Behind on Payments & Need to Sell Home Quick?
Avoid Foreclosure and Get Out of Financial Distress
Many of the phone calls we receive from homeowners who need to sell fast often involves some type of financial distress. We have helped homeowners who were on the brink of foreclosure, or recently laid off, or just falling behind and not able to climb out of the hole that missed mortgage payments buried them in. Unfortunately, many of these homeowners were under the impression that their options were completely limited. Many even sought to just walk away. But, in a last ditch effort to explore options, they stumbled upon our website and decided to learn more about selling direct to an investor to avoid foreclosure.
What happens when you fall behind on mortgage payments?
Life happens no matter where you are, and falling behind on your payments in San Diego is far from unheard of. We’re all familiar with the possibility of high mortgage premiums and an often times, unforgiving real estate market. We recently worked with a man named Trevor. Trevor had worked his whole life, always made payments in a timely manner, but found himself just days away from potentially losing his home. How did this happen? Well, like many of us have experienced at one point or another, Trevor was laid off from his long-time job. And while looking for new work, Trevor slowly slipped further and further into default. He would have called sooner, but felt the situation was embarrassing… and not indicative of his character at all. Plus, what were his options? What could he expect during this overwhelming time?
- Missed payment – As long as you pay by the 15th, you will only incur a late fee from your lender.
- Credit score hit – Being more than one month late on your mortgage could lead to a credit ding as high as 100 points.
- The breach letter– This is the letter that every homeowner dreads. After being late 45-60 days, your lender will let you know the possibility of being foreclosed on. Don’t panic, but don’t take this notice lightly.
- Day 60– At this point, you will receive another notice stating all of the fees and penalties incurred, and you should really begin considering your options as stated below.
- Day 90– This is when the foreclosure process officially begins. In just a few months following being in default, an auction can take place where the highest bidder or banks will take the home.
We’ll always recommend that homeowners speak to their lenders upon falling behind. There are options such as repayment plans or reinstatement and forbearance to help you get back on your feet. But, if you’ve reached that 90-Day mark and don’t think a temporary fix will address the issue of your mortgage affordability, you still have options.
What if I simply can’t afford the payments anymore?
If you’ve fallen behind on payments and don’t think you can catch up, here are some of the actions most homeowners consider:
- Mortgage Modifications
- Selling the home
If refinancing or mortgage modifications aren’t in the cards for your situation, selling the home is likely the best route to take. If this is the path you select, you’ll then find yourself with the decision of hiring a real estate agent, selling on your own, or selling direct to a buyer like Sell Your House Direct. Selling on your own or “FSBO” is probably the first to knock off this list as this will add a whole lot of stress to your already full plate, and it can take a LONG time for your home to sell (time that you can’t afford to waste in the face of a looming auction). Selling with a Realtor is an option, and can be great if you find a highly qualified agent to represent you, but can you afford the time it takes to list it on the market and wait for offers? The average home can sit on the market for 69 days, which is time that you may not have.
Avoid foreclosure and sell direct to an investor
Your best option in selling in order to avoid foreclosure it to sell your house for cash, and quickly. The time you have left to make decisions is very valuable. When you sell direct to a buyer like us, the deal is always guaranteed to go through. We have the cash to back up our offers, and can close in as little as 7 days. Plus, if you do have some equity left, don’t let that go straight to the bank. We can help you get some cash in your pocket before you move on.
Flexible financing options
Owners and experts at REIG have an extensive REO background and experience. Our solid relationships with short sale negotiators and trust established with countless big banks, have enabled us to offer homeowners more options than any traditional buyer. We can keep you in your home for longer, and take over all of the negotiation and communication with your bank. Selling via short sale is always better than foreclosure, and will save your credit. Sell Direct experts can even offer flexible financing options such as a subject-to purchase in which we’ll assume your loan and bring you current.
Once you click “Get an Offer Today”
- A home buying specialist will call you within minutes to learn more about your property
- We submit an offer. If you accept, they will visit your home and explain things further.
- You pick the closing date, and we buy your house in as little as 7 days.