“I’m behind on my mortgage payments…will I be losing my house to the bank in Little Rock?”
The last thing anyone wants to do is to have your home forced from you. Often times in life we are faced with challenges and roadblocks – and those can have a negative financial impact on you.
If you are stuck in a rut that you cannot get out of then you may lose your house to the bank in Little Rock Arkansas, leaving you out on the street. Not only is this a bad situation to be in but you will also have a record of this on your credit that can cause problems for up to a decade in the future.
Putting all that bad news aside, there is SOMETHING you can do about this. It requires you to be proactive. Continue reading below to learn about our strategy to avoid foreclosure.
Here’s a brief overview of the foreclosure process
The foreclosure process is different depending on your state, bank, and loan type.
In the beginning if you are missing mortgage payments then your lender will notify you with warnings. If the missed payments continue you will enter the foreclosure process, the bank will seize you home, and they will most likely sell it at auction.
At this point, you will be need to find a new place to live.
The Good News Is: You Have Choices!
If you stubbornly wait until the last minute and your house is foreclosed on by the bank, your credit will be ruined for many years. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure”.
What this means is that you will agree to give your home to the bank/lender so that they do not need to spend the money on the foreclosure process. In exchange for this agreement, you will not have a negative mark on your credit report.
We recommend that you sell your house before it is foreclosed on. You can pay off the remaining balance of what you owe and just move on with your life.
Check out this example: Let’s say you owed $65,000 on your home and you sold your home to us for $70,000. You would give that money to the bank/lender, along with $5,000 to make up the short-fall, and your loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.
At Sunny Day Homes LLC, we’re professional real estate investors. Contact us today at (501) 400-0505 to find out what we can offer you for your house — even if it needs repairs.
I want to avoid losing my house to the bank in Little Rock!
Why would someone want to sell their home instead of going through the foreclosure process?
We get it, selling your home to avoid foreclosure can feel like you are ‘giving up’. This is actually a smart approach. Like we said, you have to make proactive choices for your future! Selling your house instead of going into foreclosure will get you out of the situation, save your credit rating, and allow you to move on with your life and rebuild.