Stop foreclosure Seattle – Homeowners with adequate equity can stop foreclosure by having their property listed with a qualified agent who understands the foreclosure procedure in their area. Besides stopping foreclosure, this option can help homeowners harvest some of the equity. However, in many cases, homeowners don’t have adequate equity to sell their property before negotiating a short sale.
If a homeowner’s mortgage debt exceeds the property’s current worth, they could hire a competent real estate agent to negotiate a short sale with the lender. The homeowner needs to prove financial hardship to qualify for a short sale home foreclosure solution. Hardship can be defined as a change in the homeowner’s financial stability between the time of home purchase and the time of negotiating the short sale. Acceptable hardships include job loss, mortgage payment increase, divorce, forced or unplanned relocation, or excessive debt. A short sale helps homeowners stop foreclosure, as well as redeem part of their credit rating. In addition, one may be eligible for another mortgage in only 24 months, compared to five years in the case of a home foreclosure.
When a home enters into the foreclosure process it’s normally due to the fact that you have not made payment on your home for at least a month and sometimes a little more than that. The owner of your mortgage or your lender does not want to drive you out of your home, but they’re also interested in making sure they’re paid for the funds that you borrowed from them in order to buy the home initially. So, when you cease to make payments on your home they get worried and start the foreclosure process to try and get their money back…or at least some of it. One of the ways to help you pay your mortgage loan off in full would be to stop foreclosure by selling your home.
A better decision for you if you won’t be able to make the required payments on your home is to stop foreclosure by selling your home. I know of a few families that did this and bought their homes back again when they had the money.
You’ll be able to use the funds you get from selling your home to settle any money you owe on your mortgage. Look at it on the bright side – You could end up with funds in excess that you can turn round and use to purchase another new home, maybe one that requires less in terms of your a monthly payments. Additionally, when you stop foreclosure by selling your home it will help you save your precious credit at the same time.
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