Can I give my house back to the bank in Portsmouth without an expensive foreclosure?
The answer is “YES!” (but with caveats, read below)
Can I Give My House Back To The Bank Portsmouth Without An Expensive Foreclosure?
If you are facing foreclosure in Portsmouth here is what you need to consider…
First and foremost, you need to try to avoid foreclosure in Portsmouth and start talking immediately with your bank to find out all of your options from their perspective. You need to know that the banks don’t like foreclosure either. They would prefer that you find some way or a payment plan but to keep you in the house and continue to pay them.
You may be a little behind already, but please make sure you take action prior to getting too far behind on your mortgage payments! This means you should start talking to your bank when you expect to start missing payments. You should have an idea of that well in advance, or with as advance notice as you can do.
Again, banks don’t like that you may be facing these challenges and would prefer to work something out with you than to go through the actual process of foreclosure.
You need to be open and honest with your mortgage company.
Banks love honesty, especially about your financial situation ahead of time. If you may miss one or two payments they may help you with the interest, or, they may just add the missed payments on the back of your loan period by extending it. Each bank may have different ideas for you, but it is important that you honestly tell them what/when you are facing and how much and when you can pay or repay. They will try to find a way to help you.
Your mortgage loan bills or your card payments?
This may be obvious to some, but if you need to choose between paying off your Credit Card vs your mortgage, guess which one is more important – your mortgage!. Dealing with missed credit card bills is much easier and with less severe consequences than dealing with missed mortgage payments or going into foreclosure.
We know that sometimes it may feel like “when it rains it pours” but believe us, the “ding” on your credit from missed mortgage payments is much more severe than the one from missed credit card payments. Make sure you get your priorities straight. Your home is the most valuable asset you probably have and it must be treated as such from every angle.
Is selling your house in Portsmouth VA a way to avoid foreclosure?
One sure way to prevent foreclosure is to put up your house up for sale before you go into the foreclosure process.
What is the best way to prevent foreclosure? If your remaining loan amount is less than what the house may be worth in the present time and condition, selling your house in Portsmouth may be the best way to stop foreclosure, get the proceeds from the sale and pay off your remaining mortgage amount. Maybe, if you had enough equity, you could also pocket some extra cash from the sale, so you could start over!
Or, you could go the frugal way to stop property foreclosure in Portsmouth by reducing your expenses to a bare minimum. There is a lot of information about this online. Even there are some movements for people who actually like to be frugal, called minimalist movements. Of course, you do not have to try to associate yourself with any group. It is enough if you just cut down on your expenses to a minimum.
The key to all of this is to proactively take some steps so you do not actually go into foreclosure.
We Buy Local Portsmouth Houses… Can We Make You An Offer?
Here at Coastal Edge Homebuyers, we buy houses in Portsmouth VA and the 7 main cities of Hampton Roads and we may be able to help you resolve this sticky situation and better yet, prevent your credit from being damaged at all!
The process is really simple:
- Fill out the form over here, or call us at +1 (757) 414-7117 and we’ll make you an offer to buy your house immediately upon evaluating it.
- If you accept tour offer, we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork. If you live out of state, no problem – we can do it all over the phone and email.
- We buy your house when you want us to (in as little as 7-10 days) at a reputable local closing agency – we actually use a local law firm to do the closing.