Facing a foreclosure on your home is scary, but there are ways to prevent it from happening. Modern Times Homes has been buying and selling properties for many years, and we helped many homeowners save their houses from foreclosure.
A foreclosure is the legal process banks and other mortgage lenders force the sale of the property to recover the balance of the loan on which the borrower stopped making payments.
When we go house shopping, foreclosure is the last thing we would think about. At the moment we are excited to become homeowners and we are sure we will always be able to make payment on our dream home….. But in reality, life happens. Sometimes it could be a loss of job, a death in the family, divorce or other problem, which would cause our income to go down and we would be unable to make payments on our mortgage. This is nothing to be ashamed of because it happens to many people, and it could happen to anyone.
There are a couple of ways to stop a foreclosure:
-Easily, never miss a payment, but if you do, maybe have some savings in your saving account to cover couple of months of your mortgage before you get back on track again.
– Request Forbearance. This option allows borrowers who are struggling to make payments, to put a hold on their mortgage for a certain period of time.
– Apply for loan modification; if you would qualify you could refinance and make your monthly payments more affordable
-Simply sell your house to a local home investor for cash, and buy or rent something more affordable.
Choose the option that works best for your needs, but trust us, selling a house you no longer can afford is always a better option than just going through a foreclosure.
Modern Times Homes is here to help. If you want to sell your house fast for CASH give us a call at 847 242 2212 for no obligation cash offer. We buy houses As-Is and we are able to close in as little as two weeks. We can even help you find a new place and help you move your belongings.