4 Ways To Avoid Foreclosure

Foreclosure is a serious and overwhelming process, and if you’re facing it, you must act fast. The more time passes, the more damage can be done to your home’s value. The following are some of the most effective ways to avoid foreclosure.  

Spoiler alert: “sell my house” might be your best option if you want to salvage your credit. 

Stay current on your mortgage payment.

It’s kind of obvious to say, but the primary reason why foreclosures occur is that people miss their monthly mortgage payments. Therefore, try your best not to miss a single month’s mortgage payment. Do whatever it takes to keep up with your monthly payments: get a second job, sell some stuff for money, ask friends/family for money, cut back on spending, etc.

If you are already in foreclosure or fear that you will be soon, then do everything within your power to catch up with all missed payments by paying what you can. Once received, pay any late fees and interest.

Talk To Your Bank, But Know The Limits Of Their Power 

Banks are required by law to try every reasonable effort before foreclosing on a property. They must comply with strict foreclosure laws, including statutes regarding notice and waiting periods. 

If you’ve received a letter from your lender which states they intend to take legal action against you, there is little you can do regarding settlement negotiations or alternative payment plans. This, however, does not mean all hope is lost. Your goal should be to negotiate a fair agreement (or loan modification) with your lender or consider the following options. 

Deeds In Lieu Of Foreclosure

This option allows homeowners to hand over ownership rights of their homes to the lender instead of completing a foreclosure process against them. In other words, the lender accepts possession and title of your property without ever going through with a foreclosure sale.

Sell Your Home To Kansas City Home Offers

We are proud to be the best option for selling houses before foreclosure. Our team has years of experience working with homeowners relieving their stress. We buy houses in foreclosure in Grandview and Kansas City, MO, fast and for cash. We close the deal as quickly as 7 days.   

If you need help with any aspect of your house sale, don’t hesitate to reach out. We ensure a smooth process toward a new stage of your life. Contact us today to get your cash offer. 

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