Hey everybody, this is Alex from Coastal Edge Homebuyers. Let’s talk about foreclosure. I know it’s not a topic that most people are comfortable talking about. But every once in a while in somebody’s life that situation may arise, where you may not be able to catch up with the mortgage payments, you’re several months behind, and you’re starting to get letters from your mortgage lender. So basically, this is a situation that can be called pre-foreclosure, meaning that you have some time to fix things up, or maybe the house will be taken away. At the end of the foreclosure, what happens is usually the house ends up in an auction, and the house is sold to the highest bidder. So, how can you actually deal with foreclosure? Is there any way to actually keep your house? Yes, there are ways in which you can keep your house; one way could be that maybe you can declare bankruptcy, that will keep you in the house longer. So you’ll keep it longer, but not forever. The second option you can explore is simply to talk to somebody that you know, such as friend or relative, get a loan, maybe a short term loan, and get things under control, to “buy” yourself some time, so you can come up with a better plan to pay the back-owed mortgage, and continue on with the mortgage payments going forward. So these are ways that can actually help you deal with the situation and keep your house.
There are some other ways that we can help you with and you can call us, we’ll be happy to go over those with you. We’re Coastal Edge Homebuyers. We buy houses. But we also could be very helpful to someone like you, if you’re dealing with foreclosure. What other options do you have if you’re dealing with pre foreclosure? Well, you could actually sell the house, yes, you will have to move out, obviously. But when you sell the house, you’re actually getting a couple of things done. Number one, which is very positive foreclosure will not happen, so it will not affect your credit. This is very, very good for your future. Because foreclosure could be a big deal (a “ding”) on your credit for many years to come – you’re not going to be able to get any out a mortgage. Another piece too is that you can actually get some money out of this. In foreclosure, you may be dealing with other bills and other challenges. It’s okay. If we’re actually able to buy a house from you, or you sell it to someone like us, a company that buys houses, you actually can get some money out of the transaction.
If you have plenty of time, you may actually sell the house through a realtor ( through an agent) online. Basically, the usual way that most people know how to sell a house is to call a realtor, but this is not the only way to sell a house. There are other ways, such as to call a direct house buyer like us, like Coastal Edge Homebuyers. And that way we can help you, especially if you’re in a situation where you don’t have much time. Because we can actually close in a couple of weeks, which could be very challenging, if not impossible, when you try to sell through a realtor. So there’re many ways that we can help you with, depending on your situation, we can review those options for you and help you choose the best one based on your situation. No, we’re not going to charge you anything for that! It doesn’t matter if we buy the house from you or not. In either case, we’ll be happy to help you out. Because we’re in the business of helping people. No, we’re not a charity. We’re a business, but at the same time, we’re like helping people in many different situations, such as foreclosure. This is not the only type of customers we help, but it is one of the common types that we work with. So, if you have any questions, please give us a call. We buy houses anywhere in the Hampton Roads area, mainly the seven cities. So, just call us today at 757-414-7117.