Sell Your Home And Avoid Foreclosure In Maryland
January 28, 2021
January 28, 2021
Are you looking to sell your home to avoid a foreclosure in Maryland? Homeowners in cities like Brentwood, Hyattsville, and Silver Spring have all faced this problem before. The possibility of foreclosure can feel crushing. And when a lender begins the foreclosure process, it can feel like you have run out of options. But you do have several paths that you can take in order to sell your home before being foreclosed on. You don’t have to feel like there is nothing left that you can do in order to save your equity and your credit. Here are some of the things that you can do in order to sell before a foreclosure.
Talk With Your Lender About Finding A Buyer
Despite what many think, lenders don’t enjoy foreclosures. It is terrible PR and it actually costs them money. Some lenders will be willing to work with you to give you more time to find a buyer. Still, it is important to take action and move quickly. Lenders won’t give you forever to make a sale. If your lender is willing to give you some time to find a buyer, make sure that you work with a real estate agent with experience selling homes in pre-foreclosure.
Consider A Short Sale
A short sale is a type of sale where the seller doesn’t make enough money to recoup all of the mortgage costs (and any late fees and penalties from the lender). Generally lenders are opposed to short sales, but they may consider them as an alternative to a foreclosure. Contact your lender and see if they will accept a short sale. If so, it may make it easier for you to sell the property.
Restructure Your Loan To Buy More Time
If you have good credit and your financial situation is reasonably healthy, you may be able to qualify for a mortgage restructure. Restructuring your loan can give you more time in order to find a buyer to sell your home. Restructuring can save you hundreds of dollars per month and thousands of dollars per year in payments to your lender. This can be an opportunity to sell your property without the threat of foreclosure hanging over your head.
If you want to sell your home quickly without going through the traditional home sale process, you have options. You can call our team at 4 Brothers Buy Houses. We’ll provide you with a free, no obligation quote on your property. You don’t have to go through the expensive process of repairs or maintenance either–we’ll buy your home as-is, for cash. You can sell on your timeline, and you can go from first call to closing in less than a month. In just a few weeks, you can sell your home and avoid foreclosure. Contact us today and we can get started on helping you sell your property.