5 Ways to Prevent Foreclosure From Happening 

Written By
September 9th, 2019
Posted in Uncategorized

5 Ways to Prevent Foreclosure From Happening 

Foreclosure can be one of the most stressful and anxiety-inducing times in one’s life. During this time, late payments can start to accumulate. You realize that there isn’t much time to find a solution. Maybe you don’t even know where to start. If you are in a situation where you’re about to lose your home, do not give up just yet. At Authentic HomeBuyer, we understand that there are many ways to prevent foreclosure.

One of the best ways to avoid foreclosure is to sell your property fast before the bank repossesses it. We have tons of experience in this area, and we are the experts that can help you take this next, huge step so that you can experience peace of mind. 

Although the quickest way is to sell your home to us, you should still familiarize yourself with as many resources about foreclosure as you can so that you know you are making an informed decision. 

Here are just a few ways you can prevent foreclosure from happening today.

1. Lease or Rent

If you’re about to foreclose your property, you can prevent it from happening by renting out your space for a price that will help you make payments on your existing mortgage. Consider all the fees and expenses needed when you rent out your property like taxes, utilities, insurance, and much more. 

2. Mortgage Loan Modification

You can speak with your lender about changing the terms of your loan so that you can work with a monthly payment that’s within your budget. Keep in mind that this option can increase the amount of time you’ll be paying off your mortgage, which could sometimes cost you more money down the road. Always make sure that you can afford the changed amount if your lender agrees to modify it. 

3. Repayment Plan

Also, your lender may allow you to repay your mortgage within a repayment plan that helps you get back on track with payments. This option, however, will not lower the total amount owed on the property. Before agreeing to this possible solution, check to see that you can pay more money per month until you are up-to-speed. 

4. Short Sale

How exactly does a “Short Sale” work? This just means selling your property for less than the amount you owe on it. Before you agree to a short sale, you should consult with your lender so that you can try to waive any deficiency. Why is this step important? If you get an agreement in writing about your deficiency, they can’t attempt to collect the remainder of the mortgage from you. 

5. Sell Your House for Cash

If you can’t afford to pay off your mortgage or existing debt within a payment plan or through some type of loan modification, the simplest option, and the one we most recommend, is to sell your home to us for CASH in return!

Authentic HomeBuyer has purchased countless unwanted properties throughout California. If you have any questions about how we buy unwanted homes in California or how we help homeowners like you avoid foreclosure, don’t hesitate to contact us at (661) 505-9005.