Home owners who are facing foreclosure often do not want to face the reality of dealing with the facts that got them into the situation. There are a thousand reasons why people go into foreclosure but only a few options when trying to get out of foreclosure.

Some reasons for entering the foreclosure process:

  • Loss of your Job
  • Medical Issue
  • Divorce
  • Untimely dealth of a loved one
  • Extreme debt levels
  • Mortgage related problems such as an adjustable rate mortgage. 
  • Among many others
The foreclosure process typically follows the following process but varies from state to state.
  1. The homeowner misses 2 payments.
  2. The bank sends a letter explaining the threat of foreclosure if the payment is not made.
  3. If a 3rd payment is missed the bank will file a les pendes which is the beginning of the foreclsoure process and notifies the public that your home is going into foreclosure.
  4. At this point you have a chance to try and stop the process by talking to your bank to try and make up the missed payments.
  5. If you cannot make the payments or work out an agreement with the bank you must try and sell your property before the auction is scheduled. This can take anywhere from 3 months to 9 months, again depending on the state. It's time to talk to an expert who can help you get the property sold. Typically, you cannot just go out and hire a real estate agent. You have to deal with a company who knows the process, but more importantly, can get the bank to listen to your situation. Your best option may be an online auction.

If you have entered the foreclosure process there are still several options available but you must act quickly. Whether it is an estate sale, foreclosure, or distressed property, an expert can help you decide which option best fits your financial needs. Feel free to visit www.sellmyhouse.com for more information designed to stop foreclosure or contact us directly here. In most instances you will have to decide between the following options:

  1. Renegotiating with the bank to stop the foreclosure and restructuring the terms of the loan. Refi Options
  2. Sell your property to an investor for cash who will stop the foreclosure process, but, much of your equity will disappear with the transaction. Selling to an investor.
  3. Sell your property to a retail buyer, which may help you retain some of your equity, but it can be very difficult to pull off if you are not working with a company that understands the process. Consider an online auction.
  4. If you owe more on your house than it is worth your only option prior to foreclosure is a short sale. The bank may be willing to let you sell your house for a lower amount under the right circumstances. A short sale can be complicated and usually involves a mediator along with a buying and selling Realtor. This is only an option for those who are on the verge or just entered the foreclosure process. If an auction has been scheduled it is likely too late. Each case is unique so get expert advice. It is possible that the government will consider this type of sale as income as well so make sure to speak to your accountant.

In all cases, the sale or refinance of the property prior to the foreclosure auction should be your first priority. Consider any equity retention as a bonus if your only choice is selling the property. The important factor is to  stop the foreclosure from occurring if you want to buy another property in the near future.

Time is not on your side and one of the mistakes most people make is waiting. Never let fear control your decision making or avoid contacting a professional to help you resolve your situation. You must be proactive and take the steps to stop the foreclosure. To begin learning what your options are visit www.sellmyhouse.com.