Avoid foreclosure by selling your home for cash now.
It happens before you know it. You lose your job or your child goes to the emergency room for a broken arm, and you find with these expenses and events that you can’t pay your mortgage. As the weeks go by, you try to get the money together to pay your debt. You talk to the bank or mortgage company, but they aren’t willing to wait for you to catch up on payments, and you see your first foreclosure notifications.
One way to avoid foreclosure is to sell your home. Of course, selling your home isn’t always a quick thing to do. However, you can turn to one of those cash for houses companies that buy homes in almost any condition for cash. With a cash sale, you can close the sale on your home more quickly, avoiding foreclosure.
What is forbearance and what options do you have when the period is over?
With so many Americans losing their jobs, the federal government put a temporary stop to foreclosures. Mortgage companies started to offer forbearance to their borrowers, giving them some short-term relief. But forbearance is a double edge sword.
Forbearance does grant some temporary relief. During the forbearance period, you don’t have to pay your mortgage and you don’t risk going into foreclosure or accumulating late fees and legal fees. However, at the end of the forbearance period, you are expected to pay all of your past due payments. So if you have been in forbearance for six months, and your regular mortgage payments are $2,000, you now have to pay $12,000 to avoid going into foreclosure.
If you find yourself nearing the end of your forbearance period with no way to pay that amount, the first thing you should do is contact your mortgage company to discuss your options. Most mortgage companies don’t want to foreclose, so they will work with you if you don’t wait too long. They will sometimes allow you to do a loan modification, which will adjust your monthly payments and may adjust your loan term.
If the bank doesn’t want to work with you, you still have options. Click the Lightbulb icon above and fill out our form for a no-obligation consultation to find the best option(s) for you.