If the bank is threatening to take your property after all you have put into it, we can help you stop the foreclosure of your house in Nashville! Keep reading to learn about what you can do to fight back!
Dealing with the threat of foreclosure can be extremely overwhelming. The thought of losing your house after putting so much of yourself into it can feel devastating, and that’s not to mention the devastating effects it will have on your credit. Nobody wants to deal with foreclosure, but luckily there are some things you can do to avoid it. In our latest post, we will help you learn how to stop foreclosure of your house in Nashville.
Call Your Bank
When it comes down to it, most lenders would rather work with you to get back on track than put the house into foreclosure. While the process isn’t fun for you, it isn’t fun for them either. It is nerve-racking, costly, and time-consuming, and in many cases, leaving the lender with a loss. They will do what they need to, to recoup their investment, including working with you to find a solution.
When you first realize you are going to have trouble making a mortgage payment, reach out to your bank. If you are behind on your payments, you will likely be able to work out a repayment plan, but this is a very temporary arrangement. If you think that paying your mortgage is going to be difficult going forward due to new circumstances in your life, you may want to stall the foreclosure and sell the house while you still can.
Sell Your House
A fast sale of your house can help you to quickly pay off your mortgage, without any negative marks on your credit. Listing your house in Nashville doesn’t necessarily guarantee your house will be sold quickly. Selling in this manner can take months, allowing the bank to foreclose on the house while it is listed.
On the other hand, a direct sale to Southern Homes Investments will allow you to sell your house quickly and for a great price. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking. Our process is fast, convenient, and always fair!
Use A Short Sale
Another way to sell your house fast in Nashville to avoid foreclosure is by using a short sale. A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. You’ll need to run a BPO or Broker Price Option, to help you determine the fair market value for the property.
Be prepared to wait for the short sale process which can take up to a year to finalize. Some homeowners who are in desperate financial difficulties may actually lose the house to foreclosure while waiting for a short sale to be completed. With a short sale, the transaction is between the buyer and the bank. To learn more about short sales, please read our article “What is a Short Sale?”
When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy doesn’t look very good when trying to borrow money in the future, so make sure it is the right choice for you before signing any paperwork.
No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property. The best advice is if you know you cannot make the next mortgage payment, reach out to some now. Don’t wait until the payment rolls around.
Time is your worse enemy when you start missing mortgage payments. Not only does your credit starts sliding quickly, but additional interest and penalties build. Once you pass the point of foreclosure announcement, the loan company is no longer involved. They have begun legal action against you with third party attorneys who start the foreclosure process. At this point, the foreclosure bill has just increased $2,500 to $5,000 in legal fees regardless if you can resolve the delinquency. You may want to read our in-depth article on how foreclosures work in Tennessee and the different options available to stop foreclosure, “What is the Foreclosure Process in Tennessee.”
Don’t let foreclosure cripple you, stop foreclosure of your house by giving us a call at Southern Homes Investments, 615-235-0612. We have helped other people in foreclosure and we understand the process. If you would like to know more about Southern Homes Investments, please visit our website at www.Southernhomesinvestments.com.
Yes! You really can stop foreclosure of your house in Nashville! Reach out to us today to find out more! 615-235-0612
Disclaimer: David Wright is a licensed real estate agent in Tennessee and this article is not a solicitation to list your house.