While everyone’s version of the American dream is a distinctive vision based on personal goals and desires, owning a home often falls somewhere on the short list of priorities. We buy houses based on location, school district, number of bedrooms and a whole wide ranging assortment of prerequisites in pursuit of achieving that dream. Unfortunately, sometimes after we buy houses, the dream fades and we are stuck with the reality of mortgage payments, maintenance fees, taxes and everything else that goes along with owning a residence. -great post to read Unforeseen house expenditures coupled with a sluggish and struggling domestic economy has translated into more and more residents battling foreclosure than ever before.
If you suddenly find yourself facing the dreaded “F” word, you may feel like you have limited or no options at all. However, many individuals and families actually do have a variety of resources available when navigating through a foreclosure. Understanding some key choices when embroiled in the process can help you make the best decision for you and your loved ones and help exit the situation as financially unscathed as possible.
Various Options When Dealing With Foreclosure
Work with your bank: If your current situation seems manageable, contacting your bank for a renegotiation on your loan might be a good first step. Explain to them that you’ve fallen a bit behind and discuss options that work towards paying off what is in arrears and get your loan note back on track.
Return the property to the lender: If your property has no other liens associated with it, some lenders will actually allow lendees the opportunity to deed the property back to them. Contact the entity in charge of your loan to work out the specifics related with walking away from the home and the many expenses related to it.
Find a reputable cash for home buyer business: For many homeowners struggling with a looming foreclosure, teaming with a cash for home buyer program makes the most sense. These companies offer a fair price that they pay in cash for homes in various stages of foreclosure. Additionally, these companies will also purchase properties in various states of disrepair and/or are located in potentially undesirable neighborhoods. Other benefits of working with a cash for home organization include no need to wait on bank loan approvals, no additional closing fees and a speedy closing date. A win/win/win for homeowners looking to move their property quickly and leave with additional cash in their pockets.
Allow the home to go into foreclosure: While obviously viewed as a worst case scenario, allowing the home to go into foreclosure is always an option. Once this happens, eviction quickly follows and owners are forced to leave with nothing.
No matter what option makes most sense for you and your family, it’s important to arm yourself with the information to make the best, most-empowering decision for your personal circumstances. As we all know, information is power and staying in the know will help ensure we’ve made a decision that helps us best maintain our household finances and credit integrity for the next time we buy houses.