If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house in Your Home Town back after foreclosure. After all, you need a place to live!
Unfortunately, after the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.
Instead of wondering can you get your house in Your Home Town back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them. This is sometimes called a forbearance agreement. Sometimes the lender with take what you owe on the property and move it to the back of the loan so that it is paid sometime in the future. They may reconfigure the loan to spread what is owed across the remaining life of the loan. Many home owners don’t even know this is possible. You will have to put in an application, much like you did when you purchased the house. The bank is also going to want to see that you can make the payments if they do this, so you will have to verify your income. What is great about this option, you will be able to stay in your house and resume payments, also your credit will start to show on time payments again as your credit can begin to recover.
If that’s not an option for you at this time then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have it may even put money in your pocket. As the market as been increasing prices and if your house is in good shape, you may be able to sell it, pay off the bank and have some money to rent a new place. It can be a fresh start.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
If they is not much equity in your home, sometimes the lenders will get you moving cost to help with the sale. You can also sell the contents of the house to be able to make some money on the sale. There are multiple way to resolve the issue and still get a payout to help you relocate.
Here’s a secret to selling your Your Home Town area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Peak Property Group, LLC will buy the house from you at a reduced price, and very quickly. We have years on experience in dealing with the banks and the foreclosure process. We are happy to set up a FREE no obligation consultation to understand where you are in the process and what solutions might work best for you, even if you don’t want to sell your house just yet.