Dealing with Foreclosure in Spartanburg? Here’s a Few Options to Consider

Is your home at risk of foreclosure in Spartanburg? You’re not alone. In the month of March 2022, the United States saw over 33,000 foreclosure filings according to the Philadelphia Inquirer – that’s the 11th consecutive month the US has seen a year-over-year increase in foreclosures. Financial instability can take its toll on your ability to pay off your mortgage loans, and this can have a serious effect on your financial stability and the future of your homeownership status.

If you’re at risk of foreclosure, there are a number of things you can do to minimize the effects the foreclosure process has on your home in Spartanburg, SC. Options like selling your Spartanburg home fast and negotiating with your creditor can help you avoid the pitfalls of foreclosure – but only if you act fast. Here are some options to consider if you’re at risk of foreclosure.

Contact Your Creditor

One mistake many Spartanburg homeowners make when they’ve missed a mortgage payment or when they know they’re at risk of foreclosure is to take on the “out of sight, out of mind” mindset. Ignoring the issue or evading your lenders will only make your situation worse, so it’s best to face your missed payments and financial situation head on. And the best first step to do this is to get in touch with your creditor.

Some creditors reach out to clients with missed payments. With so many people experiencing financial hardship, many lenders are more understanding of your situation and are willing to work with you to find ways to make repayment possible. Foreclosure is a time-consuming process that costs your lender a significant amount, which is why pursuing foreclosure is usually their last resort. If you show that you’re willing to work with them, they’re more likely to find ways to adjust your payment plans.

If you’ve missed one or two mortgage payments, now is the best time to reach out to your lender. And if they’re trying to reach out to you to remind you of your payments, try to explain your situation. The worst thing you can do when you’re in the early stages of the foreclosure process is to ignore the issue, which can leave them with no other option but to pursue foreclosure proceedings.

Hold a Short Sale

Depending on your lender and mortgage agreement, you may have around 120 days after your first missed mortgage payment before your lender can file for a notice of foreclosure. Once you’ve received this, you can’t sell your Spartanburg home without your lender’s permission. If you want to pursue selling your home, you may have to sell it in what’s known as a short sale. This takes place when the market value of your property is lower than what you owe the bank. You’ll sell it to a buyer who will buy it for a below-market value, and all the proceeds go to your lender.

Keep in mind that since the property value is lower than what you owe, your lender may reject your offer to perform the short sale in Spartanburg. This is because, if they pursue a short sale, they have the option of either forgiving your debt or expect you to pay the remaining debt out of pocket. If they find that foreclosing your Spartanburg property is better to recoup their losses, they may opt to proceed with foreclosure.

Sell Your Home

If you want to avoid the short sale, you can sell your home before you get that notice of foreclosure. Depending on your home equity, you may have enough from your sale to pay off your debt – and maybe even a difference to help you start over. As long as you haven’t received your notice of foreclosure, you can still sell without getting your lender’s permission.

The issue with selling your home in this situation, however, is the short turnaround time you’ll need before getting notice. Some lenders may be willing to put off filing a foreclosure notice, but if market trends and factors like your property’s quality, location, and real estate demand aren’t in your favor, it may be in your lender’s best interests to proceed with filing. In this case, you’ll need a sure-fire way to sell your Spartanburg home fast.

Contact Sell My House Fast GSAP to Learn More

When it comes to the risk of foreclosure, selling your Spartanburg home fast is crucial to avoiding the consequences of getting foreclosed on. Don’t wait to address it. Act fast by selling your home to a reliable home buyer. At Sell My House Fast GSAP, we buy houses in Spartanburg, SC for fair cash offers. Rather than waiting months on the market only to get lowball offers and deals that don’t push through, we’re here to provide fair offers that can help you sell properties within a short timeframe.

Contact us today to schedule your property viewing and receive an offer within a few days.

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