In the waves of life many unexpected things can happen that change the trajectory of your financial situation. Loss of job, health crisis and incurred debt elsewhere are among many of the reasons that some homeowners find themselves in the daunting process of foreclosure. But what exactly is foreclosure and how does it impact your ability to sell your home as well as your financial future? Keep reading to learn more!

What is Foreclosure?

When you purchase a home, you make an agreement with the bank (mortgage lender) to make payments against the collateral (your home) in order to repay the lump sum of cash that the bank has used to secure the home. These scheduled payments are your recurring monthly mortgage. If you find yourself unable to pay your mortgage on a monthly basis the bank is entitled to collect on that debt and has legal authority to begin the process of foreclosure. Thankfully this process is not instantaneous and also requires extensive notice to the homeowner. You won’t get a knock on the door out of the blue one day that you need to move. While different banks have different timelines on when the foreclosure process begins, if you have missed three to six months of your mortgage payments then you should expect to receive certified mail communication from your bank lender letting you know that they need to collect on your accrued account balance.

But What if I can’t Pay My Account Balance?

If you are unable to pay your owed balance of missed mortgage payments the bank has a right to take your home in order to sell it to pay off its loan. This is definitely a scary thought, but you should remember that banks are not in the real estate business, they don’t necessarily want homes on their hands that they need to sell. They deal in money, lending and mortgages. If you’ve received a foreclosure notice you have a few options on the table.

First, you can repay the account balance which puts an immediate stop to the foreclosure process. Once your account balance for your owed mortgage is reconciled the bank has no recourse to pursue foreclosure. Unfortunately for many homeowners who are facing foreclosure, paying back more than a few months mortgage is not a feasible option. Secondly, you can continue with the foreclosure process, leave your home and have the bank take ownership of the property. This is obviously not ideal. Not only are you forced to move when the bank says so, but if you are considering buying a home again in the future you will need to disclose on your future mortgage application if you have ever been foreclosed on, which could negatively impact your ability to secure another mortgage down the road.

But there is a bright spot here if you’re looking at the possibility of foreclosure or are already in the beginning stages of foreclosure. You have every right to sell your home before the bank takes over your home. While the bank will take your owed account balance before paying you any cash for your sold home, you can avoid going into foreclosure and needing to disclose it later on in life.

Who Can I Sell my Foreclosed House to?

If you are considering selling your foreclosed house, you probably aren’t financially able to make any improvements or even required fixes that a home inspection may bring to light from a potential buyer. In addition to the added expenses of real estate agents, closing fees and inspection reports, there is a longer timeline when it comes to selling your house in a traditional way. If you are in foreclosure, time isn’t on your side. What you need is a real estate investor.

What Is A Real Estate Investor?

A real estate investor is not a real estate agent. Instead, they are individuals or companies that buy real estate directly from homeowners in as-is condition in order to rehabilitate the home themselves and then resell it for a profit. Real estate investors are able to purchase your home from you directly, with cash, and can close on your home quickly so that you can move on, without the headache of a foreclosure impacting your financial life.

It’s true that real estate investors really do buy properties in as-is condition. Outdated, fixers, or broken and neglected appliances or rooms are no problem. The real estate investors at www.SellMyYorkPAHouseFast.com are caring and want to partner with you to ease the burden and stress that an impending foreclosure creates. We’ll come and assess your home and offer you a real cash offer and begin the closing process quickly to get cash in your hand!

Life is unpredictable and financial difficulties can compact stress into a feeling of overwhelming uncertainty. Contact www.SellMyYorkPAHouseFast.com and let us partner with you. We’d love to talk about how we can get you cash for your home, quickly.  Contact us today!