Being late on mortgage payments and facing foreclosure is never something someone wants to have happen, but sometimes life does “happen,” and the best way to get through these situations is to face them head on, and work through them.
Its an understatement to say that no one wants to lose their home. I’ve witnessed plenty of times where a home owner could have sold the house, received something for their equity, and moved on with their lives. But instead, didn’t deal with the reality they were faced with and lost the house and any equity they may have had.
There are multiple reasons why someone may get behind with their mortgage payments and be faced with foreclosure:
Unexpected job loss or other loss of income
Sudden illness or medical emergency
Taking on too much debt
Unexpected major home or car repair
Death in the family
If you’re faced with this challenge, there are a few things you can do. The most important thing to do, is not pretend the issue doesn’t exist. You need to take action and address it.
One thing you can do if you are behind on your mortgage payments is to communicate with the lender or loan servicer and ask what options are available to you, with your specific situation. If you are experiencing difficulty communicating with your lender or servicer about your need for mortgage relief, there may be organizations that can help you by contacting the lender or servicer on your behalf.
Two, you may be able to modify your loan. Depending on your loan and your situation, your lender may be able or willing to modify your loan and lower your monthly payments to an amount that you will be able to afford.
Depending on the circumstances, the lender may be able to provide options for homeowners who owe more than their homes are worth. In some situations like this, where the debt is greater than the value of the home, a lender may be willing to offer a “short sale” and accept a lower amount than the payoff of the loan to allow the homeowner to sell the house.
There may be situations where seeking legal assistance may be a good option also.
If you have decided that it may be best to sell the house, unload what has become a financial anchor, and move on with your life, you can seek the assistance of a trusted real estate solutions company like The Sierra Group, LLC Pro Home Buyers that can BUY your house or have their team list and market your house in a traditional manner, depending on which solution is best for you.
The benefits that a professional home buying company can offer you are:
You don’t have to put the house on the market.
You do not have to do any repairs or updates to sell the house.
You can leave any or all of your unwanted “stuff” in the house
You can avoid showing the house and having who knows who walking through your house.
We can assist with working or negotiating a short sale with the lender.
We may be able to offer financial assistance to help you move.
We take care of all of the paperwork.
We do everything we can to make this a straight forward, stress free move.
If you are currently behind on your mortgage payments and would like to discuss your options to see if we can be a benefit to you, please check us out at www.7DaysCash.com or call toll free (855)-291-5005.