When you’re thinking about selling a home to avoid foreclosure, chances are you’ve missed a few mortgage payments or you’re already accruing your lender’s attorney fees due to continued delinquency. You might be feeling paralyzed by a sense of panic and dread, but unfortunately, ignoring the problem will not make it disappear. You need to move fast.
The good news is that cash home buyers can provide you with the foreclosure help you need. By selling your home quickly to a real estate investor, you can get fast relief. In this article, we’ll be exploring the foreclosure process and how you can get reliable foreclosure help by selling to trusted buyers.
The Foreclosure Process
The rules and timelines related to foreclosure vary from state to state and even among different mortgage companies or lenders. According to the Department of Housing and Urban Development, however, mortgage companies usually begin the foreclosure process between three and six months after the first missed payment.
After roughly three months of delinquent payments, you will typically receive a Demand or Notice to Accelerate Letter. This letter will inform you of how much you owe, and it acts as a 30-day notice to pay your balance. Two to three months later, if no action is taken to pay off your balance, the mortgage company will schedule the sale of your property.
The timeline described above is known as the “pre-foreclosure period.” If you intend to sell your house to avoid foreclosure, this is the best time to do it. Of course, if your mortgage company has begun the foreclosure process, you can still sell the property prior to the scheduled auction date.
Foreclosure Help: Selling to a Cash Buyer
If you are facing significant financial trouble, selling to a cash buyer could be your best option; after all, your mortgage is not going to go away. You have equity in your property, and you can access that money by selling to a real estate investor before you lose it in auction.
You may be tempted to list your house on the traditional market, but this method has major drawbacks when time is of the essence. The average time to sell a property in this way is six to 12 months – time you don’t have. Additionally, when you work with a real estate agent, you could end up paying an average of 6% in commission to that agent.
When you sell to a cash buyer like Faithful Home Buyers KC, you don’t pay any extra fees or costs. We’re usually able to make a fair all-cash offer within 24 hours and can close in as few as seven days.
Contact us today for fast foreclosure help!