The word foreclosure is enough to send most homeowners into a panic. While the situation is scary, it’s important to understand that sometimes it’s not your fault. For better or worse, no one can actually predict life’s curveballs. There are situations that arise, burden you with extra financial stress, and sometimes, result in foreclosure.
If you have found yourself in the middle of a foreclosure, you’re probably wondering how you can stop it.
Remember, you have options.
First of all, you could develop a plan when you talk to your lender. If you are late on your payment for your mortgage, your lender is likely to be aware that you have defaulted. Instead of waiting around for the lender to reach out to you, you should call them right away. Customers who have defaulted are something lenders are used to dealing with, so their advice can be trusted. Going through with a foreclosure is an expensive process that takes time, so lenders often are open to considering other alternatives.
The Home Affordable Foreclosure Alternatives Program (HAFA) is able to provide an opportunity to be relieved of your mortgage debt and give you an exit. Often a deed in lieu, or DIL, is available instead of a foreclosure. HAFA—for the most part— doesn’t affect your credit as heavily as a foreclosure does. This offers you a faster recovery of your finances.
However, there could be a chance where neither option is the right choice for you. In this case, you should consider selling your home. Selling your house to stop a foreclosure is likely the best option to relieve you of your debt, get you into a new house, and provide a fresh start.
How will I benefit if I sell my home?
If you’ve decided to sell your house that’s in pre-foreclosure, there won’t be any evidence of it on your credit history. At the same time, you are able to walk away with money for your equity.
This option leaves your position in a much more positive light. Your financial stress can be lightened and you might even be able to salvage your credit. In the sinister situation of a foreclosure, selling your home might provide a light at the end of your tunnel.
Can I sell my house fast?
HomeGo offers a guaranteed process helps homeowners sell their house fast— for cash. We have a compassionate goal to help homeowners and will work with your particular situation no matter what. Even homes that have damage can sell with HomeGo. Sell your home as-is without spending extra time and money on repairs. There are no closing costs and we can close in as little as seven days. Get out of your foreclosure with HomeGo today!