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How to Stop Foreclosure: Sell Fast for Cash

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You’ve worked hard to buy your house and maintain it, but now you’re facing the grim possibility of foreclosure. What can you do to stop it?
 
 
Foreclosure is a cumbersome process for families, and it never feels fair. Fortunately, there are a few options you may still have available to you. Let’s start with the one we recommend first (and are prepared to help you with right now):
 
 

Sell Your House to Avoid Foreclosure

 
After receiving a payment default letter, a “breech” letter, or notice of trustee’s sale, you may think that is too late to sell your house to avoid foreclosure, but that is not necessarily the case.
 
 
A home investor can help you avoid foreclosure in Virginia by offering cash and signing a purchase agreement for your property in a matter of days. This agreement can be shown to your mortgage lender, who may stop foreclosure proceedings after agreeing to the payoff.
 
 
Here’s how it works:
 
 
  1. An experienced investor will tour your property and ask you some questions about what you owe
  2. Within 24 hours, the investor will make an all-cash offer, and if you accept:
  3. Close within a matter of days. The investor will take care of all paperwork, title issues, and payouts to your mortgage lender and/or lienholders
 
Trust us, the mortgage company would much rather resolve a foreclsoure issue this way than go through the cost and hassle of a foreclosure proceeding and sale.
 
 
Plus, if there is enough equity in your home, you may be able to receive cash in your pocket after the mortgage company receives its payment and all other liens are fulfilled.
 
 

Benefits to Selling Your House to Stop Foreclosure

 
This entire process is much shorter and much more streamlined than the traditional home selling process, which usually costs families thousands of dollars in repairs and take several months to complete. Simply put, if you’re facing foreclosure, you don’t have time for that.
 
 
“But my house needs a lot of work,” you may be thinking. “It’s not in good shape to sell.”
 
 
A fast cash home buyer like Integrity Cash Home Buyers will purchase your home in any condition. They’ll even handle any cleanup if you decide to leave any items in the property after you move.
 
 
In some cases, we have even allowed families to remain in their properties for thirty days or more after we’ve purchased them to allow them more time to making moving arrangements.
 
 
We’ve found that families who sell for cash to avoid foreclosure in Virginia like this option best because it’s the simplest and cheapest route. No lawyers’ fees, no court fees, no bankruptcy, no credit hits. Just a fast and easy sale, where we take on all the hard stuff.
 
 

If you live in Hampton Roads and know this is the best choice to protect your family from foreclosure, we’re prepared to make an offer today. Complete the form above or give us a call at 757-276-3322 to get help now, or keep reading to explore other optons to stop foreclosure.

 

Other Methods to Prevent Foreclosure on Your Virginia Property

 
 

Loan Modification

 
Homeowners can avoid foreclosure by modifying the terms of their existing loan through a process known as loan modification. This involves negotiating with the lender to lower the interest rate or extend the loan repayment period, resulting in lower monthly payments.
 
 
Loan modification does not change the principal amount of the loan, and you must work with your existing lender to qualify. Additionally, less than 10% of applicants are successful in obtaining loan modification, and it usually requires being at least three months behind on mortgage payments and in default.
 
 

Short Sale

 
A short sale is when the bank agrees to accept a payoff from a buyer that is less than what is owed on the property. It involves listing the property with a REALTOR® and can take 3-9 months or longer to complete. While a short sale will eliminate any further debt on the property, you won’t receive any proceeds from the sale.
 
 
However, a short sale may not be accepted by the lender if they believe they can make more money through foreclosure. Additionally, selling your home in a short sale will damage your credit, but not as severely as foreclosure.
 
 

Bankruptcy

 
When you file for bankruptcy, an “automatic stay” takes effect, preventing debt collection and liens while your case is active. This stay can buy you time before further action is taken on your home.
 
 
If the automatic stay is unchallenged, a Chapter 7 bankruptcy could allow the trustee to sell your property to pay off debts. In a Chapter 13 bankruptcy, a repayment plan lasting three to five years is created with a court-appointed trustee, including repayment of mortgage debt. However, you must meet certain income requirements and be able to keep up with payments to avoid foreclosure.
 
 

A Final Word From Integrity Cash Home Buyers

 
While dealing with the possibility of foreclosure can be stressful, many families are able to find a way forward using one of the strategies listed above. The most important thing is that you take time to explore your options, ask the right questions, and don’t panic. Reading this article and reaching out to a fast cash home buyer is a good first step, and you may be surprised at the offer you receive from an investor.
 
At Integrity Cash Home Buyers, our goal is to make fair and fast offers so families can move forward with integrity. We’ll give you an honest opinion about whether we can help and even point you in the right direction if a fast cash purchase is not in your best interest. Either way, we believe that you can and will get through this challenging experience.
 
 
To speak with one of our friendly team members, give us a call at 757-276-3322 or complete the form below.
Vania McClung
Vania McClung
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