If you have found yourself on the brink of foreclosure, there are a few things you can do to avoid losing your house to the bank. In our latest post, we will outline several ways you can stop the bank from foreclosing on your Edmonton house!
Nobody wants to find themselves in a place where they can potentially lose their home. Between the financial loses and the mental anguish, you can find yourself tired, broke and completely stressed out. However, there are a few things you can do to get yourself out of this unfortunate situation.
Sell Your Edmonton Home Fast
This might sound like a no-brainer, but the best way to get out of foreclosure is to sell your Edmonton house as quickly as possible. You don’t have to sell it for pennies on the dollar, you can choose to sell it to a professional home buyer such as MyHomeOptions, or you can try to pull off a quick FSBO. By selling your house quickly, you will be able to pay off the mortgage and say goodbye to the house that has been causing you stress. Make sure you are working with a trustworthy home buyer or have done all your homework to confidently be able to sell it on your own.
Negotiate Out Of Foreclosure
In some cases, you will be able to contact the bank and negotiate your way out of foreclosure. At the end of the day, banks don’t like a foreclosure. It costs them a lot of time and money to foreclose on a property. Plus, a foreclosure in a neighborhood will drop home values for properties nearby. Short of a forbearance agreement, try to call your lender and explain your situation. You will likely get a little slack so long as missed payments aren’t the norm for you. Never be afraid to call your lender to work out a payment plan that works for you.
Look Into A Loan Modification
A loan modification is a long-term alternative to managing a mortgage payment that you are consistently not able to make. Maybe there was a loss in a family or other major change and you can no longer pay what you used to. You can work with the lender to modify the loan, however, this will often increase your interest rate. Having your loan modified can be an excellent solution that allows you to stay in the house without fighting to pay your mortgage each month.
Are you facing foreclosure on your house in Edmonton or the surrounding areas? We can help stop the banks from taking your house and destroying your credit!
Avoid Losing Your House To The Bank!
We Buy Houses in Edmonton FOR CASH. We specialize in working closely with homeowners to get rid of burdensome houses fast. No realtors and no repairs necessary! When you say, “I need to sell my Edmonton house,” call us. No commissions – No closing costs – any situation. Call us: (780) 900-6899.