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What is a Pre-Foreclosure in Cleveland?

With foreclosures still occurring around the country, it’s critical that both purchasers and mortgage holders understand the process.

So what is a pre-foreclosure in Cleveland anyway?

Many homeowners across America and Cleveland are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will send a notice to the homeowner, informing them that they must pay or risk losing their home. This is referred to as “pre-foreclosure.”

Banks and mortgage lenders often give homeowners three months to catch behind on their payments.

Of course, this quantity varies depending on the bank and the situation.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Fortunately, a mortgage holder has various options available to them during this stage of the foreclosure process to avoid losing their property.

Pre-foreclosure Options for Borrowers

If you fall behind on your mortgage payments, your mortgage lender is likely to send you a “notice of default.”

This document will show that you have missed 90-180 days of mortgage payments. It is critical not to panic.

You have possibilities for delaying or perhaps preventing the loss of your home:

  • If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local Cleveland mortgage broker…
  • You may be able to sell your home quickly to a reputable real estate investor in [market city], such as Home Relief Providers, and use the proceeds to pay off the months of back-payments owed. We can buy your [market city] Ohio area home quickly and will take the stress out of trying to sell your house with an agent.
  • You can call the bank and request that a short sale be permitted. You’ll sell your home for less than it’s worth in a short sale. If the house doesn’t sell for the amount owing on the loan, you may still be forced to pay the difference to the bank in some short sales.
  • You may be able to file for bankruptcy, which will allow you to pay off your debt over time. Bankruptcy will stay on your credit report for years and can harm your credit.

If you’re honest with your lender and talk with them, you’ll often find that there are solutions that will allow you to keep your home or at the very least save your credit.

If you’ve received a Notice of Default from your lender, be cautious. A foreclosure can lower your credit score and prevent you from getting a loan for years, so be cautious.

However, if you are unable to reach an agreement with your lender by negotiating directly with them, reach out to us and we might be able to assist you by buying your house.

Ways We Can Help If You’re In Pre-Foreclosure

  • We can purchase your house in the [market city] area – we buy properties in [market city] and would be happy to make you an offer. To get started, simply fill out the form below >>

If you’re in the midst of a foreclosure process… You still have time to correct the situation.

Simply contact your bank to see if they’re prepared to collaborate or contact us to find out how much we can pay for your home.

Submit Your Info Here To Get A Offer On Your House >>

 

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