Can I Sell My House Before Foreclosure
Once you miss a house payment, your loan is technically in default. The lender will reach out by phone, email, and mail to work with you to bring the loan current. Failing that, your loan will be in default or pre-foreclosure. Can I sell my house before foreclosure
There are warning signs that you are in financial trouble:
- having difficulty paying the mortgage payment on time
- having very little savings for emergencies
- using credit cards to get to the next payday
- paying the minimum on your credit cards
- neglecting doctor and dental visits
- shrinking from the ring of the phone
- change in employment or change in debt to income ratio
Late payments are a derogatory remark on your credit report. That report can be corrected, but foreclosure is a kiss of death for many years. With a foreclosure, you damage your credit and may not be eligible to buy another home for three years (in special cases) or seven years in most.
Contact your lender
When you get those calls from your lender asking you to bring the loan current, it is definitely the time, now, to Contact your lender and level with them. Your banker does not want to own your house. When you come clean about your financial situation, he may be able to modify the loan, offer forbearance, or give you repayment options.
- A loan modification could include a reduction of the interest rate, conversion from a variable interest rate to a fixed interest rate, or extend the length of the term of the loan. A loan modification agreement is a permanent solution to unaffordable monthly payments.
- A forbearance agreement provides short-term relief for borrowers. With a forbearance agreement, the lender agrees to reduce or suspend mortgage payments for a certain period and not to initiate a foreclosure during the forbearance period.
- Re-Payment options could include a plan to repay missed payments in addition to making monthly payments, especially if there is a temporary hardship
Can I Sell My House Before Foreclosure
Yes! Consider, selling your house before foreclosure and before your house is sold at auction. Consider selling a house in pre-foreclosure as a way out of your financial dilemma. A dinged credit report is much better than one saying Foreclosure.
Consider selling your house to Terra Firma Property Solutions, LLC It is quick! You can sell your house fast in Kansas City normally in 30 days or less. That is much quicker than a traditional sale, which can take several months, and closing takes places after repairs
Terra Firma Property Solutions, LLC will buy as-is. Worrying about some repairs that you’ll need to fix based on an appraisal? An investor will estimate the repairs needed to restore your property, arrive at an offer, and will purchase the property in whatever condition.
No Fees! Terra Firma Property Solutions, LLC doesn’t charge you a real estate commission and may take care of any other nagging financial problems such as back taxes, code violations, risk of foreclosures in Kansas City, or past due water and sewer bills. Since our inception, we have been helping homeowners along with improving communities in every city in which we work.
Through our extensive knowledge of the business, network of resources, and years of expertise, we can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.
Ask for FREE information about How to Sell Your House Fast.
Terra Firma Property Solutions, LLC is a professional, full-service real estate solutions firm.
We buy and sell properties throughout the greater Kansas City area. We specialize in buying distressed homes, then renovating and reselling them to home buyers and landlords. Terra Firma Property Solutions: excited to be part of the economic rejuvenation of Kansas City and its surrounding areas.
Call us today at (816) 866.0566
