Foreclosure is one nightmare no Cincinnati homeowner ever wants to experience. But it’s a totally normal process that many are going through, especially in light of the ongoing pandemic. If you’ve fallen behind on your mortgage payments and are worried about the prospect of foreclosure, here are some tips you need to know if you’re facing foreclosure in Cincinnati.
What is Foreclosure?
Foreclosure is the legal process where a lender takes back a property because the borrower has defaulted on their mortgage payments. Falling behind on your payments does not automatically mean your mortgage has defaulted. In most cases, you need to be 270 days behind on your monthly payments for it to be considered in default in Cincinnati.
There are many risks associated with foreclosure including damage to your credit score, losing your home, and owing money to the lender. Having a foreclosed home on your record also makes it more difficult for you to take out another loan in the future.
What are the Steps in Foreclosure?
The first step in foreclosure is typically a notice of default. This is when the borrower falls behind on their mortgage payments. The next step is a notice of sale, which is when the Cincinnati property is put up for auction. Lastly, the property is sold at a foreclosure auction.
Once a notice of sale has been given, there’s no way to stop the foreclosure process. If you want to avoid foreclosure, you need to do so during the pre-foreclosure phase, or as soon as you’ve been informed that you are behind on payments.
How to Avoid Foreclosure in Cincinnati, OH
First, and the most obvious thing, is to stay current on your mortgage payments.
But that’s not always possible. So, the moment you start noticing you are behind on your payments or foresee a possibility of failing to pay, start working with your lender in Cincinnati.
Once your loan has been in default, your lender will give you two weeks to repay the amount you owe or come up with another solution together.
Short Sale
One way you can avoid foreclosure is by conducting a short sale. A short sale is when a Cincinnati property is sold for less than the outstanding balance on the mortgage. This can happen if the borrower is behind on their payments and the lender agrees to accept less than what’s owed. A short sale, however, can damage your credit score. In some cases, you may also need to pay however much you still owe out of pocket.
Sell to a Professional Home Buyer
If you’re in a hurry to avoid foreclosure proceedings, selling to a cash home buyer in Cincinnati, Ohio like Offer Express might be the perfect solution for you.
Cash home buyers offer to buy your home for cash up front. The process of selling your home to them is simple—just give them information about your house, they’ll make an offer, and after some negotiations, they can close at your chosen schedule.
Selling your home to these kinds of buyers usually takes days or weeks since they do not have to go through lenders. Plus, they’ll buy the Cincinnati property as-is, so you don’t have to repair or remodel the place to convince them to make an offer.
Need More Info?
When you need to beat the foreclosure timeline and sell your house fast in Cincinnati, OH, Offer Express is the answer. We buy houses in Cincinnati, OH, no matter the condition it is in. As a trusted cash home buyer in Columbus, Ohio, we work with homeowners of all kinds. We can even pay cash for your house right away, so you don’t have to worry.
Our team is here to help you every step of the way, from your first consultation to your moving day. We identify your needs and customize our services accordingly. Whatever your situation may be, you can depend on us for quality service. We buy houses in Cincinnati, Ohio as-is and make no-obligation cash offers.
If you’re ready to sell your home fast, contact (614) 820-5777 to receive a cash offer. We look forward to speaking with you and helping you sell your Cincinnati home.