If you’ve fallen behind on your mortgage payments and a foreclosure sale is looming, you may still be able to save your home. Read on to learn about how you can file bankruptcy or sell your home through a real estate investor.
File for Bankruptcy to Stop the Foreclosure (this option will affect your credit for many years)
If the foreclosure sale is scheduled to occur in the next few days, you can halt the sale immediately by filing for bankruptcy. Contact a local Bankruptcy Attorney near you for guidance and advice.
The automatic stay will stop the foreclosure in its tracks. Once you file for bankruptcy, something called an automatic stay immediately goes into effect. The stay functions as an injunction prohibiting your mortgage lender from foreclosing on your home or otherwise trying to collect its debt. This means that any foreclosure activity must be halted during the bankruptcy process.
The lender may file a motion for relief from the stay. The lender may attempt to have the stay lifted by filing a motion seeking permission from the court to continue with the foreclosure. Even if the bankruptcy court grants this motion and allows the foreclosure to proceed, the foreclosure will be delayed at least a month or two. This should provide you with time to explore alternatives to foreclosure with your lender.
Sell Your Home To Real Estate Investors (this option may preserve your credit)
Have you been receiving foreclosure notices? Is the bank threatening to reposes your home? If so, selling to a real estate investment company might be the solution you have been looking for. Not only do they buy homes as is, they will pay cash once you sign the offer acceptance sheet. In many cases, the real estate investment company can take over your mortgage, and allow you to rent the property from them, if you want to remain in the home.
It’s a great way to avoid having a foreclosure hit your credit score hard, and putting your family at risk. If you simply can’t sell it quickly enough, or don’t have the money to come up with if you are behind on mortgage payments, this is an option for you to consider as a homeowner who is struggling to make ends meet. It might not be the ideal situation, but it can get you out of a difficult situation you may currently be in.
This process is extremely quick compared to more traditional methods, often taking just 7-10 days.
If you need to sell your Las Vegas home very quickly, with little hassle, selling to a Las Vegas real estate investor is a great option.
When you work with a real estate investor… there usually aren’t any fees involved, as you don’t have to worry about paying an agent commission, and most often, the investor will cover the closing costs.
While real estate investors are often looking to purchase homes at a discount, allowing them to fix up the house if it needs repairs… then sell the home to another home owner.
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