There are a lot of people who are having a hard time affording their mortgage payments today. If you have fallen behind on your mortgage payments, you could enter a period called pre-foreclosure. It can be stressful if you are worried that the bank is going to repossess your house. At the same time, you have multiple options available. What should you do if you enter pre-foreclosure? Take a look at how we can help you with this difficult situation, and reach out to us to speak to our team.
What Is Pre-foreclosure?
Pre-foreclosure refers to the first phase of a legal situation that could result in property owners being declared in default. At that time, the bank will repossess the house. If you fall behind on your mortgage payments, your bank will generally let you know that you are late on your payments. Then, if you miss several payments in a row, the bank could issue you a notice of default, stating that the pre-foreclosure period is beginning.
If you have the money to catch up on your payments, the bank will generally help you out and remove the notice from your property. On the other hand, if you cannot catch up on your mortgage payments, you have a few options available.
How Does the Process Work?
Typically, mortgage contracts are structured in such a way that you will be considered to be in default if you fail to make payments on time for three consecutive months. At that time, the lender will notify you that you have broken your contract, and they will start the process of pre-foreclosure. You will receive a notice of default, which also goes into the public record. Then, the pre-foreclosure process begins.
The exact timing of the process can vary. It may take a few weeks, or it may take a few months. During that time, the bank will have to go to court, and you should use that time to assess your options.
What Are Your Options?
The lender does not want to go through the foreclosure process either, as it will cost them money and they might have a hard time selling the house for a fair amount. Therefore, the lender might be willing to negotiate backdated payments with you. Then, the lender might be able to modify the loan to make the terms a bit more forgiving. That way, the bank doesn’t have to worry about paying for expensive foreclosure costs.
On the other hand, if you do not think you will be able to afford the mortgage payments in the near future, you may want to sell the house now before the foreclosure process begins.
Sell Your House Fast for Cash
If you want to get out from under your mortgage as quickly as possible, you may want to sell your house for a cash offer. There are numerous advantages that come with taking a cash offer. First, you don’t have to worry about paying as many closing expenses, which means that you can put more of the money in your pocket. Closing costs could be thousands of dollars, and a cash offer can help you save money on these expenses. Furthermore, a cash offer can help you get to the closing table quickly. If you want to avoid the pre-foreclosure process, you need to get your mortgage paid off as quickly as possible. Selling your house for cash might be the best way to do so.
Contact Geaux Home Buyers to Sell Your House in Baton Rouge
If you want to get a cash offer for your Baton Rouge home today, it would be our pleasure to assist you. We are Geaux Home Buyers, and we buy houses in the local region. We understand that it can be stressful if you are in the pre-foreclosure process. We would be happy to come to your house, take a look at your property, and provide you with an offer today. Then, if you want to get to the closing table as quickly as possible, it would be our pleasure to help you do so. You do not need to go through the stress of the pre-foreclosure process from start to finish. Contact us today if you want a cash offer for your house!