Dealing with foreclosures can be depressing. No one likes giving up on a property that they put their heart and soul in. The financial problems that come along with a foreclosure can be nerve-wracking. However, there is always a way out. With some careful strategy and the right help, you can always win your property back.
Here are some tips:
Focus on applying for a mortgage
Just because your house got foreclosed doesn’t mean you can no longer hope to qualify for a mortgage. Here are a few tips to help you do so:
- Start by working on your credit. Keep on checking your credit reports and look out for any reporting errors. If you paid any bills but still went to the collection agency, take note and get them rectified asap. You can also seek help
- Think of how you can re-establish your income. A consistent stream of income is always an attractive clause for lenders. Think of how you can regain your work stability. Get a second job and be honest about every financial step that you’re taking.
- Save as much as you can! Your accumulated funds will help you prove your creditworthiness to the mortgage lender. Higher down payment will enable you to qualify for a lower lending rate in the future. Saving isn’t as tough as it sounds; you can do without Starbucks for a few months. Drop all the subscriptions that you don’t need. Change your cell phone plan and stick to necessities.
- Find a lender who understands your financial situation. If your credit score has taken a massive dip, getting a conventional bank loan might be a bit tough. Try alternative options and seek help from a hard money lender instead.
Sell the property
To prevent foreclosure, the borrower is supposed to reinstate the loan within 90 days. During this time, the lender can’t possibly record a notice of the trustee’s sale legally. After this period, the lender can put up an auction ad in the newspaper to sell off the property. However, you can still catch up on your mortgage payments days before the auction sale.
A good way of doing so is to sell your property for cash. Integrity Residential Solutions LLC would be glad to buy your property in the Akron/Canton area. We can process your property sale and hand over quick cash within seven days. Get in touch!