WHAT IS A PRE-FORECLOSURE? THAT’S A QUESTION THAT MANY HOMEOWNERS WHO ARE BEHIND ON THEIR PAYMENTS MAY BE WONDERING. THE PROSPECT OF HAVING YOUR HOUSE FORECLOSED ON AND LOSING IT IS PROBABLY ONE OF THE WORST THINGS THAT CAN EVER HAPPEN TO SOMEONE. THERE ARE A LOT OF REASONS WHY PEOPLE FALL BEHIND ON THEIR MORTGAGE PAYMENTS, AND NO MATTER WHY IT HAS HAPPENED TO YOU THERE IS HOPE. THE MOST IMPORTANT THING YOU CAN DO IS MAKE SURE THAT YOU ADDRESS THE PROBLEM AND WORK ON FINDING A SOLUTION.
FAR TOO MANY PEOPLE SIMPLY SHUT THEMSELVES DOWN EMOTIONALLY AND REFUSE TO DEAL WITH THE PROBLEM. WELL THIS NEVER WORKS, AND IN FACT IT CAN MAKE THINGS MUCH WORSE. IF YOU RECOGNIZE THAT YOU ARE GOING TO BE FACING FORECLOSURE, AND YOU CAN’T FIND A WAY TO SAVE YOUR HOME, THEN LEARNING ABOUT A PRE-FORECLOSURE SALE CAN HELP YOU TO WALK AWAY WITH YOUR CREDIT LESS DAMAGED, AND POSSIBLY EVEN WITH SOME CASH IN YOUR POCKET. What Is Pre-Foreclosure ? Pre-Foreclosure describes a situation where the homeowner is more than 90 days behind on their payments and as a result the mortgage company has started the foreclosure process. At this point in time the homeowner is still the legal owner of the property even though their mortgage company has started to foreclose on them. Since they are still the legal owner of the property they can arrange to sell it as a pre-foreclosure instead of simply allowing their mortgage company to take possession of their home leaving them with nothing to show for it. While it may be an emotional thing to do it is still a far better option than allowing your mortgage company to complete the foreclosure process. What you have to remember is that whether you take action or ignore the problem you will still lose your house, but by taking action now you can have a chance to avoid foreclosure, save your credit, put a bit of money in your pocket and and leave on more favorable terms than you would have if your home was foreclosed upon.
What Are The Benefits Of A Pre-Foreclosure Sale?
The primary benefit of a pre-foreclosure sale is that it will help you to preserve your credit score. The world runs on credit and if you have a poor credit score then you are going to have a lot of issues trying to qualify for loans in the future. This can be especially problematic for you since you are losing your home and will likely want to buy another one in the near future. If you have a foreclosure on your credit it will probably take years to repair it, which means you will have to wait years to buy a home again. Of course you can always file for bankruptcy protection since you may be behind on other payments as well, but this too will stay on your credit for many years.
Once your home has been foreclosed upon the mortgage company will usually try to sell it at auction quickly. Mortgage companies aren’t in the business of owning homes, so you can expect that the will auction your former home as quickly as possible. The problem with this is there is a very good chance that they will end up selling your home for less than you owed on it. If this happens it’s possible that your lender may file a civil lawsuit against you in an attempt to get back the money they lost out on. This usually leads to wage garnishment, and can generally ruin you financially. Of course there is still bankruptcy protection, but once again that will damage your credit which makes it an option you should avoid.
On the other hand a pre-foreclosure sale can help you to avoid all of these problems. You won’t have to deal with having your home auctioned off and end up owing money to the bank. You also won’t have to deal with the major impact on your credit score that a foreclosure will have. Instead you will simply a debt that was paid off, which should actually help your credit score to go up.Another major benefit of a pre-foreclosure sale is that you may actually be able to walk away from the process with some cash. When you sell your home the first thing that will happen is your bank or mortgage company will be paid off. After that any cash that is leftover will go to you. So if you live in a home that has gone up significantly in value then there is a good chance you will be able to profit from what is otherwise a bad situation.How Rise Real Estate Group Can Help You! Rise Real Estate Group is a real estate company that specializes in paying cash for property quickly. Will you be able to get full market value for your home by going through Rise Real Estate Group? Probably not, after all you can’t expect a company to pay market value because then there is no money in it for them. With that being said Rise Real Estate Group enjoys a reputation for being a reputable company that is known for paying a fair value for any properties they buy. More importantly they also act quickly, which is a necessity when you are dealing with a pre-foreclosure sale.
When the time comes to sell your home, and you want to get as much cash for it as quickly as possible, then you should contact Rise Real Estate Group. They specialize in buying homes that people want to sell quickly, and they have a reputation for paying well for those homes. If you want to take the headache out of selling your home and get it done quickly, then contact Rise Real Estate Group today.1