The Good News is We Can Help You Avoid Foreclosure, Contact us for more Details; the process is hassle free.
Foreclosure or even the threat of it is definitely a scary situation to be in. Here at We Buy Michigan Houses, we talk to people in these heartbreaking times almost on a daily basis.
Your mind is probably racing to try and come up with a solution to avoid foreclosure and keep you home. Luckily there are options to help you in this terrible situation, unfortunately keeping your property may not always be possible; but trying to save your Home or at least Your Credit is always worth a try. Below are some options you may not have considered. If keeping your house is no longer an option or concern please contact us immediately, we can help!
Always remember that a foreclosure will affect your credit in one of the worst ways possible, and make buying anything without cash very difficult; especially a new home. In the best possible circumstance you will be able to get a new mortgage in as little as 3 years, but that is definitely not a guarantee; building your credit back up will be a long road, but people get through situations like this all the time.
Foreclosure or even the threat of it is definitely a scary situation to be in. Here at We Buy Michigan Houses, we talk to people in these heartbreaking times almost on a daily basis.
Your mind is probably racing to try and come up with a solution to avoid foreclosure and keep you home. Luckily there are options to help you in this terrible situation, unfortunately keeping your property may not always be possible; but trying to save your Home or at least Your Credit is always worth a try. Below are some options you may not have considered. If keeping your house is no longer an option or concern please contact us immediately, we can help!
Always remember that a foreclosure will affect your credit in one of the worst ways possible, and make buying anything without cash very difficult; especially a new home. In the best possible circumstance you will be able to get a new mortgage in as little as 3 years, but that is definitely not a guarantee; building your credit back up will be a long road, but people get through situations like this all the time.
The Best Advice for A Homeowner in Pre-Foreclosure
One of the thoughts we hear from troubled homeowners is they feel like they have failed, and it eats at them. Which is a shame; most of the folks we speak with are good people who fell into bad times; Making it Impossible to Avoid Foreclosure on their own.
Circumstances change for people every day. You could have been laid off or your job eliminated, maybe you were injured at work and you haven’t seen any compensation.
Regardless of the reason, if your income has suddenly been reduced and maintaining payments on your home has become impossible, preventing foreclosure can still be achieved.
The worst thing you could do right now is ask yourself:
“How many months behind do I have to be before foreclosure”
The time to act is before you get the pink sheet of paper taped to your door.
Foreclosure can be stopped once it has begun, but the best time to stop it is in the pre-foreclosure stage.
The first thing you should do when you realize that making your full house payment has become impossible is talk to the bank. Banks are in the lending business, not the property ownership business; they want to foreclose on properties about as much as you want to be foreclosed on; especially since the financial crisis.
This is why you have a great shot at working something out with them to keep your home. Talk with your lender and let them know your current situation. Sometimes you are able to refinance the loan at a lower rate and a lower payment. They might even offer you a loan modification, where they lower the payment and the principal on the loan. We have even seen banks allow you to miss a payment and just tack another month onto the end of the contract. This may be the only answer you need, just talk to the bank.
If you can’t work out a solution with the bank, you may be able to short sale the house. Which is basically the bank letting you get out of the loan by selling your home to someone new with terms that the bank approves. This still affects your credit negatively, but not as much as a foreclosure that’s for sure. The down side is Short sales take forever and there is no guarantee they will go through, so it may not be the right answer for you.
If you are facing Tax foreclosure the government is less forgiving than a lender. We still recommend getting in touch with the office foreclosing on your house and trying to work something out. A lot of times the only way to save your home will be paying your back taxes ASAP. You might even be able to find a foreclosure assistance grant to help with the situation.
Circumstances change for people every day. You could have been laid off or your job eliminated, maybe you were injured at work and you haven’t seen any compensation.
Regardless of the reason, if your income has suddenly been reduced and maintaining payments on your home has become impossible, preventing foreclosure can still be achieved.
The worst thing you could do right now is ask yourself:
“How many months behind do I have to be before foreclosure”
The time to act is before you get the pink sheet of paper taped to your door.
Foreclosure can be stopped once it has begun, but the best time to stop it is in the pre-foreclosure stage.
The first thing you should do when you realize that making your full house payment has become impossible is talk to the bank. Banks are in the lending business, not the property ownership business; they want to foreclose on properties about as much as you want to be foreclosed on; especially since the financial crisis.
This is why you have a great shot at working something out with them to keep your home. Talk with your lender and let them know your current situation. Sometimes you are able to refinance the loan at a lower rate and a lower payment. They might even offer you a loan modification, where they lower the payment and the principal on the loan. We have even seen banks allow you to miss a payment and just tack another month onto the end of the contract. This may be the only answer you need, just talk to the bank.
If you can’t work out a solution with the bank, you may be able to short sale the house. Which is basically the bank letting you get out of the loan by selling your home to someone new with terms that the bank approves. This still affects your credit negatively, but not as much as a foreclosure that’s for sure. The down side is Short sales take forever and there is no guarantee they will go through, so it may not be the right answer for you.
If you are facing Tax foreclosure the government is less forgiving than a lender. We still recommend getting in touch with the office foreclosing on your house and trying to work something out. A lot of times the only way to save your home will be paying your back taxes ASAP. You might even be able to find a foreclosure assistance grant to help with the situation.
The 5 Options People at Risk of Losing Their Michigan Home
Declare Bankruptcy
A Chapter 13 Bankruptcy allows you to catch up on a Mortgage and Taxes, the judge will issue a stay order when you file.
We are not Lawyers, so you definitely should speak with one before pursuing this solution and learn the potential consequences to declaring bankruptcy.
Bring Payments Up to Date
This option really is the most logical and the first avenue you should pursue. Unfortunately it probably is the hardest, if you had the means to make the payments you never would be in foreclosure.
Refinance Your Home
The Key to Making this option work for you is to act as soon as you know there will be a problem. The reason for this is when you start missing payments your credit score will fall. To obtain a refinance you will need decent credit and to show the ability to pay on time
Ask for a Loan Modification
When you ask for a Loan Modification your Mortgage provider will consider lowering your interest rates, deferring payments and even lowering your loan amount.
When you are in the Loan Modification process your lender can't foreclose on you either. So this is a great option, but is a hard process. If you think it's worth trying call your lender and ask about the process.
We are not Lawyers though, so always check with one to know your rights.
When you are in the Loan Modification process your lender can't foreclose on you either. So this is a great option, but is a hard process. If you think it's worth trying call your lender and ask about the process.
We are not Lawyers though, so always check with one to know your rights.
Try to Sell Your Home or Call Us
Another option to pursue is to sell your home either through and agent or to a real estate investor like us. What you should be concerned about is selling your home for enough to pay off your mortgage, late fees and taxes you my have accrued.
Another issue you should think about before making your decision is how long will it take to sell your home on the market through and agent. Can it be done? Yes, although not in a reliable way. The market ebbs and flows in ways your agent can't control.
If you need to close quickly and in a reliable way, We Buy Michigan Houses might be the best option for your circumstance. Give us a call 517-225-0165.
Another issue you should think about before making your decision is how long will it take to sell your home on the market through and agent. Can it be done? Yes, although not in a reliable way. The market ebbs and flows in ways your agent can't control.
If you need to close quickly and in a reliable way, We Buy Michigan Houses might be the best option for your circumstance. Give us a call 517-225-0165.
We Can Save Your Home From Foreclosure
If all else fails Contact We Buy Lansing Houses when you are in Foreclosure or even Pre-Foreclosure. If you have talked to the bank or the city and you realize this is not going to work, give us a call right away. Most of the time, we can bring your payments or your taxes current, and stop the process. We work with people just like you and get them out of foreclosure almost daily. You will be glad you called. .