Are you behind on your payments and wondering if you can sell your house to avoid foreclosure? In this video, I’m going to walk you through the three steps you need to take to avoid foreclosure. I’ll also explain four questions you’ll need to answer so you can act fast and make the best of your situation.
Assessing Your Situation
If you’re behind on payments and want to avoid foreclosure by selling your house, the short answer s that yes, you can. Regardless if you want to keep the house or sell it, though, you need to move fast. In a situation like this, time is not on your side.
You must avoid foreclosure at any cost, as it will be on your credit report for seven years. On top of that, it will make everything you try to buy in the future more expensive. Your interest rates will also be higher. To get out of this situation, we first need to get the answers to four questions.
The first question to answer is how long you have before the foreclosure sale date occurs. Second, how much do you owe to bring your mortgage current, including any fees on top of the payments? Third, if you’re wanting to stay in your house, are you able to keep up on future payments? Finally, do you have any equity? This means that there is a spread between how much you owe and what your house is worth.
3 Steps To Avoid Foreclosure
Once you have the answer to these questions, there are three steps you need to take to avoid foreclosure. The first thing you’ll need to do is call your mortgage company. You need to see if there’s anything they can do to help you with your payments. They may give you a forbearance or a loan modification—and possibly both. A forbearance allows you to skip a certain number of payments, but you will owe those payments back. A loan modification reorganizes your debt and may lower your payments permanently.
The second thing you need to do is call a real estate agent. Calling a real estate agent does not mean that you have to sell your home; rather, you’re just collecting information. They’re going to give you an idea of what your house is worth in today’s market and what you could sell it for.
The third thing you’ll need is an offer immediately—and that’s where an investor comes in. The truth is that if you’re already way behind on payments and foreclosure is coming, you may need to act fast and sell your house quickly. It’s in your interest to call an investor because we can give you a cash offer that you can act fast on right now.
Many times when you’re going through the foreclosure process, an offer is what you need to stop the foreclosure and give you time to either proceed with that offer or do a short sale. The reason people like working with real estate investors is because we buy the house as-is. We know how to work with mortgage companies when payments are behind, and we are really flexible so we can work with your timetable.
Do You Need To Sell Your House Fast?
I hope this video gives you a little insight into what you need to do if you’re behind on payments. Selling a house traditionally and selling a house that’s behind on payments are two completely different things. We try to provide a solution for avoiding foreclosure and you can still sell your property—but time is not on your side.
It’s really important that you find out all of your options immediately. If you do have any further questions about your options, I’d be more than happy to sit down with you and walk you through everything. Feel free to reach out to me and I look forward to connecting with you!