How We Can Help
1. Fill Out Form
Fill out the above form to sell your house fast, especially if you are in a foreclosure. Banks will not wait.
2. Professional Free Foreclosure Consultation
We will have a quick chat to learn about you current situation regarding your foreclosure.
3. Get the Best Solution
No fees, no more talking with the banks. We handle it all with our team of lawyers and experts.
You have a high chance of stopping your foreclosure.
You Want to Sell Your Foreclosure Home? HouseJiffy buys Foreclosure Homes
There are many situations or conditions that can lead to foreclosure; you might have lost a family member, made a wrong investment move, lost a job, or made a job transfer, or even be the victim of a divorce. Regardless of the cause, there are certain actions that you can take to fix the debt. But before that, there’s one question; what is a foreclosure?
A foreclosure can be simply defined as the definite consequence when a property owner is either unwilling or unable to make a mortgage payment. Or in simpler terms, foreclosure occurs when a homeowner fails in paying the loan that was acquired from a lender. The lender (or bank in this scenario) collects the payment by taking ownership of the property that was used as collateral by the borrower during the mortgage loan process. Nonetheless, the process is not immediate and there are stages involved. Which are: pre-foreclosure, auction, and REO/bank owned.
Pre-foreclosure is the time/period that is allocated by the bank to the property owner to pay all involved debt. At this stage, homeowners try their best within the allocated time (a few days to a year) to make the payment to the bank and avoid foreclosure.
After this stage comes auction, where the bank puts the property on sale, so as to recover the money owed by the previous homeowners. But on the off-chance that the bank couldn’t find a buyer for the property, the house becomes a bank owned real estate (or REO).
Now, as already mentioned, there are a few paths that any individual facing the above can take in order to avoid the second stage of foreclosure (auction).
3 options to help you sell your pre-foreclosure house fast
If your house is on the brink of foreclosure and you need fast money to quickly clear all your mortgage, then you should know that we buy foreclosure houses in Austin, Tx—regardless of the condition. Moreso when you actually inform us you’re facing foreclosure as a threat and we channel all our resources to speed up the process.
Ultimately, what all these mean is that we understand the need for speed and efficiency. So, we procure payment to you within 3 to 5 days which is unlike real estate agencies who take their time to find the highest bid for you.
1. Speed and efficiency
2. You’ll be suitably/fully compensated to pay the mortgage loan and you’ll have remaining money
3. No bad impact on your credit score
A short sale occurs when you sell your house for an amount less than the amount you owe on your mortgage. It’s a necessary route sometimes, but the consequences are stomach turning. Because any individual who is considering doing a short sale will gain nothing from the deal. The lender takes the money, while the buyer takes the house.
Nonetheless, if you want to take this route, you need your lender’s go-ahead to sell it since they’re the ones getting the short end of the stick. Also, a short sale is only possible if you’re going through an unfortunate financial situation where you can’t afford to make monthly payments for the mortgage loan. So, you’ll need evidence that you’re going through a hardship (divorce and loss of employment are good examples) or else, the lender won’t allow you the sale.
Another reason why people consider doing a short sale is that it doesn’t have as much a bad impact on their credit score—unlike a foreclosure that might cause severe financial complications. Occasionally, lenders might even report your short sale as “paid” which will help avoid all/any bad impact on your credit score.
1. You can buy a house in 2 years opposed to foreclosure that needs 5 to 7 years
2. No mortgage payment for you to worry about
1. Your lender might report the loan as “short sale payment” which will damage your credit card score
2. You gain no money after selling the house
Lenders/banks will accept a deed in lieu of foreclosure and its subsequent minor called deed for lease provided you can convince them during negotiation. A deed in lieu of foreclosure occurs when you willingly hand over the ownership of your property (collateral) to your lender as a means of paying off your loan. It’s a hard but sometimes necessary option that you can take so as to avoid foreclosure.
A deed for lease, on the other hand, occurs only if your lender allows you to stay in the house as a renter for up to 3 years with no fees involved. It is rare and highly inconvenient since it constantly reminds people that the house isn’t theirs anymore. Also, the number of people who qualify for this option is incredibly small as they’ll be living at the expense of the bank/lender.
1. It settles all mortgage payment
2. It leaves your credit score a little intact unlike a foreclosure
1. Lender might reject your offer if your property has more than one lieu holder
How You Can Prevent A Foreclosure
Knowing foreclosure is key to its prevention. So, as we have built the options and ways you can manage/handle foreclosure, we want to keep you informed on how to prevent it or at the very least, prepare for it.
When you notice the signs of foreclosure on your person, you need to contact your lender no matter how hard it is to do so. Ego could be an issue but a foreclosure is a bigger issue if you leave it unchecked. And luckily, you have one advantage if you want to communicate with your bank—which is the fact that they share your feelings on foreclosures.
They too absolutely hate what it entails since it’s always so strenuous. The paperwork, property marketing fees, and time consumption is something they’ll rather avoid. And most of the time, they’ll work with you in doing so since it’s beneficial for both sides. So, fully communicate with them on what alternatives you can take which include loan modifications, reinstatement, forbearance and other such options.
The Department of Housing and Urban Development is one entity that has several programs in place to provide relief for people facing foreclosure. You can visit their website for foreclosure relief plans that they’ve built. Also, we too at HouseJiffy have a specialized option for foreclosure – where we provide advice on what to do. An excellent example of this is all the information we’ve provided here.
It shows that it’s not only when we buy foreclosure houses that we share information with people. Furthermore, you can get counseling from individuals who have had prior experience with this. They’ll be able to take you through all the steps they used in avoiding foreclosure (but if not), you can still use their experience in avoiding foreclosure on your own part.
In that regard, you can use a credit counseling agency. Though, do make sure you check the work history of the counseling agency you pick to verify their claims since some are fraudulent.
You’ll need to calculate whether or not you’ll be able to make up the mortgage payment – because if you can’t, all the above actions might be for naught. You can talk with your lender and even make use of the pieces of advice provided to you by credit counseling agencies to determine where you stand in terms of mortgage payment
We know it’s not as easy as it sounds, but if you won’t be able to make the payment, you can use the options provided in the “Getting out of foreclosure” section above to your advantage.
Settle all your debts and be extremely careful on how you manage your existing funds and income. Also, do not take any loan to pay a pre-existing one. You might be tempted to do that, but it doesn’t work that way and complications might later arise. Rather what you can do in this scenario is to contact your credit card company to discuss the hardship you’re facing, your financial situation, and your plans on how you’ll get out of them both.
Often, they’ll appreciate your honesty and be sympathetic to your situation which will give you some time to settle your finances.
No matter what you’re going through, keep in mind that we’re always concerned with anything/everything related to foreclosure houses, and we will gladly buy it (no matter the condition) as it will also help you. So, if your choice is to use our services, kindly contact us at HouseJiffy today.
With all the various signs that you’ll be noticing (mostly unable to make a mortgage payment), you have to very well acknowledge the fact that foreclosure is a possibility. But also, you should take note that its prevention is a possibility too, provided you take a few steps in the right direction.
Foreclosure also isn’t the end. It’s just a slight challenge that anyone can overcome, and if its indeed inevitable, you have to buckle up and prepare your mentality and emotions to take some steps that will be hard but crucial to your success. Also, remember that you’re not the first that has encountered a foreclosure and you’re certainly not the last.
You have foreclosure options. We have a solution. Sell your house fast.
If you are in foreclosure and need to sell fast we can help. Stop getting bullied buy banks we buy houses fast and handle everything.