Foreclosure isn’t a subject you’ll want to be an expert on. However, if foreclosure looms, there are ways you can prevent that from happening. Here’s a list of suggestions on what you can do to make the most out of your situation.
Keep Your Home
There are two choices you can make. First, you can keep your home. There are options that you can explore. Go over loans and programs that may help. Check if your situation qualifies before you proceed. That won’t apply to everyone, so determine if that’s the case with you.
Sell Your Home
If you’ve reached a point of no return, consider selling your house. That’s another option open to you. This one provides you with a win-win solution, depending on your situation. When you sell the property, you can use the proceeds to pay off your creditor, preventing foreclosure. You still lose the property. But you won’t have any foreclosure on record. If you’re in a sticky situation and you need to sell your property fast to avoid foreclosure in Sacramento, look for a company that buys houses for a fair price.
Ask About the Process
If you’re selling the property, understand the steps. How will the process go? When can they buy the property? Does the company move fast? Some properties that do fast sales take a couple of days or weeks. Some are much faster. Finding a company that buys properties within 24 or 48 hours is in your best interests. That’s a good timeframe and can work for you if you’re in a rush.
Talk to Your Lender
If you don’t qualify for any payment restructuring programs or options, performing a short sale might be the best move for you. But before you go ahead with that plan, you need to reach out to your lender. Your lender needs to sign off on this. Will they agree to receive less than the amount you owe? This is where your persuasion skills come in handy. You need to build your case. Once they give you the go-signal, you can start looking for options.
Choose a Trusted Buyer
Pick a buyer that you can trust. How long has the company or buyer been in the industry? If the company buys houses fast, what do they usually look for? Are they reliable? Some organizations might try to scam you, so be on the lookout for the signs. If you sense something dodgy, don’t go through with the process. Go elsewhere.
Know the Risks
Before you go through with the sale, understand the risks. What can you expect once the short sale is made? In some cases, you could be lucky enough to end up with a small sum of money from the proceeds. You can use that to tide you over until you’ve sorted out your living arrangements.
Prepare the Requirements
If you’re making a short sale, what documents does the buyer need from you? Be sure to have everything ready if you want the sale to go through as soon as possible.
