Until it happens to you, foreclosure can seem like something that only affects other people. However, challenging economic times often put even the most well-intended homeowners in danger of foreclosure. It’s difficult enough to face the possibility of giving up your home and moving without having to consider the more long-term consequences of foreclosure.
If you’re beginning to feel trapped by the onset of a potential foreclosure, it might be time to consider selling your house to a cash home buyer like Bill Buys Houses. Depending on your scenario, it could be your best option.
Our team of professionals will be compassionate and caring towards your situation by providing a safe and honest space where we lay out the process of selling your pre-foreclosed house for cash.
First Steps When Facing Foreclosure
If you’re facing foreclosure or you know you’re headed there, the best thing to do is to be proactive. First, make sure your lender has notified you of the foreclosure in a legal and timely manner. If this is the case, you may be able to petition a delay of the foreclosure process, postponing it while you evaluate your next steps.
It is paramount that you maintain strong communication with your lender during this process. Remember that lenders ideally prefer to work things out with you if possible. They may even be able to offer a forbearance or some type of loan modification agreement.
A forbearance allows you to suspend payments for an agreed upon period of time so that you can have time to work through a difficult financial situation. Forbearances often include additional payments that can end up adding to your financial burden in the long run, so be sure to evaluate the long-term risks of this option before choosing it.
It may be possible for your bank to modify the terms of your loan with a loan extension or interest payment decrease. This is one of the most common solutions when avoiding a foreclosure and it allows homeowners to maintain ownership of their property. Unfortunately, for homeowners who are struggling with long-term financial concerns, this may not be their best option.
Ways to Avoid Foreclosure
If the above options aren’t the best choice for you, you still want to do everything you can to avoid the long-term consequences of a foreclosure, which include:
- Credit damage: Even if your financial situation is tricky now, it can change in the future. You don’t want to have to deal with the consequences of this difficult time long after your situation has improved. Getting a foreclosure can affect your credit for years to come, making it extremely difficult to purchase another home or get approved for lines of credit.
- Housing challenges: When your home is foreclosed upon, you’ll lose your housing and may face challenges finding a new place to live due to credit damage. Additionally, you’ll lose any equity you had in your home.
- Financial costs: In addition to any costs you may face from going through the foreclosure process, the expenses of moving and large down payments on new housing can quickly add up.
What About Bankruptcy?
Many homeowners consider bankruptcy as an alternative solution. While bankruptcy may stop the foreclosure process, it is a temporary solution with serious lasting consequences. Even if you manage to hang onto your home for a little while longer, the fallout can affect your credit for years to come.
Sell Your House Fast to a Cash Home Buyer
If you want to avoid foreclosure and sell your home, you may be worried there isn’t enough time to look for a buyer and conduct a sale. With a cash home buyer that buys houses as is, you can sell your house fast so that you can avoid foreclosure entirely and move on with your life.
Plus, when you work with Bill Buys Houses, you don’t have to worry about the lasting impact of foreclosure on your credit!
Unlike listing your house on the real estate market, when you sell your house to a cash home buyer, you don’t have to worry about making repairs or cosmetic improvements. Our team of professionals at Bill Buys Houses is ready to buy your home on the spot, which means you also won’t have to wait for a buyer to get approved for a loan.
Sell Your House Pre-Foreclosure to Bill Buys Houses
If you’re facing foreclosure and worried about your next steps, give us a call. We can have your sale closed within about a week in most cases so you can move on and start rebuilding your credit. Contact us or call to connect with a cash home buyer at 651-270-9191.