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Stop your Foreclosure before it’s too late!

What Is Foreclosure? 
Foreclosures occur when a lender attempts to sell a property to recover the balance of the loan.

If a lender loaned you money to purchase a property and you stopped paying on the loan, the lender can start the foreclosure process by taking your property back and selling it in an auction to satisfy the loan that they gave you. This would cause you to have a foreclosure on your credit and will make it very difficult for you to purchase a home again or even get an apartment. Inasmuch, you could end up homeless. Therefore, as you can see, foreclosures are to be taken very seriously.

When can a lender start a foreclosure?
Some lenders can start foreclosure even if you are only 1 day late. The lender is only required to send you two notices before they take your home back and put it in a foreclosure sale.

Foreclosure is a scary thing, and when it’s on the verge of happening to you, it can feel like the worst thing in the whole entire world.  

Nevertheless, as the economy continues to be impacted by the COVID-19 pandemic, foreclosure has become a real threat to many homeowners, not just you.

Foreclosure, short sale, or deeds in lieu of foreclosure can make it very difficult for you to get future financing to buy another home

Each of them will dramatically lower your FICO credit score, and they stay on your record for up to seven years 

Also, past foreclosures make you statistically more likely to default on a future loan and this is why lenders don’t want to lend to people who have a foreclosure on their record because they don’t like the added risk. 

Furthermore, if you allow your property to get foreclosed on, you can expect to pay a higher interest rate and down payment whenever you do qualify for a loan again, simply because you’ve had a foreclosure in the past.

How Does The Foreclosure Process Work? 

1. You Will Begin Receiving Notices: 
Typically, once you’ve missed 3 consecutive mortgage payments, lenders will consider your loan to be default. The Lender will then contact you, usually via letter and warn you of their intent to foreclosure on your property

2. Judicial and Non-Judicial Foreclosure Filings: 
If you live in a state with judicial foreclosure, around day 90 of delinquency, Lenders may file a lawsuit to obtain a court order to sell your property.

In a non-judicial state, things move much more quickly, as there is no judge involved.
The lender can foreclose based on the agreements you both have signed and move swiftly along in seizing the property. 

3. The Final Foreclosure Notice: 
If you have not met your payment deadline, the homeowner will be sent a notice of foreclosure stating exactly when they must vacate the property.
Nevertheless, during this time, the homeowner is still allowed to make the payments if they are able to. 

4. The Auction: 
Your home will become available for public sale where the highest bidder can buy it. If no one places a bid, the lender can buy the property back and sell it at a later date.

Pre-Foreclosure Options 
All hope is not lost! There are certainly a few things that you can do during this stressful period. You do not have to simply let your home foreclose and then end up out on the street. You can sell your home to prevent foreclosure.

If your Home Is in Foreclosure, you can still sell it. 
You can sell your home during foreclosure all the way up until it is officially sold at an auction, which leads us to our next topic: 

When it comes to selling your home, you have more options than one.

1. Traditional Home Sale 
You can hire a real estate agent to help you but when you’re racing against time, hiring a real estate agent might not be the best solution

A real estate agent will have to run a market analysis and price your property; advertise the listing; negotiate with potential buyers; and finally, work with the lender to ensure that your buyer’s loan is approved, and funds are available at the time of closing.

These things take time, and usually more time than you have if you’re facing foreclosure. Also, potential buyers are likely to expect your home to be in prime showing condition, so expensive upgrades are often required. Buyers will also likely negotiate costly repairs and the real estate agent will usually require you to get your home in selling condition by making costly repairs before you can sell it.

In addition, the traditional home sale process is expensive. Realtors typically charge 6% of the home’s sale price as commission, plus you, as the seller, will incur closing costs on top of that.

2. Sell for Cash 
A quicker solution and more hassle-free solution would be to quickly sell your home “as-is” for cash

This is where Help Us Help You, Inc. comes in. We buy Residential and Commerical properties in “as-is,” condition as long as the property meets our buying criteria. So, no repairs are needed and since it’s an all-cash sale, there’s no waiting on a lender for approval of funds, which typically takes 30 days or more.

Help Us Help You, Inc. will not charge you any fees or commissions. Our process is easy and straightforward. We give you a Fair All-Cash Offer and once you accept it, we can typically close in as little as 7 days.

In many cases, selling your home for cash is the easiest way to avoid foreclosure and Help Us Help You, Inc. is here to help.

Nevertheless, if you let my property get foreclosed on, many lenders will require a minimum waiting period after a foreclosure before you can apply for a new mortgage loan.

For instance, you would have to wait:
3 years for FHA loans 
7 years for Fannie Mae/Freddie Mac loans 
2 years for Veterans Affairs loans 
3 years for USDA loans 
other lenders have different waiting periods.

When trying to avoid foreclosure, time is of the essence, so you have to act quickly.

Sell Easily | FREE Confidential Quote | No Hassle! | ZERO Fees | No Repairs Needed | No Open Houses | We pay All Closing Costs | We close FAST! | Don’t Wait!

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