Dealing with pre-foreclosure can be a stressful time for homeowners, but it doesn’t have to be.
There are several options available during the pre-foreclosure stage that can help homeowners take back control of their financial situation and save their homes from foreclosure. Taking action during the pre-foreclosure period is essential because once a homeowner has officially entered into foreclosure, there may not be any other options to save the home.
After months of missed payments and phone calls from lenders, many homeowners who don’t know where else to turn to call their friends or family members for help. Sometimes this works as support from loved ones can provide encouragement as well as offer money towards payment if necessary. But in most cases simply borrowing more cash isn’t going to solve your problem.
If you don’t want to lose your home, here’s what you need to know.
Trying the bank first
If you’re facing foreclosure due to a lack of mortgage payments, it might be possible for your mortgage lender to renegotiate terms with you. In some cases, banks have been known to lower monthly payments or grant a waiver on missed pickups without going through the foreclosure process.
When approaching your lender for assistance, take all necessary documents with you and keep a positive attitude – they may be more willing to work with you if they understand there is no property damage or other financial issues preventing repayment. Be aware that just about any change in payment will likely result in substantially higher interest rates over time, so carefully consider whether this option makes sense from both parties’ perspectives before committing towards applying for a new loan.
If you are facing foreclosure, we can help… and you don’t have to lose your house!
Many of the people we’ve helped before wrote us to say that they were not sure what had saved them from foreclosure, but some had suggested it was our guidance and resources. We like those suggestions; those are exactly the type of results we’re looking for.
If you’d like more information on how we help good honest homeowners save their houses: visit: Save My House
Our pre-foreclosure process works so well because it gets everyone back to work, no matter who or where you are, and whether you prefer face-to-face meetings or use modern online tools. That’s why we think this is one of the most comprehensive options available even though it can present some challenging problems.
Pre-foreclosure Options for Borrowers
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Colorado Springs mortgage broker… or contact us and we can connect you with a reputable one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in Colorado Springs like us at HBR Colorado, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your Colorado Springs Colorado area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales, you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years and can cause significant damage.
If you want to avoid this problem and move forward with selling your mobile home, consider the following information:
1. Do some research and find out how much your house is worth.
This is an important step that many people skip because it involves thinking about selling or leaving their home and neither option appeals to them because they’re so attached to the dwelling. But if you do a little research now, you can save yourself time and money in the future by avoiding foreclosure. You may want to hire an appraiser as well as to conduct your own due diligence as well as comparison shopping for price quotes from different potential buyers of your mobile home.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Colorado Springs area house – We buy houses in Colorado Springs and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.