Hi everybody, this is Alex from Coastal Edge Homebuyers. In today’s short video, we’re going to talk about foreclosure and some of the ways that you can deal with it, which include either selling the house or keep it. Yes, you can keep your house, even if you’re in foreclosure! There are some ways that we can share with you to help you do that.
So, basically what is foreclosure? We don’t have to go too far into this definition. This is a situation in which you have not been able to keep up with your mortgage payments and the mortgage lender is starting to send you notices.
And there may even be an auction date set, where your house will be sold on the open market to the highest bidder and you’re going to lose the house. So, foreclosure is not a fun thing to deal with, but believe us, we’re helping people every day in situations like these. And let me tell you a couple of ways where you can actually keep your house.
So, number one way is – you can borrow a short-term loan from a friend or a relative. If you do that, you’re going to accomplish two things. Number one, you’re going to stop foreclosure, which is super important for your credit and your wellbeing. Number two – you’re going to buy yourself some time to come up with a better plan, not only to repay that short-term loan from your friend or relative, but also to come up with a better long-term plan, so you can continue to pay off your mortgage and keep the house.
The second way – you can ask for a Loan Modification. If this hasn’t been offered to you yet by your mortgage lender, you can ask about it. This basically means you go through an application process and if they approve it, whatever you owe today (the lump sum that will bring you current) they will actually put it right on the back of the mortgage, so you’d still owe it, but over a long, long period of time.
So that’s how you can handle this situation, keep your house, and continue on with the payments just like before. Now, there are some other ways you can deal with this situation, including selling the house. In some cases, that may be wiser if you don’t have a good long-term mortgage repayment plan (not only to catch you up with whatever you’re behind on, but also to continue paying going forward).
So what else can you do? What are your options? Well, we actually have more than eight different ways that we can share with you. If you call us, we’re going to be happy to go over all of those with you. This video would be too long and maybe boring to go through all of the options, but we can actually help you choose the best one based on your situation.
We’re Coastal Edge Homebuyers. We help people in many different situations, including foreclosure. We’ll be happy to talk to you and help you choose the best way to handle your situation. Now, if you sell the house through a foreclosure, basically selling it before the auction date happens, you’re going to be in pretty good shape, because not only are you going to stop the foreclosure, but this will not affect your credit, which will be a very positive thing for you. And last but not least, guess what – you may get some money out of this – some cash in your pocket, when you sell the house. Now this is great. It’s a great option for some of you, if you don’t have a good long-term plan to pay off the mortgage.
So, we have several different ways to share with you in dealing with foreclosure. You don’t have to fret this situation😊 Basically, we are helping people just like you, in everyday situations, including foreclosures, inheritances, and many other similar cases. Call us today, we’re going to be happy to help you out. 7 5 7- 4 1 4- 7 1 1 7.