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When you’re facing foreclosure because you’ve missed one too many mortgage payments, the high stakes of possibly losing your Los Angeles, CA house and destroying your hard-earned credit can leave you feeling paralized. Although you’re under a lot of pressure, you can still get out of pre foreclosure by taking advantage of one of several available options.
Alternatives to foreclosure are available until the foreclosure sale itself happens. To prevent foreclosure from taking a wrecking ball to your credit and financial standing, you could declare bankruptcy, offer the mortgage company or bank your property’s deed, or sell your condo or residence yourself. To find the right solution for you, consider the pros and cons of each option.
By declaring Chapter 13 bankruptcy, you’re given an extra 15 days to file for reorganization plans. With a little over 2 weeks of extra time, you can stop the home foreclosure process immediately once it has started by negotiating a deal with your lender or selling your property to an interested buyer.
Another way to stop the foreclosure sale date from creeping closer is to hand your home’s deed over to the lender. Although this is a valid way to avoid mortgage foreclosure, your credit will still be heavily impacted by this course of action, which complicates you being approved for a second mortgage.
You can also avoid home loan foreclosure by closing a deal on your property with a buyer. If your house is worth more than the amount you owe, then selling before foreclosure can leave you with some profit to walk away with.
If the debt you’ve accumulated is more than your property’s market value, then you can sell your home with your lender’s approval. This option is called short selling. In certain situations, lenders can count the resulting profit as full payment, which means you could be free of your debt once you’ve sold your home.
To quickly sell your Los Angeles, CA residence to avoid foreclosure, you need the top cash house buyer speeding the process along for you. Sell House Fast Los Angeles CA has years of experience in short sale assistance, so selling your house can be straightforward and stress-free.
Whether you need to short sell your home or save your equity, we’re ready to buy. We move fast so you can receive your profit as soon as possible and resolve your stressful foreclosure situation quickly.
We’re quick sale home buyers who skip the waiting period that comes with needing loan approval. By having cash on hand, we’re ready to give you your profit ASAP with absolutely no strings attached.
You don’t have to invest a penny into fixing up your house in order for us to make an offer. By short selling your home to us, you receive cash for your property no matter the past or current defects.
We buy short sales and houses that aren’t underwater without surprising homeowners with hidden fees. You have enough financial matters to worry about, and we refuse to complicate our transaction or stress you out by tacking on expenses.
Unlike other options out there, we take on all of the workload that comes with our transaction. When you sell your home to us, we handle all paperwork and save you from real estate complications.
While you can’t get out of pre foreclosure without your credit being negatively affected to some degree, short selling has more favorable outcomes than the consequences of going through with foreclosure. Specifically, a short sale affects your credit less and can get rid of the bulk of your debt if not lead to the amount being forgiven entirely.
Unlike a foreclosure, a short sale has a lesser impact on your credit. Additionally, selling your house resolves your debt and works in your favor in the long-term by making it easier to purchase another residence with a second loan sooner. Some buyers will even offer to help you in your relocation efforts.
It’s easy to think all hope is lost when you’ve found a notice of intent to foreclose on your door, but that is not the case. After being served with foreclosure papers, you can take steps to avoid the foreclosure sale up until the date itself. That being said, it’s recommended to get the ball rolling quickly, rather than wait.
The foreclosure process that follows falling behind on mortgage payments varies in California. You have at least 80 days to cure the default after being served with papers. With that said, available mitigation strategies could mean your house can stay in pre-foreclosure for much longer. During this time, you can work on making up for missed mortgage payments to avoid foreclosure.
After the foreclosure auction takes place, you can expect a notice to move out within 3 days. If you remain in the residence after the 3 days are up, the new owners can file an eviction lawsuit. However, these lawsuits can last anywhere from 30-60 days, which is why owners occasionally offer money to encourage occupants to move out soon.
Sell House Fast Los Angeles CA offers short sale help for sellers of underwater properties as well as houses with equity, so give us a call to find out how to turn your house in default into cash. With us, you can complete a short sale without a realtor, avoid dealing with stressful paperwork, and have us handle negotiations.