Foreclosure & Financial
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While nobody buys a home with the intent to sell, things happen each day that may compromise your financial position and put you in a position to sell. If you are a homeowner, here are a few reasons why you might want to sell your home due to a financial circumstance:
You are in a Foreclosure
Foreclosure happens when a homeowner/borrower fails to pay their mortgage loans as per the agreement. The lender then seizes your home and resells the home to recoup the financial losses incurred due to the failed payments.
Under federal laws, the mortgage servicer cannot start a foreclosure until over 120 days overdue on payments and in different jurisdictions, foreclosure can take months to complete. During this process, you still own the home and are allowed to sell until a sale is finalized at a real estate auction.
While it is possible to sell while in foreclosure or preforeclosure, you may be better off selling to an investor who can help bring your home out of foreclosure before the sale. This will stop a charge-off from being added to your credit history which has very negative repercussions like a foreclosure would.
Chat with us how we can save your credit by selling your home for cash.
You Have Taxes or Liens on Your Property
Have you been keeping up on your tax payments? Is the correct amount coming out of your mortgage payments or paycheck to cover all your taxes? If not, you may be receiving legal notices about backed taxes. If you ignore those notices, when you least expect it, the local authorities in your county or city may place a legal claim or tax lien against your home. If these liens are not paid, then your house can be seized by the government.
The reality is, the government doesn’t want your home and would rather just have the taxes paid. You have a few options to make those payments and you can negotiation payment options but if you can’t catch those payments up, you can sell your home and recover enough money to pay off the taxes to the city, state, or Federal government and the IRS. This option works best if you have enough equity in your home to pay enough taxes and the mortgage. If you have liens against your property and need to sell, we can still buy your home for cash and negotiate tax liens if you are in a situation where the debt is too high and will not be covered by the sale.
Other Financial Situations
While you may be a financially responsible citizen, times can be uncertain. When you least expect it, you could be hit by situations and emergencies that affect your financial stability. Some of these situations include a sudden injury from maybe a car accident where you have large medical bills. Maybe you lost your job or your job has relocated and you have to sell quickly. Whatever your reasons, we’re able to help you sell and can provide you with multiple options to help you decide what works best for your situation.
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How to Stop Foreclosure
Knowing that your home is up for foreclosure can be stressful. However, this is not necessarily the end of the road. There are some steps you can take to stop foreclosure:
You can talk to your lender if you were making payments and something came up, preventing you from making payments on time for a particular period. In many cases, lenders are willing to work out a repayment plan to help you catch up and get back on track. Ensure you can pay as per the new payment plan and do not take more than you can handle.
Forbearance allows you to hold your monthly mortgage payments for a certain period if you are experiencing temporary financial issues.
You will need to ensure that you use this time to stabilize your finances so you can continue making payments. Debt and interest are accrued during this time so the sooner you can bring them out of forbearance, the better.
You can apply for a modification of the terms of your current loan. This option is best for those who are not eligible for a refinance. A modification will allow you to make more affordable payments. For example, one common modification technique is lengthening the loan term so you have more time to pay the loan so you can lower monthly payments.
The Department of Housing and Urban Development helps housing counseling agencies provide loss mitigation counseling to people facing foreclosure. Depending on your circumstances, you may fit their criteria for assistance.
If all of the above options do not work and you cannot qualify for payment restructuring, you will likely have to sell your home. Depending on the condition of your home, you may just want to list it with a realtor but in other cases, you may need to sell for cash or you may need to conduct what’s called a short sale.
A short sale occurs when the mortgage amount is actually greater than how much the home is worth. This is also called being “underwater.” Ensure you talk to your lender before pursuing this option as this can be a very long process but banks are often willing to take less than you owe them on your loan and forgive the remaining parts of it. You will use the money from the sale to pay the lender and pay all the remaining taxes.
As we mentioned above, selling for cash may be your best option as after we come to an agreement, we can get your loan out of foreclosure before purchasing, removing all bad credit marks, helping you get back on your feet as soon as possible.