Has the bank been calling and mailing you and threatening to take your property? After all the years you have lived there and all the things you have done to update and fix it? Did you know there are experts out there that can help you stop the foreclosure of your house in Spokane! If you keep reading we will help you understand what you can do to fight back!
When living with the threat of foreclosure, it can be very overwhelming. It can be devastating thinking about losing your house after you put so much of yourself into it, and lets not forget the marks that it will put on your credit. We all can agree that no one wants to deal with foreclosure, luckily there are many things that we all can do to stop it right in its tracks! In this article we will dive deep into learning some of the ways you can stop the foreclosure process on your house in Spokane.
Did You Call Your Bank?
Most people don’t think about it but lenders would rather work with you then to foreclose. When it comes down to it, foreclosure is expensive to lenders and it takes time. In many cases they are losing money. The process is not fun for lenders. Foreclosure a last resort for them. They are willing to do anything to recoup their cost, including working with you the borrower to find a solution. When you realize you are going to start having trouble with the mortgage payments, reach out to the bank. If in fact you are already behind in payments, they will be willing to work with you to figure out a payment plan to get you back on track. If its going to be difficult to pay the mortgage due to some extreme circumstances in your life, there are ways to stall the foreclosure and sell your house.
Have You Thought About Selling Your House?
Selling your house to a cash buyer like All American Home Repair 1776 can quickly pay off your mortgage, this will result in no negative marks on your credit. When you list your house in Spokane it can take months, allowing the bank to foreclose while its listed.
Working with our team will allow you to choose the closing date that fits best for you and your family so that we can help you get your house sold before the banks send another letter and come knocking on your door. We always provide a fast, convenient and fair process that will benefit you and the bank. Its a win-win scenario!
Using A Short Sale
Here is another way to sell your house quickly in Spokane to avoid that dreaded foreclosure. A short sale. This process is talked about a lot in the Real Estate community but we want to make sure you know what it is also. A short sale in not so many words is when a bank agrees to take a lower offer for your house, this saves the bank time and money so they don’t have to go about selling the house themselves. REMEMBER, banks don’t like foreclosures! If this is a process you would like to do, you must apply to your lender’s short sale program and you must meet the requirements. They will need a BPO (Broker Price Opinion) to help determine the market value of your property.
There Is Always The Option To Declare Bankruptcy
This should always be a last resort. When declaring bankruptcy, the bank will be forced to stop any and all collections against the property, this also includes putting a stop on the foreclosure process. That being said, you will still be responsible for any and all debts you have. The bankruptcy court will then work out a repayment plan for you. Lets not forget that a bankruptcy does not look good on your record when trying to borrow money in the future, so make sure this is the last option and the right choice before signing any paperwork.
No one wants to have their home taken from them. If you find yourself behind payments on your mortgage, don’t worry. There are a few ways to avoiding a foreclosure on your property before the bank even starting the foreclosure process.