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When falling behind on payments has led to you facing mortgage foreclosure, you could be struggling to find the right way to avoid losing your house and wrecking your credit. Although this situation is serious and comes with a ticking clock, you have options to shield your credit score and avoid your Huntington Beach home being foreclosed.
Right up until the foreclosure sale itself, there are available alternatives to foreclosure that you can take advantage of. To prevent foreclosure from coming to fruition, you can declare bankruptcy to give yourself more time. Additionally, other options are to approach your lender with a deed in lieu offer or sell your home.
To stop the home foreclosure process once it has started for 15 days, you could choose to declare bankruptcy. Because you’re given 2 weeks to file for Chapter 13 bankruptcy reorganization, you can use the allotted time to your advantage. During these 15 days, you can pursue options to immediately sell your property or negotiate with bank or lender.
You could get out of pre foreclosure by handing the deed to your condo or house over to the lender. While this option does stop the foreclosure sale date from becoming a reality, this course of action causes comparable damage to your credit score as foreclosure would, which could complicate getting a favorable second mortgage.
With the lender’s approval, you still have the option to sell your house before foreclosure.
When you owe less than the sale price, you can save some equity you’ve built in your home.
If your debt is greater than your property’s market value, then you would be short selling your home. After the sale, the mortgage company or lender receives the resulting profit, which generally makes a large dent in what is owed.
Sometimes, the rest of the amount can be forgiven even when a house is sold for less than the total debt.
When you’re looking for short sale assistance in Huntington Beach, CA, the most reliable and fast-paced cash house buyer is ready to help. Huntington Beach Cash Home Buyer can give you a quick and straightforward transaction with no stress or strings attached.
Our transactions are typically finalized in well under 3 months (for a pre-foreclosure property it’s fast), which means when we say we’re quick sale home buyers, we mean it. By offering speedy regular sale or a short sale help for sellers, we make sure closing the deal happens quickly.
In exchange for your Huntington Beach home, we’ll give you a clear-cut cash profit. By selling or short selling without a realtor and avoiding waiting for loan approval through working with us, you get cash fast without paying any commissions.
When you need to sell or short sell your home but are worried that no one will be interested in your fixer upper, think again. We’ll buy your house as is, then make repairs and any necessary improvements ourselves.
We buy short sales and properties that aren’t upside down on mortgage without complicating the process with hidden fees. Instead, the amount on the table is the exact amount of profit that you can expect. Our paperwork is free of any deceptions, and our process is entirely transparent.
Selling real estate is complicated, and you already have enough pulling your attention in other directions. We’ll make selling easy by taking care of all paperwork for you, so you don’t have to add another worry to your full plate.
By understanding the positive outcomes and negative consequences of a short sale, you can more readily make the right decision for you. Short selling affects credit much less than foreclosure, and selling your house gets rid of the debt and generally leads to you being able to buy another house in a shorter amount of time.
Unlike with home loan foreclosure, short selling your house causes less damage to your credit and financial history. By taking action and avoiding foreclosure, you can be approved for another loan and purchase another residence sooner. All in all, short selling your home leads to a more favorable financial setup later down the line.
After your home is foreclosed, the new owners will evict any occupants according to California law. First, a 3 day notice to move out will be issued. From there, an eviction lawsuit can be filed if those in the residence refuse to vacate. This type of lawsuit can take between 30-60 days to complete.
The foreclosure process is considerably long in California, considering that a house can be in pre-foreclosure for a minimum of 80 days after missed mortgage payments. Around 180 days of being behind on your mortgage will result in you receiving a notice of trustee sale. Then, it can take 20 days or more for the auction date to be set.
If the notice of intent to foreclose has been left on your front door, then it’s time to take action as soon as possible. You can avoid foreclosure and your credit score being ruined after you’re served with foreclosure papers right up until the auction through short selling your property or using other means to avoid foreclosure.
To learn the steps to selling your house for a straightforward cash amount, have all paperwork processed for you, and have experienced professionals handle negotiations on your behalf, contact Huntington Beach Cash Home Buyer. As an experienced cash house buyer, we will buy your home in default quickly and easily.