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A foreclosure occurs when the property owner is unable to make their principal and/or interest payments on a mortgage. This inability to pay means that the property will be seized by the bank or the mortgage company and then later sold to another family. However, most people don’t want to lose their home. Go figure! If at any point in time you receive a foreclosure letter, you may be forced out of the house without many options. You’ll be out on the street or living with family before long. But a real estate investor can help ease the situation. An investor can typically buy the property outright, providing some cash to find a new home or rental property.
Getting Out of Foreclosure
You have few options when dealing with foreclosure. They include:
- Catch up on the mortgage by paying all arrears in full, including any legal fees the lender has incurred, to get back on track. Most lenders will not accept partial payments, though. They want the full amount.
- You could enter into a forbearance agreement, in which the lender will temporarily halt payments and put a stop to the foreclosure. You will then need to arrange installments to catch up on the missed payments.
- Lastly, you could sell the property. If you cannot afford the monthly mortgage, chances are you cannot afford it elsewhere when the bank removes you from the property. A real estate investor will give you cash for the house, knowing it is in foreclosure, and take on the debt themselves. You will have some money to start fresh – to buy a new home or find an apartment to rent for the time being.
As you can see, foreclosure is a tricky business. It’s not simple to get out of foreclosure once the letter has been delivered, but a real estate investor offers you your best chance.
Receive a full cash offer for your house in foreclosure today by calling We Buy Houses at 832-981-7470!