To get an offer to sell your house just fill out this form:

 

Full Name:
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Square feet:  Bed: Bath:
Currently owed:
Monthly payment:Paymnts behind:
Estimated value:Yrs since finance:
Why you are selling:
Least would take cash:
Describe condition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.  Foreclosure options

 

Every year millions of properties are foreclosed on and repossessed by lenders. A good portion of these foreclosures could have been avoided if property owners had explored their foreclosure options instead of accepting defeat. There are lots of different ways to avoid foreclosure. By taking the time to research and understand your different options, you can greatly improve your odds of getting out of foreclosure. So what should you do when you receive a foreclosure notice from your lender?

 

If one thing is certain, it’s that a foreclosure notice is not to be taken lightly. You’ve missed anywhere from one to a couple of payments and your lender will possess your house if you don’t resolve the matter quickly. In most cases, it’s in your best interests to stop the foreclosure proceedings one way or another. There are a number of different ways this can be done.

 

 

 

1.1  Refinancing your house.

 

Refinancing can be a great way for homeowners that have a considerable amount of equity in their property to stop foreclosure. Many banks will let homeowners refinance their mortgage if the owners aren’t too far behind on their loan. They may even give you the option of wrapping your missed payments and current mortgage into a new loan. A refinance also has its perks. Some homeowners can get a loan that’s cheaper than their current one and save quite a bit of money in the long run. Lenders may also allow homeowners to switch to a loan that’s spread out over a longer time period with lower monthly payments. Refinancing can also help you catch up financially.

 

 

 

1.2  Reinstating your loan.

 

One of the ways you can get out of foreclosure is by convincing your lender to reinstate your mortgage. This means that you can prove to your lender that, although you don’t have the funds at the moment, you will have money within a short amount of time and will make the payments then. There are a couple variations of this such as not making payments for a couple months and then paying them (with interest) over a pre-designated time period. Loan reinstatement is a decent option for homeowners that can convince their lenders that they will pay up soon. One of the keys to this method of avoiding foreclosure is staying in touch with your lender. Contact them as soon as a foreclosure notice is imminent (or when you receive the notice) and work it out with them.

 

 

 

1.3  Listing with a real estate agent.

 

Even though this wouldn’t necessarily be your first choice, you might want to consider selling your house through a realtor. This option is geared towards homeowners with a decent amount of equity in their property. If there isn’t any equity in your house, selling through a realtor can be quite difficult. One of the reasons it may not be in your best interests to sell through a realtor is that they may try to raise the price of your house (so they can get a larger commission) and end up scaring off investors that can close before the foreclosure date. Of course, this isn’t the case for all realtors and you may end up finding one that can sell your property in time.

 

 

 

1.4  Selling your house.

 

One of the more popular methods for avoiding foreclosure is to sell. Although it may be nice to hire a realtor to do all the work, you can save money by selling the house on your own. It’s actually not that difficult. Just put up a sign in the front yard that with the words “For Sale By Owner” and your phone number and you should start receiving calls from potential buyers. If you aren’t satisfied with the number of offers you receive, you can get the word out about your house by putting an ad in some of the local papers. Keep in mind that you have a deadline to sell by so put it up for a price that’s less than the property’s actual market value so you can attract more investors. The important thing is that you close in time and avoid a foreclosure on your credit.

 

 

 

1.5  Giving the house to your lender.

 

Another way you can stop foreclosure is by giving the house to the bank or lending institution that holds your mortgage. This is commonly known as a “Dead in Lieu of Foreclosure” and in many ways is similar to a regular foreclosure. You’re essentially giving up on the house, handing it to your lender, and signing it over to them. This probably wouldn’t be your first option since it won’t save your credit. You will also lose any equity you have in the house. Giving your house to your lender can be more of a last resort if all else fails.

 

 

 

1.6  Filling for bankruptcy.

 

If you can’t afford to make your mortgage payments because you’re in a tight spot, you can try to delay the foreclosure for a couple of months by filing Chapter 7 bankruptcy. Depending on the exact type of bankruptcy, a court may issue an “automatic stay” to the lenders. This means that your lenders are under court order to cease activity on your house (foreclosing, putting it up for auction, etc) while the bankruptcy is in motion. This should buy you some time to come up with the money for the payments and other fees.