Stop Foreclosure Salem, OR
When you buy your home the idea of going into default probably doesn’t even come across your mind. Sadly this can happen no matter what type of planning you prepare before you move into your home. If you have a sudden job loss, or some kind of large expense, it can make paying your mortgage next to impossible. When you first buy, a foreclosure seems impossible but it can quickly turn into reality for some homeowners. Luckily there are a couple of different ways that a real estate investor can help you avoid foreclosure. Here are a few of the things that you can do to stop foreclosure Salem.
Real Estate Investors – Can Stop Foreclosure Salem, OR
When time is of the essence and you need to stop foreclosure Salem, OR, real estate investors are by far the fastest way to sell your home. Although you can sell your home at market value using a real estate agent or going through the process yourself doing the sale for sale by owner, the average time a house sits on the market is 3 months. Investors can inspect your home, provide a plan, and close the house within a matter of weeks, even days. Since for many seasoned investors, this is their profession, they have all their finances in order and know the home sale process very well. This is different than catering to more traditional buyers who may only go through the home sale transaction several times in their lives and sometimes weeks are tied up as they are securing a mortgage of their own. Not to mention all the negotiating on whats wrong with your house, who pays to fix what. If certain repairs are not made then the buyers lending institution will not authorize the loan. This all takes time and considerable amounts of energy. Time and energy you may not have. As real estate investors, we understand all this and we work very differently. We have the resources to step in and handle your situation and help in a time of need.
Discount The Sale Price
If you are going through the foreclosure process one of the things that an investor will be willing to do is buy your home at a discount. Homes in foreclosure are usually going to be below market value so it will typically be a financial acquisition that is profitable for them but sometimes when you add up the cost of closing it does not work out that way. The good thing about this is that the investor will typically take care of all of the cost of selling a house which means that you don’t have to. For a homeowner in a tough spot this can mean you walk away from the house without owning a large debt, your CREDIT will remain intact and in good standing. Bankruptcy can be avoided. Don’t let your good credit get ruined, you worked so hard to build it to where it is today. Investors can help out and avoid all this and stop foreclosure Salem, its what we do best.
Take Over A Loan
In the real estate business, taking over the loan and making up the back payments is called purchasing a home “subject to.” This means that the investor pays off the missed payments to bring the loan current and then starts paying the loan himself and this can stop foreclosure Salem. However, the loan is still listed and signed under the homeowner’s name, so the homeowner is still held responsible if the loan starts to fall behind again. The benefit to the homeowner is that foreclosure is avoided and the loan becomes current. The benefit to the investor is that the home can be acquired without many of the costs of a standard sale such as the loan and appraisal fees. However, most lending firms create contracts in which “subject to” cannot be done since the full amount of the loan is due when title of the home is transferred upon sale. In practice, however, lending institutions would much rather have the loan become current and it matters little as to who the authority is so long as the payments are timely. This strategy can be a very important tool, but as you can see, it is not without its risks. All parties must have full understanding of the documents and how they are prepared.
Discount Loan From Lender
When selling your home, this is more commonly referred to as a short sale, this method can stop foreclosure Salem but is an absolute last method. The investor negotiates with the lending institution to strike a deal in which the lender will transfer the property at a discount. Why would the lender do that? For one, financial institutions are in the business of making a profit through loans, not in selling homes. Second, it is much better for the bank to receive less cash now, than waiting for more cash later during which the bank must own and maintain the home and try to sell it at market price. Banks are willing and happy to let a property get sold to an investor even at a loss because once foreclosure is official, this process is very expensive and time consuming. Banks want to cut their losses quickly. This is where investors shine, we have the knowledge and means to handle this negotiation with the banks and help you avoid foreclosure.
FDIC Foreclosure Prevention Information – The FDIC is a government entity and created a great resource and “Foreclosure Prevention Toolkit”. If you’re in foreclosure check it out.
5 Ways To Stop or Avoid Foreclosure In Today’s Market – FREE Guide:
Need more information on the foreclosure process and How To Stop Foreclosure? Download our FREE Stop Foreclosure Guide here. Or, you can always feel free to Contact us anytime if you have questions, want a no hassle Situation Evaluation, or want to just learn more about how we can help homeowners avoid foreclosure or sell unwanted properties for cash.
West Coast Property Group
PO Box 128
Walterville, OR 97489