Avoiding Foreclosure in Cleveland or Ohio?
Looking for a foreclosure prevention solution? Then please read on.
When you purchase a home, you never anticipate losing it in foreclosure.
Unfortunately, unforeseen circumstances happen beyond your control.
Life is unexpected. Things Change
The pandemic (Covid 19) brought many changes, resulting in a loss of income for many homeowners. Eviction bans meant homeowners had to forego rental income for months. People become sick, and some are left with long-term consequences and medical bills.
Interest rates jumped in 2022, which resulted in higher mortgage payments for those with adjustable-rate loans meaning loan modification.
Regardless of the reason for falling behind on your mortgage payments, we understand it. Missed payments happen, even with a repayment plan.
Fortunately, there are ways to avoid foreclosure and walk away from your property with cash on hand.
Instead of letting the bank take possession of your home and destroy your credit rating, consider selling it to us.
We will cover foreclosure and why it’s so important to avoid it.
We’ll also discuss stopping the lender in their tracks – (deed in lieu & lieu of foreclosure).
What Exactly is Foreclosure?
Foreclosure – If you stop making your mortgage payments, even just a single payment, your loan is considered to be in default.
The lender can file a lawsuit against you and legally regain possession of the property through the courts.
The bank then sells your home in an auction and pays off the mortgage. You’ll be responsible for late fees and all legal fees incurred during the foreclosure process.
What Are the Consequences of Foreclosure?
In addition to losing your home and any equity in it, you’ll suffer substantial credit consequences for years.
A foreclosure will appear on your credit report for seven years. If you want to rent in the future, landlords will see this, which could impact your ability to secure housing.
What Should I Do If I Cannot Pay?
The 1st thing to do is take action – do something. Foreclosure prevention is the key.
Take advantage of all the help that is out there, e.g, HUD – Housing and Urban Development, or try housing counseling/housing counselors.
Contact the mortgage company/contact your lender straightaway and explain why you’re unable to pay. They may be willing to make some accommodations temporarily to help you get on your feet, like a loan modification, a new repayment plan, or help with mortgage relief.
Ultimately, it isn’t a long-term solution but can buy you time if you’re just experiencing a minor setback.
If you’re considering selling the home, let the lender know this. They could agree to postpone proceedings until you can sell the home or allow a short sale.
If the court has started the legal process of foreclosure, you must respond to any court documents you receive.
Failure to respond can result in a default judgment that can speed up foreclosure.
How To Walk Away From Your House With Cash
When the bank forecloses, they sell the property.
After all the associated fees, the sale price may just cover the debt, or there could be a judgment against you for the difference between the sale price and the total owed.
A deficiency judgment (this link is Ohio focused) has significant credit consequences but can also give creditors the right to take your assets if they enforce it.
By selling your home quickly, you can use cash to pay off the mortgage and pocket the remainder of the funds!
You could go through the process of selling your home yourself in the open market, but that takes months.
Selling Traditionally Takes A Long Time – Time Is What You Do Not Have!
Selling your house the traditional way involves a lot of time and effort – You’ll need to take photos, stage the home, find a real estate agent, etc.
When the home is on the market, you’ll continue to go deeper and deeper in debt as the mortgage fees mount and late fees accrue.
Potential buyers will see it’s a foreclosure and know they’re dealing with a desperate seller. You could get tons of lowball offers because they think you need out quick – and the reality is, you do.
However, you do not need to accept less than the fair value.
After real estate agent commission fees and past-due mortgage payments, and late fees, you could still end up owing the bank.
Let’s not even get into the repairs. If a buyer needs a loan, you may have to make costly repairs just to get the home suitable for financing.
Benefits of Selling Your Home Before Foreclosure Begins
Sell Your Ohio House Fast To Us!
The moment you pay off the mortgage, you can put the foreclosure behind you.
You’ll avoid destroying your credit and can put some money down on a new home if you choose.
We close quickly, which means more money for you – see How It Works – HERE
When dealing with a mortgage lender, time is of the essence. We can step in and buy your home whether you’re in the pre-foreclosure stage or if your lender has already filed.
However, the sooner you contact us to buy your home, the better for you.
We take days to close, not months.
There’s no need to pay real estate agent commission fees, no repairs to be made, no showings. We can buy your home in As-Is condition.
How Do You Sell Your Home for Cash?
Our process is so quick and simple. Sell Your House Fast has purchased over 100 homes in Northeast Ohio.
We aren’t just a home buying company; we’re your local experts and neighbors. We know the community and the value.
We can get you a fair offer and help you avoid financial issues. You can call us directly or visit our site to enter your address for a fast, free, no-obligation offer.
Selling Your Home Has Never Been So Easy!
After you enter your information, our specialists will contact you to confirm the details.
Next, they’ll schedule a consultation at your convenience.
Remember, there is no pressure to get the home in order or make repairs beforehand – we buy homes as-is.
We’ll make an offer after checking out the home.
We’ll schedule an easy, smooth cash closing if you accept the offer. A cash closing eliminates the need for financing, which means no potential snags.
Once we close on the home, you’ll get your cash and can pay off the mortgage. You can satisfy your loan debt; whatever is left over is your money to keep.
Whether you’re struggling to make ends meet, haven’t defaulted on the loan yet, or are currently facing an impending foreclosure, we can help.
Please contact us today so we can give you the power to stop foreclosure.
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Further Reading & References:
Department of Housing – https://www.hud.gov/
HUD Approved Housing – Directory
Deed in Lieu – LINK – Lieu of foreclosure
What is a housing counselor? – Housing Counseling.
What is a Short Sale? – https://www.rocketmortgage.com/learn/short-sale-vs-foreclosure
Mortgage Info – Mortgage Loan/Mortgage Payment/Loss Mitigation/Foreclosure Sale
More Help & Assistance:
Houses in Probate | Distressed Properties | Housing Scams | Inherited Property | Cash Buyers | Off Market V’s On Market| Foreclosure