Facing foreclosure for the first time can be overwhelming, especially since it usually follows a lot of unpaid debt. We figured that a lot of questions might be on your mind at the moment, and we’re here to let you know that you’re not alone! Foreclosure is not only stressful, but can be quite confusing to navigate, too.
Here are a few questions you might be asking, along with answers:
When can I possibly face foreclosure?
This is where the importance of regular mortgage payments come into play. If the loan is over 120 days unpaid, you may face foreclosure almost immediately.
However, there are other ways you might face foreclosure a bit earlier. This is if:
- Someone finds you violating a due-on-sale clause.
- The servicer is joining the foreclosure action of a subordinate lienholder or a superior.
How can I tell if I’m facing foreclosure?
There are a few signs you can look out for to avoid foreclosure entirely or figure out if you should sell your home before foreclosure, so you don’t manage to get out of this with barely any money to get by.
If two or more of these factors apply to you at the moment, get ready to prepare an anti-foreclosure backup plan:
- Your superior at work called you in for less hours or pay cuts.
- Most or all your benefits at work have been removed.
- Half or more of your income has been slashed off the company’s budget.
- You’re paying a monthly mortgage that you can barely afford.
- You find yourself constantly worried about money.
If you’re looking at this list and find yourself apprehensive at the prospect of going through foreclosure, don’t fret! There are many options you can turn to before having to deal with the brunt of foreclosure yourself.
What happens should I decide to reply to a foreclosure notice?
You will then have to appear at court to go through the usual litigation for foreclosure. Your lender might ask for a summary judgment, which will favor your lender considering there is no conflict regarding the case’s critical aspects. Your home will then be sold at a foreclosure sale.
Should you decide not to reply, the court will likely automatically rule in favor of the lender and commence the foreclosure sale as soon as possible.
When should I seek help from a foreclosure lawyer?
Like other employees and like yourself, the lenders who work on your mortgage and others sometimes make mistakes. Turning to a foreclosure lawyer might be a good decision if you feel like there are unfair judgments on the lenders’ part regarding the payment of your mortgage, and you have documentation to prove it.
If you think your lender has been in violation of state or federal foreclosure laws as well, having a lawyer to back you up could give you some leverage to negotiate properly with your lender. Make sure to seek a lawyer you trust, who has a proven track record when it comes to defending individuals from unjust foreclosure claims.
Can I sell my home before foreclosure?
You undoubtedly can, which is why it’s very important to spot foreclosure from a mile away! This won’t ruin your credit either, and you can repay your debt in full.
You can try selling to trusted family and friends to speed up the process, especially if they’re willing to purchase your home immediately. Another option you can turn to are cash home buyers. These are companies that offer legitimate, cash-only options to individuals who want to sell instantly. They’re usually in the business of flipping homes, so they’re always eagerly awaiting new houses to purchase.
Need more info?
Sell your house fast to Offer Express, where we buy houses in Columbus, Ohio, regardless of the condition. That’s right, we buy ugly houses in Columbus, Ohio, too!
We guarantee that you won’t worry about realtors, hidden fees, commissions, or repairs. Only expect legitimate, cash-only offers from us with absolutely no service fees.
All you have to do is visit our website, and provide us with your name, phone number, and property address to avail of your cash offer! Hurry and contact us to sell your home for cash today.