I often get calls from people who are facing a foreclosure. A couple of weeks ago, I received a call from someone who said they were in a bind. They had to pay off their mortgage on their Greenville house or face foreclosure. I get a lot of calls like this, so I wanted to write a post to help you know what this is and how you can avoid it.
What Is A Foreclosure?
This is the legal process banks, and other mortgage lenders use to recoup their losses when a borrower stops making payments on their mortgage loan. When a borrower uses a mortgage to purchase a property, they agree to make monthly payments to their lender until they have paid back the home. If a borrower cannot make their payments on the loan, often due to financial hardship such as a job loss, the lender will try to earn back some or all of what they’re still owed by taking ownership of the home and selling it. When a home is foreclosed on, the homeowner is evicted from the property, and the foreclosure is recorded on their credit report, severely impacting their credit score.
In summary: if this homeowner couldn’t make the payment, they would be evicted, lose the house, and damage their credit score permanently.
What Can You Do?
I asked them how long they had before this would happen. Their answer? One week.
How do you avoid foreclosure? Well, you have to find someone who will pay what you owe for you. Then, they have to come in and make a cash payment to the lender and take over your mortgage. Why would you do this? If you foreclose on your home, that will negatively affect your ability to purchase a home in the future. This is because it will show up in your credit score that you defaulted on a previous loan.
We often help people in these situations by buying their house with cash to avoid foreclosure.
Now, there is a lot that goes into buying a house. There are attorneys involved, a ton of paperwork, and you have to find a lot of cash quickly. Getting all of that done in one week is virtually impossible.
We pulled every string possible to get this one done, and it worked. This family was able to avoid foreclosure at the last minute. We don’t recommend waiting that long! But if you are in a bind, give me a call, and I’ll see if I can help.
Chris Gavre Can Help!
I can help you sort through all of the factors to help you avoid foreclosure on your Greenville house. I am a local cash buyer who often helps people avoid foreclosure by taking over their mortgage payments. Give me a call to see if I can help! Or learn more about me here.