Are you failing to make your mortgage payment and you know foreclosure is near to occur? Are you now desperate to seek help and have questions like: What are some legal ways to avoid foreclosure? How can I stop foreclosure in OH? Who can help me avoid foreclosure? How can I stop foreclosure quickly? What you need to do is start by knowing the ways to avoid foreclosure.
Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent. Once foreclosure takes place, you and your family will be forced to move out of your home. And if the worth of your property is less than the amount you owe on your mortgage loan then a deficiency judgment could be pursued. If that would be the case then you not only lose your home, you would also owe your lender an additional amount. This would affect your ability to qualify for credit in the future.
For local KY families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.
Fortunately, you have options available to you here in KY — perhaps more options than you realize. There are many ways to avoid foreclosure in Anderson Township; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.
In this blog post, you’ll read about 3 ways to avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.
Strategy #1: Work Out a Deal with Your Lender
The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.
Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out so you can catch-up and pay them off, or it might include a restructuring of the outstanding amounts that you owe.
Strategy #2. Bankruptcy
Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your foreclosure avoidance toolbelt. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all creditors must stop the collection process.
Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. So this shouldn’t be your first line of defense!
Strategy #3. Short Sale Help for a Foreclosure in Anderson Township
A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.
- It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
- It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in Anderson Township, OH since organizations like We Buy NKY Houses help people going through short sales.
- It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).
With a short sale, you still end up with the reality of having to leave your home but there is a bright side: The impact on your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.
We’ve worked with numerous clients on short sales and can help you if you choose to go in this direction.
If you find that you’d love to sell your house to get out from under your Anderson Township,KY foreclosure…
Learn more of the ways to avoid foreclosure! Give us a call today at (859) 412-1940 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.
Our Real estate experts will be able to answer any questions you have about the process, can make recommendations for mortgage note purchasing companies, and may be able to provide you an offer over the phone! We offer assistance not only in Anderson township but also in places like Bellevue, Burlington, Covington, Cold Spring, Crescent Springs, Edgewood, Columbia-Tusculum, Deer Park, Evanston, Fairfield, Forest Park, Hamilton, Hyde Park, Lebanon, Liberty Township, Bellevue, Burlington, Covington, Cold Spring, Crescent Springs, Edgewood, Elsmere, Erlanger, Florence and more.