Time is of the essence. Unfortunately, those words can hit deeply when an impending foreclosure is on your horizon. However before it’s too late, you should take action to head off foreclosure with your lender. When your home is at risk, the unknown outcome can cause a great deal of stress and knowledge truly is power, especially when it concerns a financial matter as serious as a foreclosure in Detroit. By educating yourself on the specifics of the processes involved with foreclosures, you will have a blueprint to a brighter future. We have put together the following tips to help you understand the ways you can combat against foreclosure in Detroit.
Make the 1st Move
The best way to combat against foreclosure in Detroit is to be upfront with your lender about upcoming financial problems or issues which will interfere with your ability to maintain your monthly mortgage payments. Your lender may be willing to work with you towards maintaining the mortgage through special financial arrangements, such as forbearance with a repayment plan or a loan modification. If you’re considering selling as a solution, working with a professional investor can help you understand your options. If you believe you could afford the holding costs to wait for a buyer to come along, you will know what you would earn if you worked with a Realtor or sold directly to a professional home buyer.
It May Not Be Too Late
If you’ve received notices from your lender and hesitated in making any moves to fight back against foreclosure in Detroit, but foreclosure proceedings haven’t started yet, reach out to the mortgage lender about a short sale or deed in lieu. A short sale requires the lender’s permission, allowing the property to sell for less than is owing on the existing mortgage. However, it’s important to note you may still be left owing the difference to the lender. Therefore, we encourage you to compare these options for yourself. If you decide to sell to a local home buying company, in many cases you can close within a few weeks.
Out of Time
A foreclosure will stay on your credit history for seven years following the first missed payment. Depending on the type of bankruptcy you file, this red flag could stay on your credit history for up to ten years. Suppose it has boiled down to a decision between which is worse for your credit, bankruptcy or foreclosure. In that case, your unique situations causing the foreclosure are the deciding factor that will do the least amount of damage to your future. Both options can make attaining another mortgage difficult, depending on your credit history following the event. Possible consequences could include limited living options, your ability to acquire credit and possibly missed employment opportunities. Selling your house fast may be the answer to your troubles. Detroit Fair Offer can help you maintain your credit standing with our fast closings to fight back against foreclosure in Detroit. Also, because the funds will be paid in cash, you won’t have to worry about financing approval delays.
At Detroit Fair Offer, we stop and take the time to listen to your circumstances and can help you win the fight against foreclosure in Detroit. Send us a message or call (313)647-8806.