If you’re behind on your mortgage and worried about foreclosure, it’s time to take action. Foreclosure can have negative consequences. Talk to your mortgage lender and learn about your options, including selling your home to a cash buying company.
What Is the Foreclosure Process?
In foreclosure, your financial institution takes ownership of your home. When you signed the mortgage papers, you agreed that the house itself would be collateral on your loan. If for any reason you could no longer make payments, your house could, in essence, be “repossessed.”
The immediate effect of foreclosure is that you lose your home and have to move out. You also lose any money you’ve invested in it so far. In the long run, a foreclosure can ruin your credit score and prevent you from getting any kind of loan for several years.
How Long Do I Have?
Laws for foreclosure vary from state to state, but in general, you have 120 days from the time you receive notice until foreclosure proceedings begin. Your mortgage lender wants you to pay what you owe and begin making regular payments again. But if that can’t happen, you should discuss your options with your lender.
The most common way to avoid foreclosure is to sell the home. In that case, your lender may give you a little extra time …. or maybe not. Offering your home for sale on the market could take longer than the deadline set by your lender.
How Can a Cash Home Buying Company Help
Since there’s a time crunch, you might consider selling to a cash home buying service. These companies will buy your home directly for cash, and there’s no need to go through the process of doing repairs, staging the house, and showing it to the public. There’s also no waiting. All you do is contact them with basic information about your home, such as location and size, and they will have an offer to you within 24 hours. You can close within a week or so.
You can avoid the pain of foreclosure by selling your home before it begins. The fastest and easiest way to do that is by selling directly to a cash buying company. Learn more and act before it’s too late.
Behind on mortgage payments for your Utah home? See how selling your home for cash can help you.