Why Try to Stop a Foreclosure?
Many unexpected financial situations can happen over the course of the standard 35-year mortgage. Becuase no one can honestly predict their long-term financial stability when they purchase their home; many homeowners default on their home loan. If you have received a notice of foreclosure, don’t settle for seven years of bad credit and losing your hard earned home equity, you have options.
How to Stop a Foreclosure?
Don’t wait; you can stop foreclosure in its tracks if you act now! There are a wide variety of options to avoid foreclosure as a Massachusettes homeowner.
Beware of Assistance Scams: There are hundreds and hundreds of companies that offer debt consolidation or foreclosure assistance. Many of these companies end up only adding to the debt you already have through interest and late fees.
Appeal to your Bank: Contact your bank to learn if there is any way they can assist. Most lenders want to avoid the hassle of a foreclosure as much as you do. Options through your bank include:
- Temporary Interest Rate Reduction
- Loan Modification
- A Refinance of Your Home Loan
Settle Your Debt: Sometimes the best solution is to eliminate the debt you are not able to pay. This solution is guaranteed to work but requires significant lifestyle changes such as selling your home.
While no one wants to come to terms with the reality that they have to sell their home, it is an excellent way to ensure that you and your family’s financial future isn’t negatively impacted.
Potential Buyers for a Foreclosure
Time is of the essence if you are in a foreclosure situation. There are several options for selling your home:
Traditional Real Estate Market: Hiring a real estate agent, completing necessary repairs and paying commission might require more time and resources than you can spare.
Auction Coordinated with Your Bank: Auctions coordinated with banks have become an attractive option, contact your lender for more information.
Sell to a Real Investor for Cash: Selling to an investor for cash means a quick sale, fair price, and no commission.
Don’t Settle, Act Now!
Regardless of which route you take, you will want to contact your lender as soon as possible. The faster you act, the better off you will be! If selling your home fast for cash feels like your best options, contact CNS Home Solutions. CNS is experienced with foreclosure properties and can provide a fair cash offer for you home.