Avoiding Foreclosure On Your House
“List My House For Sale”
- Have 4-6 months? A listing may put more in your pocket
- Save your credit from the wreckage of a foreclosure
- See if your situation qualifies
“Get A Fair Cash Offer Today”
- Let us know about your situation and your house
- We’ll evaluate it quickly (usually within 48 hours)
- You’ll receive a fair win-win all cash offer
What is Foreclosure?
Foreclosure is a legal process by which a lender reclaims or takes possession of a property when the borrower (homeowner) fails to make mortgage payments as agreed upon in the loan agreement. In simpler terms, it’s the action taken by a lender to seize and sell a property due to non-payment by the borrower.
Here’s a basic overview of how the foreclosure process typically works:
- Missed Payments:
- The homeowner falls behind on mortgage payments. Typically, lenders consider a mortgage in default after several missed payments.
- Notice of Default (NOD):
- The lender issues a Notice of Default to the homeowner, informing them that they are in violation of the terms of the mortgage agreement. This notice usually includes a grace period during which the homeowner can catch up on payments to avoid further action.
- Pre-Foreclosure Period:
- During this time, the homeowner may have the opportunity to work with the lender to find a solution, such as loan modification, refinancing, or other alternatives to prevent foreclosure.
- Foreclosure Auction:
- If the homeowner is unable to resolve the default, the lender may initiate foreclosure proceedings. This often involves scheduling a public auction where the property is sold to the highest bidder. The auction is typically conducted by a trustee or sheriff.
- Post-Foreclosure Period:
- If the property is not sold at the auction, it may become bank-owned (real estate-owned or REO). The lender then takes possession of the property and may attempt to sell it through traditional real estate channels.
Want To Learn How To Stop Foreclosure Now?
So, are you in foreclosure and want to learn how to stop foreclosure now? We’ve created free online guides to help homeowners just like you find out your options on getting out of the sticky situation you’re in right now.
You aren’t the first person to go through a foreclosure… and won’t be the last. So don’t feel ashamed. It happens.
The best thing you can do right now is to educate yourself on your options. For some people selling your home is the best option (we’ll make a fair all-cash offer on your house today, just let us know about your situation here <<), sometimes we’re able to help homeowners STOP FORECLOSURE completely, and sometimes there are other options. So, click one of the buttons above to get your free foreclosure guide.
