Is the bank trying to take back your property due to foreclosure in Kansas City? Read on below to learn your options and how to fight back!
Dealing with an potential foreclosure can be extremely challenging and overwhelming. Considering losing your home after you’ve put so much blood, sweat and tears into the property can feel devastating, and this is to say nothing of the negative impact on your credit. But don’t worry. You have more options than you may realize! In our latest post, we will help you learn how to stop foreclosure of your house in Kansas City.
Call Your Bank
The popular conception of a bank is a heartless uncaring entity that will take your property at a moments notice. But many times a bank will work with you to modify the loan and get you caught back up. They would rather have you on your feet and in your home rather than go through the foreclosure process. It is costly and time-consuming, and in many cases, leaving the lender with a loss. They will do what they need to, to recoup their costs, including working with you to find a solution. The very first thing that you should do when you have trouble making your mortgage payment is to reach out to your lender. If you are behind on your payments, you will likely be able to work out a repayment plan. If you think that you will not be able to make the mortgage payment going forward, it is likely best to sell your home immediately.
Sell Your House
Selling your home quickly can result in preventing the foreclosure and preserving your credit. Listing your house in Kansas City doesn’t necessarily guarantee your house will be sold quickly. Selling your property the traditional way with a real estate agent can take months, and the bank will be able to foreclose and take the property before the home is sold.
On the other hand, a direct sale to Green Sparrow Properties will allow you to sell your house quickly and for a great price. Working with our team will let you choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking. Our process is fast, convenient, and always fair!
Use A Short Sale
Another way to sell your house fast in Kansas City to avoid foreclosure is by using a short sale. A short sale is when the bank allows you to sell your home for less than the outstanding mortgage. To do this you must apply to your lender’s short sale program and meet the necessary requirements. You’ll need to get a broker’s price opinion (BPO; similar to an appraisal) to determine the fair market value for your property. This process involves getting an offer for the home, and then working with the bank to get the short sale approved.
When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. That said, you will still be responsible for your debts. The bankruptcy court will work with you to set up a plan of repayment. Declaring bankruptcy doesn’t look very good when trying to borrow money in the future, so make sure it is the right choice for you before signing any paperwork.
No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.