3 Tips To Avoid A Foreclosure
Nothing can be more depressing and dreadful than being served a foreclosure notice. It takes them to the time when they first purchased the house – when losing it was the last thing on their mind. Visit http://cashhomebuyermilwaukee.com/
Nothing can be more depressing and dreadful than being served a foreclosure notice. It takes them to the time when they first purchased the house – when losing it was the last thing on their mind. Visit http://cashhomebuyermilwaukee.com/
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3 <strong>Tips</strong> <strong>To</strong> <strong>Avoid</strong> A <strong>Foreclosure</strong><br />
Nothing can be more depressing and dreadful than being served a foreclosure notice. It takes<br />
them to the time when they first purchased the house – when losing it was the last thing on their<br />
mind. However, not many people that losing the house isn’t inevitable and that there are several<br />
solutions available. Here are five things that you can do to avoid foreclosure:<br />
Signing a deed in lieu of foreclosure:<br />
This isn’t the best solution, but still much better than losing the house. By deeding the house<br />
back the lender, the homeowner gets the mortgage canceled. You could, however, work with the<br />
bank to allow you to stay until other arrangements are made for you to move into. However, the<br />
only problem with this is that it still affects your credit score, thereby making it difficult and<br />
expensive for you to find a new place to stay. Some people consider bankruptcy to avoid this<br />
situation. But then again, bankruptcy only delays the problems – it does not resolve the issue.<br />
Consider a short sale:<br />
Some homeowners try to convince lenders for a short sale, wherein the lender agrees to accept<br />
less than what is owed to facilitate a sale. The remaining money owed to the bank is forgiven.<br />
While it looks convincing, there are a few drawbacks to the plan. For one, you have to convince<br />
the lender to accept a short sale – which is difficult unless you are far behind in payments and/or<br />
a notice of default is issued. You will also have to worry about deficiency judgment, i.e., a<br />
situation where the lender agrees to accept less than what is owed but does not agree to the sale<br />
price. The seller still owes the difference of money after deducting the total debt from the sale<br />
price.<br />
Consider selling the house for cash:<br />
You could either sell the house through a real estate agent or an investor. The former is a typical<br />
sale costing you precious time and money. But real estate investors buy homes for cash. Almost<br />
everyone promises to close the sale in less than 15 days. And the best part of the deal is that you<br />
get to sell the house as is. At Cash Home Buyers, we buy houses in Milwaukee, WI from sellers<br />
desperately trying to avoid a sticky situation. You can not only sell the house As Is, but leave<br />
only with things that you will need – we’ll take care of the junk that’s left behind!<br />
Resource Box:<br />
Cash Home Buyers Milwaukee offers to buy homes from sellers eager to avoid a foreclosure.
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