FORECLOSURES
Selling a House During Foreclosure
There are many stressful situations that lead homeowners to lose their house. One of the most common reasons is due to foreclosure. Foreclosure is the action of taking back a property due to the non-payment of a debt or loan. A mortgage is a loan that you take out from a lender to buy a house, piece of property, or land. It is considered a legal document in which you are responsible of paying it back.
Options for Homeowners with a Mortgage
If the mortgage is not paid, homeowners are given options to help them before the foreclosure process starts, known as pre-foreclosure. Normally, the first step for homeowners is to contact the U.S. Department of Housing and Urban Development. By requesting to speak with a Housing Counselor, they are then able to learn about the options for homeowners with a mortgage, such as:
​
-
Refinancing – Replacing the current mortgage with a new one.
-
Forbearance – Agreement with a lender to bring past-due payments current.
-
Loan Modification – Agreement with the lender to reduce monthly payments by changing original loan terms.
-
Repayment plan – Spread past due amounts onto current monthly payments, over-time, until the mortgage is current.
If none of these options work, an alternative solution is having a Short Sale.
Options for Homeowners with a Mortgage
There are three last options for foreclosure help, which include lease-options, renting, or selling your house. Renting your house allows you the opportunity to collect monthly rent from tenants that can be used towards paying down the mortgage. This responsibility is called becoming a landlord. Selling or setting your house on a lease-option is essentially what we do best. We help distressed homeowners in the pre-foreclosure process.
Our partners DO NOT buy all homes in foreclosure as we must learn more about the homeowner's situation, how much equity exists in the property, if any, and where in the foreclosure timeline is the homeowner in. When you submit a request form, we will contact you to ask specific questions about your stressful situation. If and when you meet our partner's buying criteria, we will set up a home visit. Within 24 hours, we will then present you with a reasonable offer. That simple! Not sure if you are ready? Read our How We Buy page to learn more about how it works.
