Can a Cash Home Buyer Help Me Avoid Foreclosure?

 

The term foreclosure is one that is dreaded by the average home seller. It is used to describe the process pertaining to mortgaged property, one where a failure in the mortgagor’s ability to keep up mortgage payments leads to him or her losing out on his possession of the property.

We here at Home Solutions FLA, work in a unique way. When you contact us and provide us the needed details about your home through the form (available below), we will evaluate your property with our 20 Minute Professional Property Evaluation and give you a direct cash offer within the first 24 hours of you contacting us. The best thing… we’re ready to close the deal whenever you are.

Everything is up to you.

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To understand the process of foreclosure more deeply, it is imperative to look at the reasons and scenarios that actually result in a foreclosure, and the important things to know when one is looking to avoid a foreclosure, as described in the rest of this :

Missing a Mortgage Payment

What is perhaps the most common and widely prevalent reason leading to foreclosure is the failure to make mortgage payments on time. In such a case, foreclosure serves as a legal way that aids your lender to manipulate the deal made with the mortgagor, and taking possession of the concerned property himself. Unfortunately for the mortgagor, in this case, the borrower has to move out of the house within a very short time span.

Worse than this is the fact that, should the property be of less worth than the total accrued amount on the loan, a deficiency judgment could result. In this case, in addition to losing your property, you are also made liable to owe additional amount in Housing and Urban Development payments.

What we recommend you to do in order to avoid foreclosure in such drastic circumstances is to avoid delaying mortgage payments. You would find it extremely difficult to keep up with the hassle of foreclosure and deficiency judgments, and in turn be less able to qualify for loans in the following years. So, the best solution to follow to avoid going through such unfortunate circumstances is to avoid foreclosure, as that would be in your best interest.

 

Foreclosure can be judicial or non-judicial

Foreclosure is essentially of two types. These are basically two methods that the lender can adopt in order to materialize the terms of the foreclosure to sell your house.

  1. Judicial Foreclosure:

In some parts of the world, the method of judicial foreclosure is employed, which is basically a means for the lender to take the case to court by filing a lawsuit against the defaulter.

In order to carry out this process of judicial foreclosure, the lender needs to get the process of foreclosure started by pursuing a lawsuit. Being a mortgagor, you could be looking at months, or even years, until you find another place to reside in, and save some money in the process.

 

  1. Non-judicial Foreclosure:

In this scenario, the lender does not go to court, but forecloses the deal. In comparison to the judicial process of foreclosure, we must warn you that non-judicial foreclosure is more expensive and troublesome. Areas where foreclosures are conducted outside of the court, and without official supervision, the mortgagor will have to pursue a lawsuit on his or her own part, which is definitely a more time-consuming, costly, and troublesome process.

In non-judicial foreclosures, you will be forced by circumstance to file a lawsuit against the lender in order to somehow bring the case closer to court, or at least allow for it to get the judge’s attention. In addition to this, you will also be expected to provide proof, which is another burden. Another cost related to non-judicial foreclosure is the salary of employing a lawyer.

So, keeping all those terms and conditions of a non-judicial foreclosure, and seeing as how this is one of the more expensive and difficult options that you can pursue, you want to be able to avoid it at any cost. Read on for tips on how to pursue a successful case in a case of non-judicial foreclosure.

 

What To Do in the Case of Non-Judicial Foreclosure:

 

The following are some of the most important pointers and steps to undertake in order to make a successful case to present yourself in court:

  • File a lawsuit
  • Know the law
  • Seek help from legal coaches or an attorney
  • Gather and prepare evidence
  • Prepare witnesses
  • Prepare an opening statement to use in court
  • Make a strong case on your part

 

So that was about all the information that you need to know in order to judge for yourself the magnitude of the hardships that a foreclosure may cause. Surely, you do not want to be sucked into the technicalities of legal hearings, or find yourself facing a dilemma about giving up your property and finding a new place to stay.

So where does the problem lie in this entire argument? It’s in the mortgage itself. Looking to sell your property? Do not mortgage it. The more saner and reasonable solution is always to sell off your property to cash buyers.

Self-explanatory as it is, to sell property to another client is far easier and convenient, not to mention reliable, than mortgaging, failing to pay back the lender, and facing a foreclosure.

 

We want to help you in any way we can and if that unwanted property is causing you stress, we’ll handle it for you! We will offer you an honest, fair and fast deal that you can’t really refuse.

Sell Your House Fast Today! Call Us Now! 561-370-8335

 

The following are some more options that you can look at in order to prevent a foreclosure from taking place:

 

Pre-Foreclosure Sale

A pre-foreclosure sale works as a short spanned sale that allows you to sell off your property in cash, but unfortunately, at very low rates. However, it is definitely one of the ways to go in order to avoid and effectively prevent a foreclosure from happening. In a way, selling your property at a lower rate is still clearly a more rational and safe solution than having to pay high lawyer’s fees and making frequent trips to court, and ending up losing your property.

Refinance

The process of refinancing entails that banks will loan you the money to ease your payments and buy you time in order for you to get back on track and able to pay off the lender

So having said that, it is safe to say that selling your home to cash buyers is definitely the method that trumps mortgaging the property! As mentioned above, this is a solution that effectively cuts the problem at its roots and prevents foreclosure completely. Let us explain to you how that works.

Buyers interested in your property will pay you in cash. We find that there are essentially two types of sellers looking to dispose off their properties for some cash, and you probably fall in one of these categories. In the first categories are those sellers that are seeking for immediate solutions to sell their houses as quickly as possible and amass quick cash, and in the process keeping realtor commissions at bay. The second kind of sellers includes those that are seeking for help in finding a solution because they are finding themselves at a crossroads where they can’t decide on the best way to sell their house at the best rate. These sellers often find it difficult to sell their houses.

 

For people from both of the above discussed categories, the advantages of making cash sales are tremendous and far more than mortgaging property.

 

Quick, immediate money when required:

You are no longer liable to the possibility of facing weeks of wasted time and energy, and expenses, due to the fact that there is no chance of buyer’s loans not falling through.

 

No more money going to real estate professionals:

The process of cash dealings is direct, and hence there are no external costs of splitting money with the real estate professionals posing as the middlemen.

 

No hassle of scouting through customers who are not interested in your property:

One of the very appealing benefits of cash dealings lies in the fact that when you put up your house for sale, only the most committed and interested buyers will be contacting you. This saves time and effort for both parties involved.

 

Selling property to companies that buy old and beaten down houses:

When you sell your house to a reliable company that pays you in cash for your old, dilapidated property, you won’t be looking at the hassle of repainting or refurnishing the house. These companies essentially target customers looking for solutions to get rid of their houses somehow at good rates, and hence purchase the houses as they are, regardless of their conditions.

 

A fair price:

Know for sure that the price that you will be offered when you seek to sell your house to anyone is that you will be negotiating the price yourself, and can hence bend the terms to your benefit and settle on a fair price that is acceptable to both parties involved.

 

Sell Your House Fast Today! Call Us Now! 561-370-8335

 

Selling houses for cash is definitely better than mortgaging because it saves you from a lot of work and effort, especially in terms of hiring foreclosure attorneys. Foreclosure attorneys aren’t all the same and hence deciding which one to hire can become a very daunting task. If you’re feeling good about your chances and want to fight foreclosure in court, you need an attorney who is already familiar with your states foreclosure process, he knowledge about all possible defenses that preside in foreclosure cases should be sound and he should also be able to litigate your case in court properly. Finding an experienced attorney who charges less can also be a rare sight, but it’s always good to do your homework than otherwise losing the case. Selling your houses on cash therefore lets you skip this entire process of selecting a lawyer and puts the money right into your pocket without much effort.

Furthermore the entire foreclosure process itself can become a long and hectic one in cases of disputes. A case can drag on for months on end with all interested parties exhausting their finances in trying to win the case. The foreclosure process itself is divided into a three step process: Pre-Foreclosure, Auction and Bank Owned (REO). Pre-Foreclosure refers to a time when property owners who are late in their mortgage payments receive a Notice of Default from their lender which provides instructions to the homeowner on the amount they are required to pay and the amount of time left in which they can pay. The second step is the auction, which comes after the property owners have failed to reinstate the loan that they had taken. During this second step a public auction is held during which the house is sold to the highest bidder. The last step is bank foreclosure becoming government foreclosure sin the event of the loan being backed by a government agency. If this happens to be the case the government agency would then become responsible for selling the property.

 

Tax foreclosure, also known as ‘Tax Lien Foreclosure’ is when a sale of a property occurs in accordance to the property owner’s failure to pay his tax liabilities. These tax liabilities can include property taxes and federal and state income taxes. The government that is owed the taxes then has the complete rights to reposes the property to recover the debt that they’re owed.

 

So finally, after closely looking at the disadvantages involved in foreclosure, and also weighing the pros and cons of making cash deals to sell your house, it can be safely concluded that selling your house at a reasonable price is indeed the best way to go about getting rid of your property. Especially when the other alternative is mortgaging your house and looking at frequent mortgage payments, with no assurance on being able to fulfill mortgage payments on time, keeping things safer and outside the court is the better course to adopt.

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Sell Your House Fast Today! Call Us Now! 561-370-8335