What is Foreclosure?A foreclosure is the legal process where a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the contract. The process can be stressful, embarrassing, and have long-lasting consequences. A foreclosure starts when the homeowner is issued a notice of default after the fourth missed payment. The whole process can take from six months to one year or more, depending on the negotiations between the borrower and the lender. The foreclosure process varies by state, but in general lenders try to work with borrowers to get them caught up on payments and avoid foreclosure. If you’re worried about being able to pay your mortgage and the possibility of foreclosure, here’s what you need to know about selling a home in pre-foreclosure and how to sell your property before the foreclosure happens.
Selling Your Home During Pre-ForeclosureYou can sell your home up until it is sold at auction as per mandated by the court or before the bank or lender takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender. The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the pre-foreclosure stage. During this time, the servicer can charge you various fees, like late charges and inspection fees, and, in most cases, must inform you about ways to avoid foreclosure and send you a pre-foreclosure notice called a breach letter. A home will be foreclosed upon when a mortgage lender exercises its right to sell a property which the owner has not kept up payments on. The lender gives the homeowner a period of time to make payments or other arrangements before selling the property.
Sell to A Professional Home Buyer!
If you’re dreading your home’s possible foreclosure and you’d rather not go to the trouble of finding buyers for your property, you can always choose to sell to a professional home buyer. If you’re ready to sell your home, don’t hesitate to reach out to us here at Sell My House Fast – Greenville, Spartanburg, Anderson, Pickles, because we buy houses for cash in Anderson, South Carolina.
The advantage of selling to a professional home buyer is the convenience. You don’t have to spend on repairs, you don’t have to take time out of your day to host open houses, and you don’t have to wait for months just for a buyer to show up–only for him to back out at the last minute due to problems with his mortgage.
Interested in the prospect of selling your property to a cash home buyer based in Anderson, South Carolina? Look no further, because here at Sell My House Fast – Greenville, Spartanburg, Anderson, Pickles, we buy houses in Anderson, SC for cash. Enjoy a fast, reliable, and convenient transaction when you decide to sell your home to us today.