Facing foreclosure? Don’t worry, we’re here to help.
Foreclosure can be a nerve-wracking situation and could sometimes keep you at the edge of your seat.
Just the very thought of going through foreclosure proceedings is enough to cause anxiety for many people, especially since they are facing the prospect of losing their home at any given moment. But there’s no need to lose your house to avoid foreclosure.
Foreclosure is the process by which a lender legally assumes garnishment proceedings of property used as collateral for a loan.
For example, you take out a loan on a house or property for purchase. As a security measure for the lender, the property is mortgaged to serve as collateral for the loan in case you fail to make payment for the regular amortizations.
Essentially, foreclosure is much the same but proceedings and guidelines may differ from state to state. For some, it follows the due process from notification from the lender on failed payments with a grace period provided for the homeowner to settle payments or be subject to foreclosure proceedings. Other states use trust deeds which can be sold by the trustee to recover failed payments and ownership gets transferred to the purchaser.
Generally, financial problems are the most common situations that end up in foreclosure proceedings. It is often brought about by unexpected circumstances that affect your finances and affecting your budget.Here are some of the most common examples;
- You got laid off from work or quit a job unexpectedly, causing you to lose your regular income where you source out your budget for payments.
- Urgent medical condition causing you to lose your earning capacity
- Transfer of location due to work
- A costly medical emergency that causes you to re-channel your funds
- A legal separation or divorce where a property is co-owned and squabble over custodial rights
- Excessive debt obligations due to overspendingThese are just a few of the common scenarios that could end up in foreclosure.
In fact, there are ways you can avoid foreclosure. These are legitimate and legal remedies that can provide you with relief from fear of having your house or property foreclosed.
- Reach out to the lending party. If you secured your mortgage from a bank, make sure to contact the institution and ask for options to help you cope with the difficulty you are having in paying your amortizations.
- Do not be afraid to state your case. If you are in a financial crisis and having difficulty producing the payments for mortgage, you could offer a compromise agreement. A mutual agreement is often the best solution to a looming foreclosure.
- Seek counsel. You can also seek help from real estate experts who can also guide you through a foreclosure notice. There are several reasons and situations that could cause you to go through a foreclosure process and getting the right advice for unique situations can be critical to surviving the crisis.
Talk to us, we can help you
757 Cash Buyers can help you find a solution to your foreclosure problems. We are experienced professional real estate investors who have been in the business for many years and helped hundreds of homeowners find answers to their foreclosure woes. We provide expert advice on how to deal with foreclosure by taking advantage of our free consultation sessions without any obligation. We want to educate the public and awareness about property ownership, foreclosure prevention, and other mitigating options.
You can start by filling out our form, which will give us an idea about your situation. You don’t have to worry because all information is kept strictly confidential.