreclosure from your lender.
If you are not able to find a solution even after working closely with your lender then… you can reach out to us. We would love to help!
WAYS WE CAN HELP IF YOU’RE IN FORECLOSURE
We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
We can buy your area house – We buy houses in and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.
Want To Discuss Your Pre-Foreclosure Options? Call Us at 877-722-1622
Or, Submit Your Info Here To Get A Cash Offer On Your House >>