Are you struggling to keep up with your mortgage payments due to an unforeseen life situation? Has the bank threatened to send a notice of default? Perhaps your lender has already started the foreclosure process. If you’re in a tough situation right now, we can help.
At KM Home Buyers, we buy houses for cash throughout the Tampa Bay area. Because we pay cash, we can purchase your house quickly to help you avoid foreclosure. Even if the foreclosure process is already in motion, we can work with your lender to find a solution.
Aside from selling your house to a cash home buyer, there are a handful of other ways to get out from under a mortgage you can no longer afford. Read on to learn about the process we use to buy your house for cash, as well as your other options for avoiding foreclosure.
How Does KM Home Buyers Purchase Your House for Cash?
If you’re interested in pursuing a cash sale, we can close on your house in as few as seven days. Even if you’ve already received a notice of default, we can work with your lender to settle your remaining debt and stop the foreclosure process in its tracks. Here’s how our process works:
- Contact our office. Give us a call or text us today, fill out our online contact form, or shoot us an email with your name, phone number, and the address of the house you’d like to sell. When you contact us during normal business hours, we’ll get back to you right away to learn more about your situation.
- Schedule a walkthrough. When we have your information, we’ll schedule a convenient time to perform a property walkthrough. The walkthrough allows us to gather the information we need to determine the fair market value of your home.
- Get your no-obligation offer. After our walkthrough, we’ll finish putting together our fair cash offer and submit it for your review and consideration.
- Close the sale when you’re ready. If you agree to our offer, we’ll schedule a time to close the sale. You choose the closing date that works best for you.
At KM Home Buyers, we buy houses in any condition, for any reason. Even if your house needs expensive repairs, we’re ready to offer you cash for it. If you currently owe more than your home is worth, we can work with your lender to resolve the situation.
Foreclosure is a tedious and expensive process for lenders, and for that reason, many institutions prefer to avoid it if at all possible. We’ve been in the real estate industry a long time, and we know how to find a solution for virtually any situation.
Not sure you’re ready to sell to a cash home buyer? Below we’ve outlined a few other ways you can stop the foreclosure process.
File for Bankruptcy
If you’re seriously struggling to repay your mortgage and any other debts you have, filing for Chapter 7 or Chapter 13 bankruptcy may be your best option. While declaring bankruptcy will negatively affect your credit, it stops the foreclosure process in its tracks.
When you file, an automatic stay immediately goes into effect. This court-issued injunction prohibits your lender from taking any further collection action against you until the court discharges your bankruptcy case.
As long as the stay is in effect, you can live in your house without making further mortgage payments. You can use that time to save money and catch up on your missed payment or work out a loan modification with your lender.
Ask Your Lender About Your Loan Modification Options
When you can’t make your mortgage payments, your lender may be willing to modify the terms of your loan to make payments more affordable. You have to apply for a loan modification, and your lender will need to see proof of your income, debts, and assets to make sure you qualify.
Depending on your circumstances, your lender can modify the loan in several different ways, including:
- Adding missed payments onto the end of your existing mortgage
- Extending the repayment terms
- Reducing the interest rate
- Converting an adjustable-rate mortgage to a fixed-rate mortgage
Conduct a Short Sale or Pursue a Deed In Lieu
If you know you can’t afford to continue making mortgage payments, even with a loan modification, it may be time to consider a short sale or deed in lieu. Both of these options will negatively affect your credit score but not to the same degree as a foreclosure.
With a short sale, your lender agrees to sell the house to another party for less than the amount you still owe on the mortgage. You’ll walk away from the deal without a penny, but the lender will forgive the remaining balance of your mortgage, and you’ll avoid foreclosure.
A deed in lieu is an agreement between you and your lender to transfer ownership of the property. You’ll sign a document that transfers the deed to your house back to the lender, and the lender will typically release you from liability for the remaining mortgage debt.
Need Help Avoiding Foreclosure?
If you’re facing foreclosure and need to get out from under your mortgage quickly, let our team at KM Home Buyers help. We’re ready to buy your house for cash, and we’ll do everything we can to get you the best price possible. Even if our offer doesn’t work for you, we’ll do our best to help you find a solution that meets your needs. To get a free, no-obligation offer for your Tampa Bay area home, call or text us at 813-213-4884. You can also fill out our contact form or email us at firstname.lastname@example.org, and we’ll be in touch promptly.