Is It Too Late In The Foreclosure Process To Save My Home?
The foreclosure process that homeowners are finding themselves in today is stressful and frightening. Many may find that they have even fewer options now than they did a few months ago.
While there are always new foreclosures being filed across the country, some homeowners have been procrastinating. Some thought help would fall out of the sky or that the foreclosure would magically disappear, lenders would be more eager to work with them, the government would do more, or their home values would have risen faster. Unfortunately, for many, nothing ever materialized.
Now that the market is improving (though not fast enough for many distressed and delinquent homeowners), banks are rushing ahead with foreclosures and are speeding up the foreclosure process.
Many have held up foreclosure sales or paused them at various times for various reasons, but didn’t stop the behind the scenes foreclosure process. Now banks are swooping in to scoop up homes and resell them.
So what can you do if you are just days away from foreclosure and realize that it is far better if you can sell your home and prevent further damage to your credit?
You can try approaching your bank or loan servicer again, though there is no guarantee that they will slow the foreclosure process.
You can research loan refinance options, though odds are it may be too late in the game for this. You could put your home up for sale with a local real estate agent, but even in this healthier market that could take time and seriously dig into any equity you have left (ie. realtor commissions). And remember, even if a real estate agent brings you a buyer tomorrow, most could still take months to close, especially with how picky mortgage lenders are being today. In the meantime, your situation continues to worsen.
There is one more option. You could find an established real estate investment firm (an example is, “Tsuneyoshi Property Solutions”) that can buy your home for cash and allow you to sell your home fast. Often times, investment companies can find a foreclosure and purchase it in a matter of days. The key to getting the most of out your situation is getting in touch with investment companies early in the process to provide you with the best options. Delays to attacking the situation will inevitably reduce your options. Investment companies do not charge commissions which means that often times they can be as or more so competitive then real estate companies. This means that since investment companies don’t charge commission, they can often times offer more than real estate companies can. Don’t forget to factor in a quick cash buyer transaction offered by investment companies which STOPS the situation quickly as opposed to the timely closing timelines of traditional loan transactions.
BOTTOM LINE…if you or anyone you knows is facing possible foreclosure–>call us FIRST to learn more about the best options available…..the EARLIER, the BETTER….time does not make the situation get any better.
Original source: http://www.cthomesllc.com/2013/07/is-it-too-late-in-the-foreclosure-process-to-save-my-home/