You have several options if you are a homeowner in Greenville who is interested in selling their house to avoid foreclosure. Whether you are planning to sell the house for cash or keep it prior to a foreclosure auction, one thing is certain: you have to act quickly.
Here are two options to consider to avoid foreclosure:
Option 1: Loan Modification
If you’re facing foreclosure and want to keep your home, speak with your mortgage lender about a loan modification. If you are at risk of foreclosure, you are protected by the Consumer Financial Protection Bureau (CFPB). The rules are in place to protect mortgage borrowers against unforeseen costs.
Having a stable income and the ability to take on a lower interest rate is a good reason to consider a load modification. In this case, you should contact your bank or a mortgage servicer to see if they would be willing to do some sort of modification. The servicer or the bank will usually require you to submit a “proof of hardship,” which demonstrates why you are unable to make mortgage payments.
The trial period typically lasts 90 days or longer if your modification is approved. It means you can make three payments at a reduced rate. Once you pay on time, they will finalize the loan modification.
Negotiations can be lengthy and frustrating at times. Many banks and servicers lose paperwork and stall, so be prepared to get the runaround.
Option 2: Sell Your Home Through A Short Sale
If you decide that a loan modification isn’t going to work, or if you decide to sell your house, you have several options to choose from. One is by selling your house through a real estate agent, and another option is through short sale.
A short sale occurs when a financially distressed homeowner sells their property for less than their mortgage balance. The buyer of the property is a third party—not the bank but usually home buyers—and all the proceeds of the sale go to the lender. A lender can forgive the remaining balance or pursue the homeowner through a deficiency judgment, requiring the homeowner to pay a portion or all of the difference. The short sale process can negatively affect your credit report, but it may not be as bad as actually going through the foreclosure process.
To qualify for a short sale, you must first have lender approval. Most lenders will not begin foreclosure proceedings until you are 90 to 120 days behind. This is not always the case, so make sure you understand the policies of your lender.
If you’re trying to sell the house, it helps if the house is in good shape. If a property has damage and needs to be repaired, most people won’t buy it.
However, if you don’t have the money to pay for repairs, some small repair tasks can make your home look appealing. By painting, cleaning, removing clutter, and improving the curb appeal of the house, you can make the house look better when you show it to potential buyers.
In case repairing the house really isn’t an option, you can choose to sell your home to cash homebuyers. These types of homebuyers will buy your house in its current condition, even if it has some areas that need repair. These deals close within a few days, and some homebuyers even handle the paperwork for you.
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