Facing Foreclosure?

January 23, 2019

Note:  This article is not intended to offer you any legal advice, and you should keep in mind that foreclosure processes vary greatly from state to state.

     If you’re facing foreclosure, you might feel overwhelmed with anxiety about the future, and with all of the mail you’re suddenly getting.   Keep in mind that time is your enemy with a foreclosure.  You can often benefit from being proactive and taking action right away.  A foreclosure on your credit report has the potential to be much more damaging that a few late mortgage payments, so don’t wait for that to happen.  The time to think about resolving this is right now !

     Beyond asking for your mortgage holder to work with you, or restructuring your debt with a refinance, here are just a few of the many choices you have to get out of a foreclosure.  

1.) List Your Property with a Broker or Real Estate Agent

     If you have several months before the foreclosure is finalized, and your home is in great condition, you may benefit from listing your home with a Real Estate Agent.  A good Agent will market your home to the largest number of possible buyers, and if your home is in good condition, you should be able to get market value when you sell your home. 

     If the market value of your home is worth significantly more than you owe on your mortgage or mortgages, AND a foreclosure is many months away, then we recommend getting in touch with a top notch Real Estate Agent in your area ASAP.  If this is you, send us an email, we may know a good agent in your area who can help.

     But what if you don’t have that much time?  Or what if your house needs a lot of work?  Or What if you owe more than the home is worth?  Read on, because this is where we may be able to help.

2.)  Transfer Title to the Property

     This is a next best option to listing with an agent.  In this case, we would pay all the delinquent mortgage payments and take title to the property in a subject to transaction.  

There are many advantages for your in this scenario:

• We make all the late and missed payments and have a vested interest in the property.

• The looming foreclosure problem disappears

• Your Credit is Spared a Foreclosure on Your Record

• We continue to make the payments in your name and you get the positive results to help you rebuild credit

• You may even walk away with some cash to start out fresh

3.) Sell Your Property Outright for Cash

     Sometimes its time to walk away from a bad situation.  In this case you will get cash for the equity you have in the property, as is where is.  You won’t have to pay to make repairs, handle contractors, get bids, etc.  We’ll buy the property as it is. 

     Another benefit of working with us is that you don’t have to pay any closing fees on the sale.  No Realtor fees, no title fees, no notary fees, etc.  But in order to do this you have to act fast so we can close the sale before the foreclosure, saving your credit in the process so the road ahead won’t be so difficult.

     If you’re ready to start the process to sell your property to First American Property Buyers, and to find out if we are a good match, fill out this form before any more time passes !