Foreclosure is the name given to the legal process where a lender attempts to recover the balance of their loan from a borrower who has stopped making payments to the lender. They can recover these funds by forcing the sale of the asset used as collateral for the loan, and in most cases, this is the property they originally mortgaged. Getting behind on your mortgage payments can easily be done and is usually at distressing times like in the event of divorce, illness, or any tragic accidents that have left you financially unstable.
Homeowners do have the ability to try and sell their home before foreclosure happens and the property is sold at auctions in what is known as a foreclosure auction. This is an auction where repossessed properties are put to auction so lenders can recover the outstanding funds they are owed. Usually, lenders will want to recover the funds out of the property as quickly as possible so they sell via auction. However, they do have an obligation and duty to let any homeowner know of their intention to repossess the property to regain their investment. Therefore, you will be given notice of this and have a chance to make arrangements to gather the funds to avoid the repossession. Usually, a period of around 6 months to a year is given to pay the lender in full so you can retain ownership.
One way in which you could gather the funds would be to sell the property before foreclosure takes place. Going down the traditional router using an estate agent is an option, you are likely to get a fair market value for your property minus the fees and costs associated with selling. However, the traditional route can be time-consuming and with a time-sensitive situation like pre-foreclosure, the transaction may not complete in time. However, there are selling options that are quick, easy, and with minimal or no fees.
This is where FastCash4Houses can help you, we are a real estate cash buying service, we buy property for cash. We have been known to get a property from offer to completion within 7 days, which is ideal in a time-sensitive situation like pre-foreclosure. We have a simple 3 step process; tell us all about your property, we provide a free no-obligation cash offer and if you’re happy to accept, we process the sale. This is all done without the seller incurring any fees or doing any unnecessary work on the buyer’s behalf. Our streamlined service offers a sale while reducing all the effort and cost to the seller.
To get your free no-obligation valuation today and to find out more about how we can help then visit our website at https://fastcash4houses.co.uk/ or get in contact with us to speak to a member of our team directly on 01204 294356 or [email protected]. At FastCash4Houses, we want to support you every step of the way as you sell your property.
