Homeownership is an exciting and equally intimidating journey for most Americans. Your dream house may carry a financial burden in regards to mortgage payments, property taxes, HOA fees, and more. Job losses, divorce, medical conditions, and other circumstances beyond your control may force you to default on your mortgage payments.
Falling behind on your monthly repayments can place your home at risk of foreclosure. The February 2021 U.S Foreclosure Market Report by ATTOM shows that there are 11,281 properties with foreclosure filings.
With the threat of losing their property, homeowners often wonder, “is selling a home to avoid foreclosure possible?” The short answer: Yes, it is. However, you may need to keep in mind several factors — such as the amount you have defaulted, the amount of time you have left if the foreclosure has begun, and how amenable the lender will be to this resolution. Our company will be abele to help you with the process saving your home from foreclosure as welll as saving your credit score.
Benefits of Selling a Home Fast for Cash to Avoid Foreclosure
You can decide to sell a home fast to cash home buyers to avoid or stop the foreclosure process altogether. Here are five advantages of selling to cash home buyers in Kansas City.
1. Expedited Process
Most lenders are rarely lenient on delinquent homeowners. Time may not be on your side as you race against the foreclosure date. If your lender allows you to short sell the home, the traditional realtor route can be unnecessarily long. The 2019 NAR reports show that listed houses take an average of 63 to 95 days on the market. That’s a luxury that you may not have with the fast-approaching foreclosure date. Instead, you can opt to sell a home quickly for cash and complete the process within less than a week.
2. Save Your Credit Score
Aside from the threat of losing your home, your credit score can take a massive hit if the process goes to completion. It may take years to rebuild your credit history. The foreclosure can have massive implications on taxes and credit, with individuals subjected to higher interest rates in the future. But if you’re selling a home to avoid foreclosure, you can avoid this type of penalty.
3. Get a Fresh Start
Selling a home to avoid foreclosure can save you from the shame of having your belongings carted out of your home in front of all your neighbors. You can receive an instant, fair, and all-cash offer for your property from the home investor. You can negotiate the right price that allows you to cover your mortgage loan, pay off everything you owe the lender, including penalties, and fees. If you have enough equity on the house, you may even have additional cash remaining that you can use to start over.
4. Sell Your House Fast As-Is
The real estate agent may request repairs and upgrades to make your home attractive to home buyers. With the defaults on your mortgage, you simply cannot afford the suggested renovations. Cash home buyers can provide foreclosure help by buying your property in the condition that it is in. You receive a cash offer after a quick walkthrough of your home.
The threat of foreclosure can be a stressful and frustrating moment for most homeowners. Selling a home to avoid foreclosure is an attractive alternative to losing your property. If you are in search of help for foreclosure in Kansas City, reach out to Faithful Home Buyers KC.