How to Fight Back Against Foreclosure in Portsmouth

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Unfortunately, foreclosure is on the horizon for you, and it’s coming down faster than desired. Time is of the essence here. We understand this is difficult for you. It’s not something you ever wanted to face, but life happens. This issue concerns possibly your most valuable asset – your house – so it’s serious and you need to know everything about it – knowledge is power in this case, when you are facing foreclosure in Portsmouth. Going through some articles like this one will arm you with the necessary ammunition to fight back the right way and pave the way for a better tomorrow.

We’ve collected some helpful tips for you here, so you can be better prepared if foreclosure comes knocking on your door in Portsmouth.

It’s Not Too Late

If the foreclosure process has not started and you have started to receive paperwork and notices via mail, it’s not late to take the following step to try to mitigate the situation when you are facing foreclosure in Portsmouth. You can reach out to your lender and ask for a short sale, or deed in lieu. In case you are wondering what that is, a short sale is when you sell your house for less than what you owe, and it requires the prior approval of your bank. So, the idea is to sell your house for less than what it’s worth, and the bank has to agree. However, be very careful, as the lender may tell you that you could still owe the difference between the two amounts. When you sell your house this way, you could sell to an investor, like Coastal Edge Homebuyers, and we guarantee a quick closing, in a matter of a week or two. It’s a quick way out. The house would be sold at a discount for an amount that the bank has to approve. And Coastal Edge Homebuyers is fully transparent with how we come up with the offer for your house, so you’ll agree it is a fair amount, given the current condition of your house. 

Make the First Move

One of the best ways to get ahead of the curve when you are facing a foreclosure in Portsmouth is to approach your bank before you start falling behind on payments, and explain that you may be having some issues coming up, which may make it difficult for you to keep up with your mortgage payments. This will be appreciated by your mortgage lender and there is a chance they will try to work out with you some plan, such a forbearance, or possibly a mortgage modification. If you would consider selling your house to an investor, a professional from Coastal Edge Homebuyers can help you evaluate your options. So, why would you consider selling your house to an investor? Because we can save your credit. If you believe you could wait, do some repairs, and then work with a real estate agent to sell your house, that may work, but if you are pressed with time and finances, then selling to an investor like Coastal Edge Homebuyers may be the better option, because is much faster.

Out of Time

Here are some facts – a foreclosure will remain on your credit for 7 years following the first missed payment. Also, a bankruptcy will stay on your credit file for up to 10 yrs, depending on the type recorded. These events will make it difficult to arrange living place in the future, or get any kind of credit, or even employment. Coastal Edge Homebuyers may be the answer to this issue. We can purchase your home, either with a cash offer outright, or to take over your mortgage payments. Your credit will be saved. This may be the most important thing you can do to keep your credit standing, as this will help you get better employment, insurance rates, and many other positives after you lose your home, which, in turn can make it much easier to get another mortgage later on, or anything else where you’ll need to show a good credit. We can offer fast closing to fight back against foreclosure in Portsmouth. Moreover, if you have good equity on your home, you can even be able to walk out with some extra cash from the sale to us, to supplement your life and expenses.

At Coastal Edge Homebuyers, we take our time to patiently review your specific situation and lay out the options for you, so you can make an informed decision. The professionals at Coastal Edge Homebuyers have years of experience helping homeowners facing foreclosure to jump right over many of life’s financial challenges. The professionals at Coastal Edge Homebuyers will help you win the fight against foreclosure in Portsmouth. To learn more, send us a message or call Coastal Edge Homebuyers at (757) 414-7117.

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