A mortgage foreclosure can be devastating, it can affect you emotionally and irreparably damage your credit score. While you cannot always avoid defaulting on payments, it’s important that you take swift action and prevent things from going out of hand. Here are three things you can do to avoid foreclosure:
Contact your lender to work out a deal:
Don’t wait for the bank to contact you. Lenders appreciate preemptive action; it shows that you care about the default and are willing to work it out. Besides, lenders don’t want to go through the hassle of having to spend time and money to foreclose on defaulted property. Some of the options you’ll be offered may include temporary relief from mortgage payments. Sometimes, they allow homeowners to spread out the payment wherein you can catch-up later and pay up when it’s possible for you to do so. They may also restructure the debt.
Sign a deed in lieu of payment:
You can transfer the deed of the property to the bank to stop them from foreclosing it. This isn’t always feasible and should be used as the last option. For example, if your house isn’t worth the outstanding mortgage due, you’ll have to still pay the balance amount owed.
We buy houses in Las Vegas for cash. We specialize in distress sale; i.e. situations where homeowners are looking to avoid foreclosure. We also buy properties that need extensive repairs. We’ll buy the house as it is. You don’t have to spend a dime on expensive repairs or arrange cleaning, etc.
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