Losing your home to foreclosure can be a devastating experience. It happens when homeowners are no longer able to keep up with their monthly mortgage payments. If you are facing foreclosure, you may be wondering what your options are for avoiding the legal process. Homeinc has a few suggestions for you to consider.
3 Options for Avoiding Foreclosure
One of the main reasons homeowners attempt to avoid foreclosure is to avoid the damage to their credit score. When you have a foreclosure on your credit history, it not only harms your score, it remains on your credit report for several years. This will cause problems in the future if you attempt to get another mortgage. What are your options when facing foreclosure? Here are 3 to consider:
You Could File Chapter 13 Bankruptcy – although this is an alternative to foreclosure, it also has negative consequences. Filing Chapter 13 could help you stop foreclosure proceedings and save your home. You may be able to benefit from filing bankruptcy by saving your home. However, the downside is that bankruptcy is going to stay on your credit report for up to 10 years.
You Could Sell Your Home by Short Sale – unless the lender is going to foreclose sooner, you could sell your home the traditional way by hiring a real estate agent or broker. However, this process could take 6 to 8 weeks. A short sale enables you to sell your home for less than the loan balance. The benefit of this option is that you may be able to sell it more quickly but at a lower price. Unfortunately, this option takes time and may take longer to close than the traditional method.
Sell Your Home to Homeinc – if you want to avoid foreclosure, received a competitive cash offer and sell your home quickly, call Homeinc today. The agents at Homeinc will partner with you to make sure it is a seamless, stress-free process.
- Call Homeinc for a FREE property analysis and a competitive cash offer.
- Once a price is agreed upon, an agent will send you a contract to sign and return.
- You choose your closing date.
It’s that simple. Homeinc has helped many individuals and families sell their homes and can do the same for you. Homeinc agents are available now. If you are looking for more information, call or text Homeinc today at (888) 850-2636.