If you are behind on your mortgage, you might be thinking about what to do to avoid foreclosure of your Rogers house. We can help with these tips!
Negotiate With The Bank
If you have missed a few payments, call your lender and ask them what your options are. After all, they want to see the return on their investment and the only way they get this is to work with you and get you started making payments again. Lenders don’t benefit when you default on your loan. Foreclosures are expensive for the lender, and they typically want to avoid foreclosure as well if they can. Many times you will be able to negotiate a repayment plan so you can get caught up on what you owe and stop foreclosure. Before you give up, pack your bags, and sneak out in the middle of the night, call your lender. You might be surprised at what they will do to work with you and keep you in your house.
A short sale occurs when the lender agrees to allow you to sell the house for less than what is currently owed on it. If your house has gone down in value since you bought it, your bank might consider this option. If you get behind on payments, you might find yourself in a place where you owe more than the home is worth. Lenders will often agree to a short sale when they see this as a means of recouping most of their costs, while avoiding foreclosure and not having to go through the lengthy and expensive process. When a sale amount is agreed upon with the lender and a buyer comes through, the mortgage lender will consider the loan paid in full and you will avoid foreclosure.
Sell Your House
Maybe you simply want to put an end to a difficult and uncomfortable situation. Your house may no longer be affordable for you, and that is OK! Things change whether it be a job loss, people moving in or out, medical bills, new addition to the family, education costs and so much more. Changes in life are constant and there are all kinds of things that happen in life that might impact your ability to pay back your loan. There is no shame in this, however, you should work on finding a solution that works as soon as possible!
If you decide to sell your house in the traditional sense, without negotiating a short sale with the lender, there are two main ways you can go. The first would be to list your house with a Rogers agent. The second would be to sell your house directly to a private buyer in a short amount of time without any additional costs to you.
Depending upon your financial and personal situation, this may or may not be a good option for you. Selling your Rogers house by listing it can take months and you could find yourself losing your house to the bank if your agent isn’t able to find a buyer in time. If you are unable to pay your mortgage payment because you are struggling financially, you may also have difficulty in paying other out of pocket costs for repairs and maintenance required in order to get your home ready for sale and keep it in good condition during the listing period. You will need to get the house into the best shape you can when listing with an agent so your house looks appealing to prospective buyers.
A direct sale is an excellent choice for many people who are facing foreclosure. Not all buyers are the same. When you sell your Rogers house to Northwest Arkansas Home Buyer, you can rest assured you will receive a fair price and a fast closing. We understand that anyone can have financial difficulties at any time. We have all been there, there is no shame in it! Let us help you with a fast and fair sell of your Rogers house!