Facing Foreclosure? What You Need to Know

Feb 18, 2023

People typically face foreclosure when they are dealing with a difficult financial situation. It can be intimidating and disorienting if you don’t understand the process. Fortunately, there are plenty of options available.

What is Foreclosure?

Foreclosure occurs after you have missed several mortgage payments. While many people might think a foreclosure is immediate, there is some time before your home is actually foreclosed on. You will be given several notices before anything is official. First, you will be notified that you missed a payment. Then you will be given several more notices as you get closer to being foreclosed on and when your home will be repossessed. Once you’ve been given a notice of foreclosure, you have time and options before your home is foreclosed on.

Potential Options

Your first step should be to negotiate with your lender. You can talk about having some of your missed payments forgiven or you can even ask to go for a period where you don’t pay. Some lenders will allow this if you are in a difficult situation and know you will get back on your feet after a few months. Some lenders will also allow you to renegotiate your loan. You could extend your loan period and reduce your monthly payments. If you know you won’t be able to continue paying your mortgage payments, then you need to get out of owning your home. Selling your home will allow you to make up what you owe and you can be free of the responsibility of paying your mortgage.

Selling Your Home

When you sell your home while facing foreclosure, you have a short window in which to sell. Your lender must approve the sale and you need to sell before a certain date. Most traditional home sales will take too long. If you want to sell fast, you need to find a cash buyer. Most cash sales are completed in under 30 days and may even be as fast as two weeks. You can speed things up by selling your home to a cash buyer.

In many cases, selling your home can be the best way for you to avoid a foreclosure. You can make up the money you owe and you can move on to a better situation. Reaching out to a home buying company is an easy way to sell your home quickly.

Matt Buys Indiana Houses can buy your home quickly. Click here to learn more about the process and get your no-obligation cash offer in just 24 hours.

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