With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.
So what is a pre-foreclosure in Lagrange anyway?
Many homeowners across America and Lagrange are facing difficulties making their monthly mortgage payments. This is nothing to be ashamed of.
The lending institution will issue a warning to the homeowner, also known as “pre-foreclosure,” if they miss 3-6 months of mortgage payments, stating that they must either pay or risk losing their home.
Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course this number can vary by bank and situation sometimes. Always remember, banks don’t want to foreclose on your home. They are bad home owners. Try to reach out to them & make a plan to save your home.
In case of non-payment by the homeowner, the bank takes ownership of the home and proceeds to foreclosure, which involves evicting the homeowner. Fortunately, the mortgage holder can still prevent losing their home by exploring various options available during this stage of the process.
Pre-foreclosure Options for Borrowers
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic. This is not the end of the road.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) To lower your monthly mortgage payments, consider mortgage refinancing with a reputable broker in Lagrange. You can either check with your local broker or contact us to connect you with one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in Lagrange like us at Flagship REI, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your Lagrange GA area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer. Often times we can just take over the mortgage from you & you can walk away from the home stress free. There a lots of options.
- Request permission from the bank to proceed with a short sale, wherein you sell your home for less than its value, and the bank can claim the loss as a tax write-off. However, in some short sales, you may be liable to pay the difference to the bank if the sale price does not cover the outstanding loan balance.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage. We generally recommend this as a last ditch option.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.
If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating. Salvaging your credit can help you get back on your feet much quicker, & hopefully provide you the opportunity to become a homeowner again sooner rather than later.
A foreclosure notice from the lender should not be taken lightly since it can significantly lower your credit score by 200-400 points and restrict your loan options for 5-7 years.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Lagrange area house – We buy houses in Lagrange and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.
Joke of The Day:
The man who invented knock-knock jokes should get a no bell prize.