Behind On Payments – Facing Foreclosure

Depending on how far you are behind on your mortgage, there are many options that you can evaluate as a possible solution when facing a potential foreclosure.   The sooner you evaluate these options, the more you will have to choose from.

Some of the options you can consider immediately will largely depend on your equity position.  They can include:  Cash Offer, Retail sale, Owner Financing, Mortgage Assignment, Short Sale, Wrap Around Mortgage, Subject To and others.

Lastly, if you’re facing foreclosure there are two more options that you can pursue with the assistance of an attorney to postpone the foreclosure temporarily and allow you more time to find a solution.

The first option is a TRO which stands for Temporary Restraining Order.  The benefit of a TRO is that if the judge agrees with your request and signs off on it, it can postpone your foreclosure for about 30 days to give you more time to find a solution or even to possibly sell your house.  The cost of a TRO is typically around $1500.

The second option is bankruptcy.   Many homeowners try this route thinking it will stop the foreclosure and allow them to keep their house.  Unfortunately that is rarely true, but a bankruptcy attorney won’t always be up front about that fact.  Typically, after a little time, the house will be released from bankruptcy allowing the bank to pursue foreclosure.  The cost of bankruptcy is typically around $2000.

Your best option if you are unsure of what to do is to speak with an experienced professional who can help you evaluate your options and the risks and benefits of each.  Time is of the essence in these situations and we would be happy to sit down with you and help you find a solution.

Call us today or fill out our online seller questionnaire under the “Sell Your House” menu tab and we will get back to you within 24 hours.