For homeowners who want to stop foreclosure in Greenville, the future can look pretty grim. The moratoriums on foreclosures for owner-occupied homes are running out and the evictions for non-owner occupied will kick into gear around the same time. This means that a wave of foreclosures, and possibly bankruptcies, is on the horizon. In our most timely post, we are offering up 6 ways that homeowners can stop foreclosure of their homes in the Greenville area. Even if you’re behind by one payment or know you’ll miss one, read this article carefully!
Has it become a challenge to pay your house payment each month?
Are the bills piling up and adding to your anxiety?
Before things get worse and the bank comes in to take your home, you need to find a way out and act quickly.
Read on to learn more about what you can do and how Pitt Home Buyers can help you stop the foreclosure of your house in Greenville and save your credit!
Sell Immediately
A direct, fast sale between buyer and seller is likely what you’ll need in order to stop foreclosure of your house in Greenville.
Local, professional buyers like Pitt Home Buyers in Greenville are companies that will help you sell your house fast, stopping the banks dead in their tracks and avoiding the destruction of your credit.
But remember, not all home buyers are the same – Pitt Home Buyers is credible and dedicated to helping homeowners in difficult situations.
They do this by providing fair solutions that make sense for all parties involved.
While you may not receive the retail price, you will be able to sell in just a few days saving you thousands on holding costs, commissions, and repairs.
Giving up your home can feel difficult, but it is a lot preferable to sell by choice than to have the bank swoop in and take over the property.
Borrow Private Money
For some homeowners, borrowing money from a friend family member can be a quick solution to stop the bank.
However, this isn’t a longterm solution to your foreclosure situation because it’s not fixing the underlying problem of why you were late on your payments in the first place.
It’s just a direct influx of cash that you can use to put a bandaid on the problem or stop foreclosure completely.
It’s also a very uncomfortable conversation to have…
If the mortgage has become difficult to pay now, it’s likely that it will be difficult to pay going forward.
What this can do is provide you with a few extra months to be able to sell your house on the MLS and find something more affordable.
Remember that getting into a pattern of continuously borrowing money will only get you into more debt…
But this time it will be with multiple creditors, not just a bank…
Borrowing money from loved ones can also strain your relationships with the people that you care about, making your difficult situation feel that much worse, especially if you have trouble paying them back or paying on time…
Ask For Foregivence
Another thing you can do is call in to your lender and inform them about your situation.
While this is one of the most uncomfortable approaches, it will help you immensely in the long run.
Be embarrassed now and fell better long term…
In some cases, you will be able to defer a payment or work out a payment plan to make up what you owe in order to stop foreclosure.
That said, you will still have to find a way to pay your debts.
This is not going to make your debt disappear, but simply push your payments back so you can have more time to pay.
They may also wrap all of your backed payments and fees into a new mortgage and restart the amortization schedule.
There’s nothing wrong with that!
Asking for forgiveness is a one-time thing, to help deal with an unexpected situation…
Not something to bail you out long term…
Loan forgiveness is also known as loan forbearance and is used after an illness, a loss, or anther one-off circumstance.
Refinance
While a refinance is a great option, there’s also a cost that’s involved so don’t leap at the opportunity…
Do your research before refinancing anything…
If you choose to refinance with a hard money loan, your interest rates can be through the roof. \
We’re talking upwards of 8 to 15%…
While this may help you to save your house from the bank, it will ultimately cost you more money in the long run.
If your financial situation has stabilized and you’re able to pay your payments again with a little bit more left over, but you’re still behind, hard money could be an option, but tread lightly.
You can also work with your current lender to refinance your current loan, however, you need to prove you will not have trouble with your payments going forward.
In order to do this, you’re going to need to stop foreclosure sooner rather than later.
Rent The Property To Someone Else
Keep in mind that in some cases when you can’t pay your mortgage there might be another party who can.
Sound fishy? Read on…
Of course, This means that you will need to quickly find somewhere else to live at a price you can more easily afford.
You’re going to need to find high quality tenants to rent our your property.
Yes, we said rent…
If you’d prefer to stay in your room you can also rent out a bedroom to help reduce your payment.
If your situation allows, you could also choose to rent out a bedroom in your home for some extra cash, while you continue to live in the home as well.
This is another way to stop foreclosure in a quick and effective manner…
Just make sure boundaries are set on both sides so that everyone is comfortable with the living arrangements.
The wrong tenants in place mean that you’re going to default on your mortgage anyway, ending up with the same result of losing your Greenville house to foreclosure.
Declare Bankruptcy
Nobody is thrilled about having to declare bankruptcy, but it order to fight off foreclosure, it may be the answer you have been waiting for.
Declaring bankruptcy will restructure your debt and create a payment plan to get you back on track.
This isn’t the ideal way to stop foreclosure since you’re not going to qualify for bank loans over the next seven years but it is definitely an option worth looking into.
At Pitt Home Buyers, we want to help you stop the foreclosure of your Greenville property. Our team can help you review your options and make you a no-obligation offer to help you sell quickly. Let our team help you quickly and efficiently handle any difficult property or situation you are dealing with.