What Are My Options When Facing Foreclosure in Fairfield?
kyliedigitalspark • August 4, 2020
When you acquire a mortgage, there is always a risk of foreclosure sitting in the back of your head. Life can get rough and monthly payments may start to pile up. When the hard times have rolled in full swing, you may not be able to make ends meet and you may find yourself getting behind on your house payments.
So what can you do when you are facing foreclosure on your home?
Well, it may not be easy, but here are a few suggestions to help you get headed in the right direction. The sooner you take action on your home, the sooner you can get in control of your life and avoid foreclosure.
Lender Communication
If you find that you are unable to scramble together enough funds to make your monthly house payment, then you should seek help as soon as possible. The longer you wait to make a payment, the more interest you will accrue, and you will be charged late fees. If this becomes a pattern after just three missed payments you will get a foreclosure notice, then in 30 days, there will be an auction date set to sell your home.
One of your options to stop foreclosure before it happens would be to reach out to your lender. Talk with them and see if there is a way to renegotiate the contract and get a payment extension date.
The Nest walks you through the steps to start the mortgage extension process. But you need to be aware that extending your monthly payment may reduce the payment and allow you more time to find the funds, but it will extend the term of the loan. Meaning that in the long run, it will cost you more money due to additional interest payments. But the benefit is that it helps extend your payment so that you have more time to get back onto your feet, and to stop the foreclosure of your home in Fairfield.
Short Sale
A short sale is another option that can get you in better graces with the mortgage company. Although a short sale isn’t the full amount for the loan, it is most likely more money than what the mortgage company was going to make in the foreclosure auction.
A short sale is a cheap option, but it can take some time to find the proper buyer, especially if your house is “ugly”. This may make it difficult to stop your foreclosure. A short sale can be tough to get because of all of the mortgage laws and hoops that you have to jump through.
If you only have 30 days to sell your home, a short sale can help, but could also get you in a bind if the mortgage company doesn’t like the offer. It is a step closer to getting rid of your home, but could potentially lead to a tougher situation and the house may not even sell.
Sell to Us
If you are finding it difficult to fund your home, then maybe you don’t want to find a way to keep it and you need to find something more affordable. Sell your home and get into something that better fits your lifestyle.
Did you know that you can sell your home and have cash in your pocket in just seven days? This allows you to stop foreclosure in its tracks.
Let Burnett Home Buyers help you ease your financial burden, and take your home off of your hands in a short amount of time. There is no need to ding your credit, lose your home, and deal with the stress of being left with nothing.
Call us today at (513) 438-8169 for any questions. We are experienced and help free people from their homes while making everyone feel comfortable with these difficult decisions.
Give Us A Call Today
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