Help for Homeowners in Pre-Foreclosure
If you’re experiencing pre-foreclosure, that means you’re late enough on your payments that the bank can foreclose, but they haven’t started the process. What should you do next? We Buy Houses Columbus can help. Let’s take a look at how homeowners can get help with pre-foreclosure.
1. Talk to Your Bank About Your Situation
Your bank does understand that things pop up. What they generally aren’t forgiving of is silence. If you don’t talk to them, they don’t know what your situation is. They need to hear from you.
Talk to them about what your current financial situation looks like, what’s going on, and what you need from them. If you’re experiencing a temporary financial issue, they may be able to help. They may be able to pause your payments for some time or help you modify your loan so you pay less in interest.
It’s important to identify your problem. If you can’t pay your monthly payments, maybe you can refinance your loan for a longer term and a smaller payment amount.
2. Add Up Your Assets and Debts
You can’t make decisions regarding your financial situation if you don’t actually know your financial situation. Take the time to look at your assets, debts, and cash flow (how much you spend vs. how much you bring in). That should give you a better idea of whether you need a temporary or permanent solution.
3. Talk to an Attorney
At this point, you may want to talk to an attorney who specializes in bankruptcy and debt. They can advise you on whether you should consider going into bankruptcy, going into foreclosure, or just restructuring your debts.
You can also talk to an accountant or a financial adviser. They may be useful in determining whether you can still afford your property.
When people get into pre-foreclosure, it’s usually one of two things. One, they may have overextended themselves and may not be able to afford their current living costs. Two, they may be in a very temporary situation that they need some relief from.
But don’t worry. Regardless of your personal situation, there are solutions at hand. It may come down to you selling your house to cover some of your other debts. In that case, you still need to sell your house fast. You can go into foreclosure at any time. Once you are late enough in payments for the bank to foreclose, they can begin the process at their discretion.
4. Sell Your Home
If you can sell your house fast, you can ward off many of the major problems associated with foreclosure. You can sell your house for a profit, you can protect your credit score, and you can get a quick cash infusion to pay off your other debts.
But selling your house fast isn’t always simple. If you want to go to market, you’ll have to repair and renovate, hold showings, and find a buyer. Once you find a buyer, it can take months to close. That’s months you would need to be paying the mortgage.
At We Buy Houses Columbus, we buy houses in any condition, and we pay cash. We can close within days rather than months. And we can ensure that you get a fair market rate for your property.
Often, it’s easier to just sell. When you sell, you gain money back that you can use to pay other debts. Plus, you always have the option of buying another home. During a foreclosure, not only will your credit be damaged, but your ability to purchase a home in the future will also be damaged. We buy houses fast. If you need to sell your house fast, contact us at We Buy Houses Columbus today. We can help you figure out the best way out of your financial problem.