Myles Daniel is the founder of ‘Sell My House Fast Greenville – Spartanburg – Anderson – Pickens’, a house buying company based in Greenville, SC. He’s been buying real estate since 2017 with a primary focus on foreclosures. Similar to most businesses, he’s felt the impact of the Covid-19 virus and can sense a major shift coming in the market concerning foreclosures. As of May 2020, approximately 4 million people were in forbearance plans according to Market Watch https://www.marketwatch.com/story/over-4-million-americans-are-now-skipping-their-mortgage-payments-2020-05-18
While most people know what a foreclosure is, they don’t know how the process works or what forbearance typically leads to.
Myles has leaned on his expertise to help countless families work through the foreclosure process. The first step is identifying where homeowners are in the legal progression. Missing a payment doesn’t automatically mean a property’s in foreclosure, but it does put the lender on notice. ‘Notice of Default’ is one of the first action steps you’ll see from a lender from a legal standpoint.
Notice of Default is an important term to become familiar with. This typically means the bank intends to pursue a foreclosure sale; meaning the property will be sold at auction to the highest bidder. The lender will send a letter stating that the mortgage is 90-120 days past due. At this stage, things can still be salvaged. With strategic negotiations, the bank may agree to put the payments at the end of the loan or offer some type of forbearance. However, in most cases, banks will refuse to compromise and continue pursuing a foreclosure unless paid in full for all missed payments. This is where a cash-offer can come into play. It can be a real challenge for homeowners, who are already struggling to come up with several thousand dollars (if not more) all at once to catch the mortgage up. If a bank isn’t willing to negotiate, it’s critical to sell the home as soon as possible; otherwise, interest and attorney fees are piling on quickly. Not to mention the negative impact on personal credit.
The foreclosure process can take many months, even up to a year before being sold at auction. Once a property is sold, there are no options for redemption. This is why acting sooner than later is paramount. Companies exist all over the country that purchases homes in these situations. A simple online search for ‘cash offer on home’, ‘sell house fast’, or ‘ house buying companies’ and your city name will bring up companies in your area.
About Myles Daniel:
Myles has negotiated with banks and learned what works and what doesn’t. He’s an expert in his field and can walk homeowners through the foreclosure process step by step.
More info can be found at https://www.sellyourhomeupstate.com/
Company Name: Sell My House Fast Greenville – Spartanburg – Anderson – Pickens
Contact Person: Myles Daniel
Email: Send Email
Country: United States