How to stop Foreclosure
Let's start out with what Foreclosure is. Pre-foreclosure is when someone defaults on mortgage and they've been notified that their house is going to be put up for foreclosure which means they are going to lose their house.
There is a very specific time-line. If you're not making your payments they'll kick you out and take the property back. And there is a date they take it to auction. So when you get a notice of default, you get a 90 day window to either make up those payments or they're going to foreclose.
Most people don't start taking action until half way mark.
When it comes to stopping foreclosure there are numerous options. Don't sell yourself short. We'll get you where you need to go!
We'd love to see you be able to stay in your home and so we focus on all options to get you there before you consider selling.
So we have 7 ways to help you keep your house or at least help you walk away with some money in your pocket. At TMG E-Vestments we're here to help you not take advantage of your situation. If there is a good option instead of selling, we're going to help you get that option done.
- Personal Loan- We know asking for a personal loan from friends or family may not be an option but if it is it will be the easiest way to ensure you can keep your home. Don't be too proud to ask for help! We all need help every now and then.
- Listing with an Agent- Why haven't you listed your property? In some cases listing with an agent can help you sell your home before the auction and you can get out of the foreclosure. We know a lot of Realtors all over the US. We'd be happy to refer a reputable Realtor to assist you with your home sale.
- Loan Modification- Loan modification is when the bank takes what you owe and tacks it on the end of your loan. This may be a feasible option to solve your foreclosure issue. Reach out to your bank and ask about a loan modification.
- Rental- If you're behind on your mortgage then why not get a renter in here and cash flow a little to get you caught up. Another option that may help stop the foreclosure you're facing.
- Chapter 13 Bankruptcy - immediately stops foreclosure, buys time to sell. Dismiss bankruptcy after the home is sold.
- Cash Offer- Now keep in mind this option may be a good option to stop the foreclosure, save your credit and put some money in your pocket. TMG E-Vestments can offer a cash offer but we have more options to explore so you make a decision about what works right for your situation.
- Subject To/Creative- So you want to sell but you have no equity. If you take a cash offer you may have to come out of pocket at closing. We have another solution which is one of Creative Financing Solutions. So what is buying a house "Subject To"? Buying “subject to” means buying a home subject to the existing mortgage. It means the seller is not paying off the existing mortgage and the buyer is taking over the payments. The unpaid balance of the existing mortgage is then calculated as part of the buyer's purchase price. This means you walk away with no foreclosure on your credit, no money out of pocket to fix anything or sell, and massive credit repair.
At TMG E-Vestments We don't buy properties, we offer solutions. Call one of our specialist today!