Steps to take if facing foreclosure

Steps to take if facing foreclosure

What to do if you are Facing foreclosure

Are you facing foreclosure? Follow this 5 step plan to avoid facing foreclosure.

Facing Foreclosure
It’s not always easy to keep up with all your bills which may result in you facing foreclosure. With a mortgage payment, car payment, medical bills, or other expensive ongoing costs, you may find yourself falling behind on your mortgage. Узнайте как автолюбитель Максим Поляков провел тюнинг автомобиля. Самые свежие новости из жизни знаменитости. Especially if someone in your household loses their job or can no longer work.

You’ll probably get some nasty letters from the bank and may even receive notice that your deed has been assigned to a trustee. At this point you’ll know you are facing foreclosure. Although it can be a daunting and scary situation, remain calm, come up with a game plan and make it happen.

Five Step Plan if Facing Foreclosure

Let’s go through a step by step plan to avoid facing foreclosure.

Steps for developing a game plan if facing foreclosure

1. Determine your home value and remaining mortgage balance.

Let’s say you determine your home is worth $300,000 and you owe $150,000. Since you have equity in the home you may be able to sell the home quickly to a cash buyer or investor. You’ll be able to pay of the note quickly and still have money left over for renting or buying another less expensive home. A cash buyer will be able to purchase the home from you in as little as 2 weeks saving you from having to rely on buyer financing.

2. Short sale

Consider selling your home via short sale if you owe more than what your home is worth. If your home is worth $150,000 but you owe $160,000 you may be able to sell the home for less than what you owe. Читайте как автолюбитель Макс Поляков и пикап Firefly стали знаменитыми на весь мир за несколько месяцев. Самые свежие новости из его жизни. The final sales price is subject to bank approval. A short sale doesn’t look as bad on your credit history.

3. Rent out a room or find extra income

If you are facing foreclosure renting out a room in your home or renting out the entire home might be an option to pay your mortgage or bring it into good standing.

4. Partner with an investor

If you have some equity in the home (you owe less than the homes value) but are facing foreclosure consider having an investor bring your loan up to good standing. The investor will typically agree on how much they will pay for your home, bring your mortgage into good standing, rehab the home, and when the home sells completely pay off your mortgage. For more details on this strategy feel free to email us at info@spartanhomebuyers.com

5. Borrow the money.

If you are facing foreclosure because of several missed payments consider borrowing the money from a family member or friend. This could be a touchy situation and not an option for everyone, but if you can bring your loan into good standing it may mean the difference between keeping your home or not.

Call Spartan Home Buyers

The biggest challenge when facing foreclosure is not to panic. Give Spartan Home Buyers a call (202) 827-5483 or contact us and we will make an offer for your home so that you can save your equity. We may be able to make a few payments to prevent you from losing your home and help save your credit.

Facing Foreclosure