Borrowers examine all their options when they are facing an impending foreclosure. Once the bank starts the process, it is hard to stop it, and the borrower faces financial ruin. Several options are available to these borrowers and a company that purchases residential properties could help them. Reviewing all options shows the owner if the sale is the best strategy for them.
Why You Should Avoid Foreclosure If Possible
Foreclosure can haunt someone for years. The process starts when the consumer has defaulted on their mortgage. They have a grace period to catch up on their payments before the foreclosure starts. However, once the wheels start spinning, the consumer cannot stop the foreclosure. It can destroy their credit and prevent them from buying another home for at least three years. Even after the three years have passed, the consumer will face credit-related hindrances that could lead to higher than average interest rates and an unaffordable mortgage.
The Effects of Filing for Bankruptcy
Bankruptcy can create a serious problem for anyone hoping to buy a home in the near future. Once the bankruptcy starts, it could secure the primary home, but the consumer is locked into either a 3 to 5-year repayment plan, or they have to sell their assets to pay off their debts. The bankruptcy stays on their credit report for up to ten years, and it will prevent lenders from extending lines of credit after it is discharged. Additionally, the consumer cannot open any new lines of credit if they choose chapter 13. If they lose their home, the claimant cannot get another mortgage while they are in bankruptcy.
Completing a Quick Sale Through a Real Estate Agent
A quick sale through a real estate agent is beneficial to anyone who is facing foreclosure. However, there are not any guarantees that the property will sell quickly. If it does sell quickly, there is not a guarantee that the seller will receive the exact amount they want for the property. If they are in foreclosure, the seller must generate enough money to pay off their lender. If they don’t, the borrower will face potential legal action from their lender to collect the remaining balance.
Where to Sell Your Home
OC Home Buyers is a we buy houses company that offers cash payments for residential properties. They gather information from existing property owners and calculate the value of the property based on its market value. The company extends a cash offer to the homeowner. The homeowner is not obligated to accept the offer. However, if they accept the offer, the company purchases the property and transfers the funds to the homeowner quickly. Property owners can learn more about the opportunity by visiting https://www.ochomebuyers.com/ now.
Homeowners review their options when facing foreclosure. These options include catching up their payments, a quick sale, or bankruptcy. However, there is new hope for borrowers that could give them the peace of mind they need right now. Reviewing how to sell the property to an investment company could help the buyer get out of the financial predicament they are in.
Company Name: OC Home Buyers
Contact Person: Nate Looney
Email: Send Email
Phone: (949) 329-2285
Address:227 20th St, Suite 100
City: Newport Beach
Country: United States