One of the most important steps you can take when facing foreclosure is to maintain communication with your lender. In the end, most lenders are not interested in foreclosing and then owning your property, they just want their payments for the money they loaned you.  

In many situations, good communication will lead to some kind of satisfactory agreement such as loan modification or forbearance.

Loan Modifications can refer to a wide array of changes to your loan.  You can request a loan extension, a re-amortization of your remaining balance, or a decrease in interest payments. A loan modification is really any change in the terms of the note that were agreed upon and are legal. This is the most logical route to take in a foreclosure situation because you’ll be able to keep your property and keep a foreclosure off your credit history.

Forbearance. This means you can get your payments reduced or suspended for a period of time until you are able to fix your financial situation. Though forbearance may be able to buy you time to save your home, it often comes with additional attached payments, which can pile up easily if you’re already under a financial strain.

A lot of people think filing for bankruptcy is the right move in a foreclosure situation. This can legally stop the foreclosure process but bankruptcy isn’t the ideal route to take. In most cases bankruptcy is a bandaid and usually just buys you more time. Usually in the end you will still end up saying goodbye to your home and dealing with bankruptcy on your credit record. The worst part is you could still end up owing money after your house is sold if the sale doesn’t cover all the costs.

Your top option may be to sell your home while there is still time and before you are too deep in the foreclosure process. You can sell your home in a Retail Sale with the help of a real estate agent, or sell it to an investor for cash in a quick amount of time.

Selling your home in a retail sale works best if your house isn’t in need of any major repairs, homes are selling quickly in your area, and you have time to wait for it to sell.  If your house is in good condition you might be able to recover a portion of your equity, but if not, the time and money required to sell your home by listing it with a real estate agent may not be worth it.  When selling to an investor, you typically aren’t responsible for making any repairs on the property, you can sell for cash (no waiting for a retail buyer to qualify for a loan)  and usually close within a week.   This is the ideal situation for someone who needs to move quickly to prevent a foreclosure.

If you’re already struggling with foreclosure it’s likely that you’re being contacted by lots of investors promising you fast cash for your home, and you’re probably wondering “Who are all these guys?”, and you are right to be concerned about disreputable people who aren’t able to actually buy your home.

Vector Home Buyers is a group you can trust! We can buy your house fast for cash and even help you in situations where your house doesn’t have equity.  

With cases involving foreclosure, time is money. Don’t let this situation haunt you and your credit history for years to come. Work with Vector Home Buyers and let us help you save your home before it’s too late!