When life throws you lemons you make lemonade, and the way to do that with a pre-foreclosure home is to find a way to meet your mortgage repayments to stop foreclosure. Sounds simple right? Well, when your financial situation isn’t optimal everything becomes more difficult and many homeowners get paralyzed by the thought of foreclosure and become desperate. The good news is you don’t have to be. There is still lemonade to be made and it can be sweet indeed.
When you are in a pre-foreclosure situation you have what’s called a grace period. This is a length of time between when the public default notice has been filed and the time that your home actually goes into foreclosure. During this very specific pre-foreclosure period you have a window of opportunity. You can sell your property and try to get a good deal that will help you to satisfy your debt obligation on the home.
In order to sell your home as a pre-foreclosure sale there are some special conditions if your mortgage is government backed. A few of the conditions according to the United States Department of Housing and Urban Development include that the home has to be owner-occupied, the homeowner must perform normal property maintenance and repairs until the sale is complete, and the sale must go through a real estate broker. The sale also has to be closed within a maximum six month period of receiving approval of participating in a Pre-Foreclosure Sale Program where even if the amount you receive for the home is less than the value of your mortgage, your debt may be considered satisfied and stop foreclosure proceedings from continuing.
This sounds great, right? However, there are a lot of details and conditions to be met and if your home goes into foreclosure and you miss this window you could be looking at even worse consequences. Once you default and the mortgage company or bank takes your property they will try to offload it fast. This means they may not get full value, which can mean that you end up with a HUD judgment or deficiency judgment and still owe money. So, it is best to avoid foreclosure whenever you can and sell your house before it gets to the point where your credit gets further damaged, you have no house to speak of, and yet you still owe money on the property you no longer can reside in.
If you are able to pay off the default before going into foreclosure, this is your best bet. There are even special situations which your lender may have available that you can file for if you have cash to pay them, even if it is not the full amount, so that you can clear your mortgage debt and not get a credit report penalty. Of course, that means you have to be realistic, consider an all cash offer for your house as-is and do it within that pre-foreclosure window of time.
Foreclosure can be a nasty business, and you want to get the most out of your house that you can when financial circumstances are a struggle. The last thing you want is a foreclosure judgment to appear on your credit report when you are trying to clean up your finances after a divorce. Chris and Jamie have helped many people out of bad situations with cash offers for their homes. Contact them through the online form, or give them a call at 713-481-1869 to see what they can do for you.
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