According to ATTOM Data Solutions, Massachusetts ranked 24th for foreclosure, with Delaware, Nevada, and Illinois taking the top spots. Of the 2,897,259 housing units in Massachusetts, two hundred and eleven homes went into foreclosure, making for a repossession rate of one home in every 13,731 houses.
Owning a home is an exhilarating feeling; no more paying rent, you can build home equity, and you have 100% control of your living space. Sadly, you might face financial challenges in the future, and you may face foreclosure. If your financial position has taken a turn for the worse, and you’re struggling to pay your mortgage, or you’re already in arrears, it’s crucial you learn how you can stop foreclosure.
In this blog:
– What is foreclosure?
– What happens when your house is foreclosed?
– How to avoid/stop foreclosure
– Can I Sell my house to avoid foreclosure?
What Is Foreclosure?
Most property owners take mortgages to buy homes. In fact, in 2017, the share of homeowners with a mortgage was 62.9%. Mortgages are loans that are specially tailored to help individuals to purchase a property. Until this loan is repaid as per the terms and conditions of the mortgage, the mortgage company, bank, or lender owns a financial stake in your home. Mortgage payments are made monthly until the balance has been cleared.
If you start to miss repayments, your mortgage payments are said to be in “arrears,” and the lender can then secure a court order to take full possession of your home to sell it to recover the money owed.
The foreclosure process usually involves court action, repossession, followed by eviction. When a lender sells a foreclosed home, they will use the process to cover the cost of the homeowner’s outstanding loan balance and expenses associated with the home sale – estate agent fees, legal fees, repairs, and legal costs. If there is any cash left over, the lender will pay the homeowner. If there is still a loan shortfall, the homeowner will still owe the mortgage company or bank unless the financial institution chooses to write off the debts.
What Happens When Your Home Is Foreclosed?
Foreclosure is a last resort for lenders. In fact, most lenders won’t repossess your house unless you fall in arrear for more than three months. Typically, lenders will try to find an interim solution for lenders who fell into arrears because of circumstances beyond their control.
A closer look at the foreclosure process:
-> Missed payments
-> Notice of default
-> Court order
-> Court hearing
-> Repossession order
-> Notice of the sale date
-> Sale of the property
How To Stop Foreclosure
It’s important to remember that foreclosure isn’t the endpoint. As you’ve seen, there are many steps involved before a lender can repossess your house. Besides, attempts must be made to meet with you and discuss potential interim solutions.
If you’re dealing with financial problems and miss your mortgage repayments, contact your lender ASAP. It can be worrisome when facing foreclosure, but it’s possible to stop foreclosure, even just before the day of eviction. Below are possible routes to take to stop foreclosure:
-> Pay towards your mortgage arrears
-> Talk to your lender about a loan modification
-> Rent out your house
-> Sell your home fast
Can I Sell My House Fast New Bedford To Stop Foreclosure?
Yes! Absolutely. If you know your financial position is not likely to improve in the near future, you should consider selling your home before choosing voluntary foreclosure.
While many homeowners are unable to sell their houses the traditional way when facing foreclosure, most are unaware of how a cash house buyer such as Stella Point Properties can help them stop foreclosure.
An all-cash sale to Stella Point Properties can stop foreclosure in its tracks. We buy houses New Bedford, MA, and have the money to complete a quick sale of your home in less than ten days! There are no renovations needed when you sell you us, no real estate agents, legal fees, showings, or valuations. We buy houses New Bedford for cash quickly to help property owners stop foreclosure. While the all-cash offer might be below the market value, you’ll avoid foreclosure, save your credit score, and stop further debt from piling up.
Sell Your New Bedford Home Fast For Cash To Avoid Foreclosure Today!
If you’re facing foreclosure and are considering a quick sale, we can help with your situation. At Stella Point Properties, we are real estate experts and we buy homes fast for a fair price. Regardless of your situation or the condition of your property, we can help. Get in touch to sell your New Bedford home for cash today!