Fear, uncertainty, shame, guilt, and anger are common feelings that homeowners that are facing foreclosure feel when they are in the middle of an auction process for their largest asset, their home. Right now, you can think about all the things you would have done differently, but the truth is that most people who fall behind on their mortgage payments have experienced terrible hardships that were often beyond their control, like a medical problem that costs a fortune and keeps you out of work, or a change in the national and global economy that leads your employer to lay you off; those are things that you can not control. The credit crisis, recession, and housing crisis have caused foreclosures on a scale that the country hasn’t seen since the Great Depression. But, even if you lose the hope of recovering your home or you see your financial situation getting every time worse, in this blog, we want to show different ways that will help you rescue your house if you are facing foreclosure.
1. Act promptly and communicate with your lender.
Most people fail to be honest and recognize their financial situation. But in these scenarios you need to act fast, as soon as you realize that you may be unable to make your mortgage payments, contact your lender without delay. If you don’t get a monthly mortgage statement, look in the mortgage loan coupon book your lender gave you. You can also look on your mortgage servicer’s website. Explain your financial situation honestly and explore the possibility of alternative repayment plans or loan modifications. Many mortgage servicers have programs to help people avoid foreclosure, you just need to be proactive and maintain open lines of communication, you will demonstrate your willingness to find a solution.
2. Understand your legal rights
Educate yourself about foreclosure laws and regulations in your jurisdiction with the timeline of the foreclosure process, and any available rights or protections for homeowners. If you’re facing a foreclosure, don’t panic; you have legal rights, including the right to:
- Apply for loss mitigation.
- Receive certain foreclosure notices.
- Get current on the loan and stop a foreclosure sale.
- Receive special protections if you’re in the military.
- Pay off the loan to prevent a sale.
- Participate in mediation, in some cases.
- Challenge the foreclosure in court.
- File for bankruptcy.
- Get any excess money after a foreclosure sale
3. Seek foreclosure prevention counseling
Foreclosure prevention counseling helps homeowners understand your options and navigate the complex foreclosure process through expert advice and guidance. Find more Foreclosure Prevention Resources that the Tennessee Department of Financial Institutions has, they may assist in negotiating with your lender or directing you towards potential financial assistance programs.
4. Consider refinancing
Refinancing your mortgage loan can help you get lower interest rates to secure a new loan with better terms, potentially reducing your monthly payments and making it easier to meet your financial obligations. It involves closing costs, so it only makes sense to refinance if the new interest rate is substantially lower than the old one. Always do your own calculations before refinancing. Find which Type of Mortgage Refinancing is best for you.
5. Short Sale for cash
In some scenarios when the debts are higher than you can afford and your lender agrees to settle your debt for less than what you are owed the best choice is a short sale. The fast and easiest way to get the bank off your back is to sell your house fast. With a direct sale to Memfixerupper, you will be able to sell your house quickly, as-is, and without the costs and stress of listing the home with a realtor. We pay great prices for houses in Memphis and the surrounding areas and we have the ability to close at your convenience. Memfixerupper can also help you determine if a listing makes better sense.
As a homeowner, you know that there can be many unexpected events that can lead to financial difficulties. Dealing with the foreclosure of your property isn’t a situation anyone wants to be in. The stress, the costs, and the headaches can get overwhelming fast. It’s crucial to remember that you have options available to save your house. We have a team of experts who can guide you through every step of the way and ensure that you receive the best possible terms. We had the opportunity to speak with one of our Marketing Specialists, Jose. Here are some of his ideas about how a cash investor team like Memfixerupper can help you sell your house fast:
- Is it possible to receive a fair cash offer for my house even in foreclosure? Absolutely, Local home buyers like Memfixerupper are willing to help you in situations like foreclosure and so many others like bankruptcies, divorces, and even job transfers. By not only giving you a fair cash offer but by making the process very easy and simple.
- What makes Memfixerupper different from other investors? What sets Memfixerupper apart from other investors is actually all the benefits you get, for example, you won’t have to deal with commissions or hidden fees. We’ll take care of all the closing costs. With us you won’t have to go through appraisals and inspections, you’ll receive an immediate cash offer with just one quick showing. Also, when it comes to closings, we will work with your timeframe. Being truth one of our core values, you’ll find working with us that the process is 100% transparent from the first minute.
- What is your best experience working with the Memfixerupper team? The best part of working with the Memfixerupper team is actually getting in touch with people that are going through difficult situations and being able to provide help and options for them to move forward and find solutions. I would also say that is an amazing team in the way we help and rely on each other. We basically help each other grow and thrive.
- What is your advice to a person that is needing to sell his home? The whole selling process can be tiring, exhausting, and even disappointing, so I’d say, don’t hesitate and reach out to MemFixerUpper. We will find a way to help you, understand your situation, and come up with a solution. Call us o text us and experience a stress-free cash sale.
Reach out to Memfixerupper to help discover the solution that is best for you. We will make you an offer now! Call us today for more information. 901-450-5179