If you’ve missed a few mortgage payments, you may ask, “When is it too late to stop foreclosure?” At Home Buyers of Savannah, we buy houses in Savannah, GA, and give fair cash offers, no matter the situation or condition. Our customized solutions help homeowners overcome selling obstacles and make the process stress-free.
What Is Foreclosure and What Causes It in Savannah?
A foreclosure occurs when a homeowner misses several mortgage payments and the bank repossesses the property. In general, three things trigger the mortgage process:
● Violating mortgage terms: Paying the mortgage late too often, missing payments, or violating other terms can force foreclosure.
● Ignoring property taxes: If you don’t pay property taxes, the government may take over your land.
● Forgoing homeowners insurance: Many mortgages require the homeowner to maintain proper insurance.
When Is It Too Late To Stop Foreclosure?
Even once the bank or government starts the process, a homeowner can sometimes recover. However, certain situations prevent restitution.
In general, the foreclosure timeline dictates that the bank can’t take action until you haven’t paid for 90 days. Until that time, you can take steps to:
● Pay the mortgage
● Apply for a loan modification.
● Enter a legal foreclosure defense.
When your payments are 120 days late, the bank sends an official notice. Five weeks after notification, the property will undergo an auction or sheriff’s sale.
When is it too late to stop foreclosure? During these five weeks, you can obtain mortgage reinstatement and stop the process by paying off the late balance in one lump sum.
One drastic solution includes bankruptcy filing. It can stop the process even on the day the bank is scheduled to take over the home. However, consider the long-term ramifications of this solution.
The Best Solution for Overcoming a Foreclosed House
What is the best solution to stop home repossession? Sell the house to a reputable company that will buy it for cash.
Trying to sell a foreclosed home using the traditional process requires significant fees and you’ll likely end up losing money. By accepting a cash offer, you can often walk away from your home with no debt and start fresh, oftentimes making a profit in the process
Selling to a reliable cash buyer has significant benefits, including:
● The company can close in seven days, which means you can quickly move on and find your next living situation.
● You keep 100% of the profits. This may provide you with a downpayment for a downsized home or apartment.
● The process doesn’t require making any repairs. Sell the house as-is! ● It doesn’t have any long-lasting effect on your credit rating, financial status, or reputation.
Call Us and Start the Selling Process Today
When is it too late to stop foreclosure? Home Buyers of Savannah can help you find the solution without resorting to drastic methods like bankruptcy. Whether you’re selling a house with a mortgage or the property requires significant repairs, we’ll buy it in any condition or situation.
Call 912-513-8744 to start the process today.
