If the bank is threatening to take your property after all you have put into it, we can help you stop the foreclosure of your house in Baton Rouge! Keep reading to learn about what you can do to fight back!
Dealing with the threat of foreclosure can be extremely overwhelming. COVID threw a lot of peoples world’s upside down. Homeowners especially. The government and lenders worked with people a little, but those programs are ending and millions of homeowners are in trouble. The thought of losing your house after putting so much of yourself into it can feel devastating, and that’s not to mention the ugly marks it will leave on your credit. Nobody wants to deal with foreclosure, but luckily there are some things you can do to avoid it. In our latest post, we will help you learn how to stop foreclosure of your house in Baton Rouge.
Call Your Bank
Although your lender may have given you forbearance for the last year, which helps, they still usually would rather work with you to get back on track then put the house into foreclosure. It is uncharted territory for America, but people at the bank are still people, and when you speak to them from that angle, they often will work with you.
While the process isn’t fun for you, it isn’t fun for them either. They have to pay lawyers and if they end up with the home, they often have to fix it up and then list it, which is costly and time-consuming. Foreclosures often leave the lender with a loss. If working with you will get them more money than foreclosing, they will work with you to find a solution. As soon as you realize you will have trouble with your payment, contact your bank and try to work out a repayment plan. If you think that paying your mortgage is going to be difficult going forward due to new circumstances in your life, you may want to stall the foreclosure and sell the house while you still can.
Sell Your House
If you get foreclosed on, your credit takes a hit and you often don’t even end up with any money even if you have some equity in the property because of all the fees. Selling your house quickly can get lender their money, and can prevent the terrible hit to your credit. Foreclosures last a long time on your credit report, and can decrease it 100+ points, making it hard for you to get a new house, car, or even cell phone plan! Listing your house in Baton Rouge doesn’t necessarily guarantee your house will be sold quickly. Selling in this manner can take months, allowing the bank to foreclose on the house while it is listed.
On the other hand, a direct sale to BuyHousesBR LLC will allow you to sell your house quickly and for a fair price. A lot of time, we can pay above the payoff amount, so you can walk away with your credit in tact and some money in your pocket. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking. Our process is fast, convenient, and always fair!
Use A Short Sale
Another way to sell your house fast in Baton Rouge to avoid foreclosure is by using a short sale. These were very popular in 2007-2010, but are less common now and you need to find someone knowledgeable to work through it with you. A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. They normally require a BPO (Broker Price Option), to help you determine the fair market value for the property.
Declare Bankruptcy
When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. This can buy you some time, but doesn’t usually solve your problem. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy can be disastrous for your credit and make it really difficult to borrow money in the future, so talk to an attorney and use it as a last resort before signing any paperwork.
No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.