If you are in a situation where you are close to losing your house to the bank and you want to prevent the foreclosure of your house in Little Rock! – then follow the steps below to learn how you can potentially save your home.
There is no way around it, this is a stressful situation to be in. Foreclosure can have a long term negative impact on your credit history but aside from that, having your house taken from you can be a horrible feeling. Nobody want to get to this point, but incase you are approaching this fate we will help you learn how to stop foreclosure of your house in Little Rock.
Communicate With Your Bank/Lender
Banks are not in the real testate business. They are in the money making business. The point is, they would rather have you keep your home then have to foreclose on it. When banks foreclose on a house they are often losing money from the original loan. With all this being said, we have found the banks/lenders will cooperate with the borrower to help them find creative ways to keep the house. It’s important that YOU, the borrower, reaches out to them and is proactive about the situation. Give them a call and be honest about your situation and ask them if they have some sort of plan for financial hardship. If you feel like you are in a situation where even with a repayment plan, you still won’t be able to make payments on your house, then you may want to consider selling the house outright before you lose it to the bank.
Sell The House / Get Out of the Situation
If you are in pre-closure or close to it then selling your house quickly may be toy our advantage. This will do two things for you: 1) allow you to pay off your mortgage and 2) avoid any negative reporting on your credit (which can last 5+ years). When selling your house in Little Rock, you are not guaranteed a fast sale when working with a realtor. We recommend a direct sale to a company like Sunny Day Homes LLC which will offer you cash for your house and close on your requested timeline.
Bankruptcy can be used as a strategy to save your house due to the fact that the bank will be forbidden to collect against your debt. Simply put, they will not be able to take your home. It is important to note that you will not be forgiven from your debt. Also, we recommend this as a last ditch effort to save your home. A bankruptcy on your record will give your trouble getting any type of loan or qualifying for financial benefits in the future.
Having your house taken from your is a horrible feeling and we don’t want to see that happen to any property owners. Follow these steps above to give yourself a fighting chance of saving your house. Feel free to call us and discuss what option would work best for you – we are always here to help!