There are a number of dreams centering on each of our homes. We have memories there, we have the feelings of sharing, we feel jus the warmth and our home is something that is the most cheering of all possible recluses on earth. However, like any thing else of our concern, we are also vulnerable to serious threats of losing our home and we are often forced to succumb to these threats due to the utter lack in resources. Unbelievable but true, almost two million homes in the United States have been taken under property foreclosure last year due to the homeowners being unable to pay their mortgage installments on time!
Certain things in life you do not have any control over but certain things do. You might have missed the mortgage repayment installment this time, but you may very well save your home from the serious threats of facing foreclosure. You just need to know how you can do that. Short sale is the obvious way out here, whereby you can sell your home for less than what you owe to the lender company. However, the lender has to approve the short sale and be willing to take less than what you owe. Often times since your home is under real estate foreclosure, you cannot avail the rather traditional means of selling your house through a real estate agent because time is of the essence and the process of selling through a real estate agent is usually very time consuming. However, as soon as you find yourself struggling to make the mortgage payment that may be a good time to consider selling your home with a real estate agent because the lender has not yet filed a notice of default (lenders usually file a notice of default and start the foreclosure process after 3 missed mortgage payments).
A short sale will negatively effect your credit score but will not look AS BAD as a foreclosure.
Another option is to research local investors and contact them. The local investors are the ones who have “We Buy Houses” ads online and on the side of the road. Yes, we are an investment company and I believe this is the best option for most people when trying to sell their property to avoid foreclosure. However, be sure to do your research and make sure you’re selling to a reputable company. Selling to an investor is the safest and the most reliable thing you can do here because your entire loan balance will be taken care of and your credit will not be further effected due to a short sale or foreclosure. Most times, we as investors are able to put money into the sellers’ pockets even if the home does not have a lot of equity. This also saves you from a lot of embarrassment, labor, time and, of course, a great deal of worry regarding losing your home without having some control over what’s happening.
If you want to learn more about the short sale process or selling to an investor near you, please contact us by calling 888-277-2711 or by clicking here. Remember, the worst thing you can do when struggling to pay your mortgage is to procrastinate and avoid dealing with the issue head on.