3 Options To Avoid A Foreclosure

A foreclosure can be a frightening prospect; you don’t just stand to lose your house. It affects your credit score and your chances of securing a future loan. If you’re behind a few mortgage payments, here’s how to avoid a foreclosure situation:

Speak to the lender:

Don’t assume the worst just because you’ve missed a mortgage due. Contrary to what many would like you to believe, you are not going to lose your house anytime soon. But don’t expect the lender to contact you; they may not do so for several months. By then, it will be too late to salvage the situation. Take preemptive action by reaching out to them for suggestions, if any. Foreclosure is an expensive and time-consuming process; hence, lenders aren’t in a hurry to take action on defaulters. They’re more than willing to help you with alternate solutions.

Restructure the loan or look for refinancing options:

Sometimes, lenders are willing to accept a lower monthly payment for a few months, allowing you to pay the defaulted amount at a later date when the situation is likely to improve. Some lenders accept some of the money owed now, accepting back payment at a later date. You can also opt for a second mortgage. Depending on the length of the loan and terms under which their offered, you can choose the best refinancing option available to you. You can either seek to refinance through your lender or look for options elsewhere. Just make sure that the formalities are completed in time before a foreclosure is initiated.

Sell the house to us:

If the situation is far worse than you imagine, call us! We buy houses in Las Vegas for cash. Of course, you could deed your property to the lender in lieu of the money owed, or opt for a short sale – but all of these options affect your credit report negatively and hurt your chances of securing a future loan. We buy the property as it is – you don’t have to spend on repairs or worry about closing costs and other formalities. Can I sell my house fast in Las Vegas? Yes, in less than a week! We’ll offer the best possible price for you.

Contact us to sell your house fast! We buy houses in Las Vegas for cash!

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