Virginia Pre-Forclosure House Sell
Posted on by abel
The day has come when you’ve received the paperwork and realized, “my home is in pre-foreclosure.” This is never an enjoyable experience for anybody and, in most cases, it’s downright terrifying. What will you do? Will you lose your home? Are there any options?
Believe it or not, you’ve got lots of options for folks living in Virginia and Surrounding areas; pre-foreclosure is notforeclosure. You haven’t lost your home yet. Take a deep breath and let’s take a look at what you can do.
Modify Your Existing Loan
The first thing you should always do when faced with the threat of foreclosure is to contact your mortgage lender and try to work out an agreement. Understand that it costs your lender a great deal of time and money to carry out the legal aspects of actually foreclosing on a home, so it’s only something they’ll want to do as a last resort.
If you’re behind on your payments but want to get caught up, speak with your lender and see how they may be able to help you and help themselves in the process. For instance, they may be able to work out a reasonable payment plan to get you back on track.
Seek Financing From a Private Lender
Of course, if you’re already too far behind on your payments, it may simply not be feasible to work out a comfortable agreement with your lender. If this is the case, and if you really want to stay in your current home, then it might be in your best interest to speak with a private lender. An outside lender may be able to loan you the money you need to get current on your mortgage payments, but be careful to read the terms of the loan before you sign any contracts, as interest rates on these private loans can be quite high. You don’t want to find yourself further in debt as a result.
Consider Filing for Bankruptcy
Another possible option for handling the threat of foreclosure is that of filing for Chapter 13 bankruptcy; if successful, this type of bankruptcy will allow you to work out a legal payment plan to catch up on your overdue mortgage payments while possibly lowering the amount you owe in the process. If you are thinking about filing for bankruptcy, however, it is advised that you work with a professional bankruptcy lawyer, as the process of filing can be quite complicated.
Hire an Experienced Real Estate Lawyer
There are all kinds of loopholes that could also save your home from foreclosure, but you’ll need a reputable and dedicate real estate lawyer working for you in order to have a chance at finding one that relates to your current situation. Hiring a real estate lawyer can save you a great deal of hassle down the road and may even be able to halt the foreclosure process in its tracks.
Sell Your Home As-Is to an Investor
Finally, there is always the option of selling your home as-is to a real estate investor, who will take the loan off your hands, no questions asked. Of course, if this is something you’re thinking about doing, you will need to get permission from your mortgage lender. Still, this can be an excellent option that allows you to avoid going through the foreclosure process while also not having to deal with the stress of a short sale.
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