How To Avoid Foreclosure Fast
Foreclosure is a common issue in the US — over 7 million houses have gone into foreclosure since 2007. If you’re going through foreclosure, you’re not alone, but you have to do something about it as soon as possible. There are ways to avoid foreclosure if you act quickly.
What Is Foreclosure And How Does It Work
Foreclosure is the legal process by which a lender takes control of a property because the homeowner can’t afford the full principal and interest payments on his or her mortgage.
Foreclosure starts after four months of not paying the mortgage stipulated. The process can take six months to one year or more, depending on the negotiations between the lender and the homeowner.
How You Can Avoid Foreclosure
Foreclosure can be daunting, but there are ways to get out of it, so it’s just a matter of finding a solution. Here are three actions you can take to avoid foreclosure.
1. Restructuring the loan
If you can’t pay the mortgage established, you can restructure it with your lender. Some lenders are open to it, and this will allow you to repay missed payments over time. Also, you have the opportunity of reducing your interest rate. Restructuring the loan is an excellent option if you’re willing to pay to keep your home, or if you’re now able to make payments again.
2. Sell other assets
If you can’t pay your mortgage right now, but you don’t want to lose your home, you can find the money. By selling other assets like your car, TV, refrigerator, and other property, you can potentially raise what you owe. Though you may not want to sell these items, it may be worth it to keep your home.
3. Sell your house to a homebuyer.
Selling your house to a homebuyer is an excellent solution if you want to avoid foreclosure. You won’t have to worry about the pending mortgage anymore, and can instead use that money to start fresh, with no effect on your credit score.
Also, this way, you can get cash fast to pay off the debt. Home buyers take care of all repairs, and you don’t have to worry about paying any fee or commission because they don’t require it. Selling your house to a homebuyer can provide the fresh start you need.
Avoid Foreclosure With I Will Buy House
If you’re interested in selling your house to a homebuyer to avoid foreclosure, you can count on I Will Buy House. We’re ready to buy your home no matter its condition, and we can give you cash for it in less than a week. If you’re ready to start now, contact our experts to help you.