Due to the economic fallout of the COVID-19 pandemic, government programs designed to help homeowners deal with foreclosures have begun to expire. Several government and private sector programs allowed borrowers with financial difficulties to delay their monthly payments. When the home is sold or the mortgage refinanced, the missed payments could be added to the end of the loan period or repaid.
If you’re one of those homeowners facing foreclosure in South Carolina, the experience can be overwhelming and nerve-wracking. Here’s a guide on what to do when facing foreclosure so you can navigate the situation calmly.
The Foreclosure Timeline
In foreclosure, a bank or mortgage lender takes possession of a property that has fallen behind on its payments, often against the owner’s will. Here is the usual process:
1. First Missed Payment
You may be charged a late fee if you fail to make a mortgage payment within a grace period of 15 days after the due date. Your late payment may also be reported to the credit bureaus.
Regularly missing mortgage payments will put you in default. Depending on the lender, some consider you in default after 30 days of not paying, while others have a 15-day grace period.
3. Foreclosure Lawsuit Or Notice Of Default
In a judicial foreclosure, your lender will file a foreclosure lawsuit. If you don’t respond, the judge will likely grant a default judgment to the lender. If you respond, the case could go to trial or the judge could file a motion for summary judgment.
In a non-judicial foreclosure, you automatically receive a notice of default (NOD) via certified mail. It displays how much you owe, including past due amounts, late fees, and foreclosure costs. Once you receive the NOD, you usually have 90 days to repay what you owe or negotiate a repayment plan with your lender.
You can stop the foreclosure process by paying what’s owed between the notice of default and sale of the home. You are still legally the owner of the home, so you still have time to avoid eviction. It is possible to stop the foreclosure process even by contacting your lender, especially if they determine you are eligible for a special payment or relief plan.
5. Notice Of Sale
If you don’t make arrangements or pay what you owe within the notice of default period, the lender will create a notice of sale. The lender will then prepare to sell the property at auction, which includes setting a date and time for the sale.
Selling Your House During Foreclosure
If you’re wondering, “Can I sell my house fast if I receive a foreclosure notice?”, then the answer is yes. You’re probably considering this option if you don’t have the money to repay what you owe and you’d like to move on from this situation.
Start by finding out roughly how much your home is worth. You can use online tools or compare home prices in your neighborhood.
Calculate your estimated sale price by subtracting what’s owed from your latest foreclosure communications from the bank, including all outstanding principal and interest.
You have a few options when it comes to selling a house facing foreclosure, and one of them is to reach out to a real estate agent who specializes in pre-foreclosure home sales. In addition to listing your home, they can market it to potential buyers and assist you with your lender. Just remember that they require a cut from the proceeds of the sale.
You can sell your house faster if you sell it to a cash buyer. With a quick walkthrough of the home, they’ll give you an instant cash offer which you can accept at any time. The best part is that they won’t ask for commission, so all the money is yours.
Sell Your House In Record Time
We are Sell My House Fast – Greensville, Spartanburg, Anderson, Pickles, a company of experienced home buyers who will pay cash for houses in any condition, no repairs necessary. If you’re trying to sell your house fast in South Carolina, we can help you.
You don’t have to pay realtor fees, go through an approval process, complete an appraisal, or do any repairs. A quick walkthrough, a no-obligation cash offer, and a closing date you choose—we can close in a matter of days or weeks—is all that’s needed.
Ready to sell your house for cash? Call us today at (864) 428-9197, and we’ll give you an instant cash offer.