Sometimes we find ourselves in a situation where nothing seems to go right, unexpected bills, problems at work, health problems, or family issues. When we find ourselves facing financial shortfalls it oftentimes turns into a snowball effect, where we get behind on one payment and then two and before long, we are over our head in debt. You dread having to answer the phone or look at the mail. You receive that dreaded letter informing you of pre-foreclosure on your home. Fortunately, there are some steps you can take to help prevent the loss of your home or a foreclosure on your credit history.
Steps to take if facing a Foreclosure:
- Alert your lender as soon as possible. Explain your situation and see if the lender is able to work out a deal to help you make up the missed payments.
- A repayment plan is an option where the overdue payments are split up over several months and added to your current payment
- Another option might be reinstatement and forbearance. With this option you will delay payments of your mortgage payments with the intent that you will make a large payment for all the late payments at a later date. This option may only be a good choice for someone expecting to receive a large windfall of money.
- You and your lender may also see if there is a way to make changes to your existing payments to ease the current burden you are facing. It may involve reducing interest rates, extending the length of your loan or adding the missed payments to the balance of your loan. This option makes it easier to make your monthly budget and can help you get back on track and when your economic situation is only for a short period time.
- A more drastic option is to file for bankruptcy; however, bankruptcy will have a huge impact on your credit score and your ability to find another place to live.
- You could sell your house which will allow you to get a fresh start and prevent you from falling into foreclosure or bankruptcy and may allow you to get your other bills paid up and some cash in your pocket.
Should you think that selling is the best option for you, should you turn to a Tucson realtor for assistance or perhaps work with a cash buyer like Stained Glass Homes. With a realtor you will need to pay for their commission (up to 6% of the sales price), plus closing costs, make any repairs and wait on a buyer to make an offer. Oftentimes it takes at least 3 months to close on your house before you can see any money.
If you are thinking about working with a Cash Buyer like Stained Glass Homes, you will receive a below market offer within 72 hours, however keep in mind, there are NO commissions, there are NO closing costs, and there are NO repair bills. We can close in as fast as 14 days with cash in your pocket.
If you are facing a serious financial situation and need help, don’t wait, contact Stained Glass Homes for a free, no-obligation offer and get a fresh start again. Call us now at 520-200-3334 or click on the button below and complete your information. We look forward to hearing from you today!
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