Thursday, April 27, 2017
What to do if I'm facing a foreclosure?
People buy houses every day throughout America. Every day, people's dreams of owning their first home come true. However, at the same time people are experiencing a dream come true, another person or family is having their worst nightmare come true: foreclosure. If you're worried about foreclose and saying, "where can I sell my house before I go into foreclosure," keep reading.
First off, what is foreclosure? Foreclosure is the process that begins to happen to a home owner when they stop making payments to their mortgage. After a certain amount of missed payments, the bank will repossess the home to ensure they get their money they loaned to the homeowner. The banks are ruthless!! But you have time before they take your home away from you, ruining your credit for at least 7 years, for you to sell your home and pay off your loan. This can happen to anyone if you're not careful!
So if you're missing mortgage payments, be careful! If you are facing foreclosure, you can do a multitude of things. You can just pay off the amount the bank is demanding you pay, which is typically the amount of the payments you've been missing. But who has the ability to pull 4-6 months worth or mortgage payments out of thin air? So you're left with selling your home with a realtor, but that can take months to happen! Seeking a cash investor can give you cash for your home in a matter of weeks. That's going to give you the flexibility to sell your home, pay off the mortgage and NOT ruin your credit for 7 whole years, which is a crucial thing to avoid. Favor Home Solutions specializes in dealing with foreclosures. They can guide you in what you should do to insure you're home is not taken by the bank, ruining your credit for 7 years. You can't be too careful, give them a call and see what they can do to help. They helped my family from facing foreclosure, and they'll help you too!