There are many reasons why you may have missed a few of your mortgage payments; sickness, job loss, divorce, or numerous other reasons that can have you worried about foreclosure. You know exactly how the problem started, not having enough money to make your payments. Don’t put it off any longer, explore you options on how to get cash and get out of foreclosure now.
There a two options most people choose to get the cash to pay off the loan; the first is another form of financing that will bring you back into positive standing with your lender, the second is to sell your house quickly as possible. A cash sale will pay off your mortgage and bring you out of foreclosure before it even happens.
First off you need to remember if you are not able to make your mortgage payment, call your lender right away and explain your situation to them. Hopefully your lender can listen and provide solutions, but if they cannot you need to get busy will other ideas on stopping the foreclosure.
One good thing about the economical crisis is that you will have many more foreclosure solutions than you would of, even a few years ago. Today we have non-traditional loans, longer terms, adjustable rates, and loans that allow you to finance 100% of the cost. You do a lot of work on you home, making it a safe and happy place to live, so what can you do to stop home foreclosure?
You can get cash if you have built up some equity in your home. Most lenders would be more than happy to give you a equity loan. You can then use this money to pay off past due amounts and stop the foreclosure on you home. You also may be able to refinance your entire home and possibly come out with lower mortgage payments.
You should contact local lending institutions or browse online for mortgage lenders who may have many different financing options for you. If you take time to read foreclosure help websites you should be able to find plenty of investors who are willing to do high-risk foreclosure financing. This could be another option for you to get cash and save your home, though you will have to make timely payments back to the investor, or risk losing the home.
Keep in mind when looking for help online and dealing with investors you do need to be aware of scam artists. There are several predatory lenders offering loans at an outrageously high interest rate, have exorbitant brokerage fees, or repayment terms that you could not possibly meet. All of these things will lead you right back into foreclosure, so make sure you read the fine print.
You second option is to sell you house for cash and use it to pay off your mortgage. If you sell your house as a pre-foreclosure, buyers will see that you are serious and that you probably have it priced right. Therefore leading it to sell quicker than just a normal house on the market. Plenty of people in the buying market are looking for a fair price, so they turn to pre-foreclosure. This can work to your advantage and end up in a quick and hassle free sale, giving you cash in just a few days. Overall just remember when you are facing foreclosure, there are options. Whether you want to remain in the house or sell it is up to you.