Foreclosure Solutions

Badger Real Estate Investments can help keep foreclosure off of your record.

You may have lots of investors contacting you trying to scare you into selling your house to them immediately.  Yes, we are investors too, looking for a good deal, but we aren’t out to take advantage of people.  We feel that it is important for you to know all your options before you make any decisions on what to do if you are facing foreclosure.  If you decide you have to get rid of your house, then contact us and we will do our best to see what we can do to help.  Even if you have little or no equity in your house, we may be able to help.  Call 513-3407, or email Kschulz@KeithAndKinsey.com

 

Here are your options: 

Catch Up On Payments: Up until the day of the foreclosure auction you can catch up on payments to stop your foreclosure.  Look into borrowing from friends, family, church, credit cards, or your retirement fund to get caught up.  Also, it is possible (although unlikely once a foreclosure has started) to obtain a second mortgage to help you get caught up.

Refinance:  If interest rates have dropped since you obtained your mortgage, or if you have paid off a significant portion of your original loan, you may be able to refinance to lower your payments and pay off your existing mortgage. It is very difficult to find a mortgage lender that will refinance a house in foreclosure, but it is possible depending on your credit report, income, equity and house value.  Be careful of scammers trying to take advantage of your situation.  If somebody tells you they need advanced fees to take care of your refinance, be very careful.

Bankruptcy:  Consult your attorney about this possibility. View more info direct from the government website.

Loan Modification or Forbearance: A loan forbearance is when you negotiate with your mortgage company to make payment arrangements.  Typically you would have to pay a portion of your past due payments immediately and then make payments on the rest of the past due amount in addition to your normal monthly mortgage. A loan modification is when the bank is willing to change your mortgage to lower your payments.  The delinquent amount is then added to your total mortgage balance. Either of these options require negotiation with you banks loss mitigations department, and it is much easier to arrange something like this prior to the bank filing for foreclosure.

For Sale by Owner: This may be an option when houses are selling fast.  However, keep in mind the typical for sale by owner house sells for less money and takes longer to sell then a house listed with a realtor.

List With a Realtor: Selling your house with a realtor is the best way to get the most possible money out of your house.  A realtor will list your house on the MLS and get the most advertising exposure for your house.  They can typically sell your house quicker than you could for sale by owner, but it can still take many months to sell a house.  So, act soon if you go this route. We do offer full real estate sales services at Keith and Kinsey Real Estate.

We Can Buy Your House: If you can’t find a way to keep your house, you don’t have time to sell it, or you don’t want to stress over your situation anymore, call us.  If you have enough equity in your house, we can buy it directly from you and keep foreclosure off of your record.  We can close fairly quickly, and in some situations you can walk away with cash to make a new start.

We Can Work A Short Sale On Your House: If you don’t have much equity in your house, this could be a possible way out.  We can try to work a deal with your mortgage lender to buy your house from them at a discounted rate and keep the foreclosure of your record. Your probably wondering why a bank would do this.  Well, they dislike foreclosures almost as much as you do.  It doesn’t look good to a banks investors when the bank has foreclosures on record.  Also, a bank has to hold more money in reserves when it has loans in foreclosure.  We will do our best at negotiating a deal with your bank to buy your house from them and stop your foreclosure.

Let It Go To Auction: After reading all your other options, I would hope that nobody

lets it go this far. This is by far your worst option. You will lose any equity you may have, lose your house, and end up with a foreclosure on your record. After the auction a new owner will take title to your house, and if you have not already left on your own, you will be forced to move out immediately.  Don’t let your house be sold on the courthouse steps!

Keep foreclosure off your record!  Before it’s too late contact us. Call 513-3407, or email Kschulz@KeithAndKinsey.com

Please keep in mind, we are not legal professionals, and this is only our understanding and opinions of your options.  For legal advice on your situation please contact a legal professional.