Are you going through foreclosure but don’t know how it works or what it exactly is? Don’t worry. This article will help you understand the process better and show you possible ways to avoid it. Continue reading to find out more!
Before you start reading, keep an open mind regarding the options we have listed for you. The process of “sell my house” is one we strongly recommend.
What is Foreclosure?
Foreclosure is the process in which your mortgage lender obtains the ownership of your home due to the lack of payments and/or violated mortgage terms. It can happen by a judge’s order or not. Foreclosure has consequences such as:
- Eviction from home.
- It will damage a person’s credit score, negatively impacting getting new housing, credit, and more for several years.
- The person might be left with a deficiency balance to pay after the sale of the foreclosed home.
Can It Be Avoided?
After you receive your legal notice, there are a few things you could do to avoid foreclosure and salvage your credit. Here are some:
- Request forbearance or extend it: You can skip paying monthly payments while stabilizing your economic situation. But you will have to pay for everything afterward.
- File for bankruptcy: filing for bankruptcy will prevent you from paying your mortgage debt but crush your credit records.
- Talk to your mortgage lender: explaining the reasons why you’ve been missing payments might convince your lender to give you extra time to get your bills up to date.
- Sell Your Home: selling your home allows you to pay your mortgage debt and maybe have a little extra money to start over while saving your credit.
We know that the idea of “sell my house” is one of the last decisions you would want to make, but it’s probably the best. Home buying can help you buy your home fast and for a cash offer. For example, at Kansas City Home Offers, we buy houses in foreclosure within a week.
Kansas City Home Offers Helps You Avoid Foreclosure
Kansas City Home Offers is the most comprehensive home buying company in Kansas City, MO. We buy houses regardless of their condition and financial situation. With us, you can start your new life this time next week. Forget about how stressful foreclosure sounds, and get your cash offer; all you have to do is contact us today! We’ll get back to you in no time.