Ways To Stop Foreclosure In Oregon
“What do I Do?”
- Reinstate the Loan: If the mortgage lender hasn’t accelerated the loan, you can prevent foreclosure simply by paying the missed payments, taxes, insurance, attorney fees plus interest.
- Get a new Loan: If the mortgage lender has accelerated the loan, you will need to refinance the entire balance of the loan to prevent foreclosure. When you contact us, we can discuss this option. But the longer you wait, the harder it is to find a mortgage company to refinance your existing mortgage. See “Foreclosure Time Frame” above.
- Sell your House: Your best option at this point might be to sell. If you can sell your house before the Sheriff’s Sale and pay off the mortgage and all the attorney fees and late charges, you may be able to save your credit. At least you will not have a foreclosure on your record. Within a year, with a good credit history, you might be able to qualify for a new mortgage and get a new house. With a foreclosure or bankruptcy on your credit report it will take several years with perfect credit afterwards to qualify for a new mortgage.
- If you don’t get any offers that will cover what you owe your mortgage lender, the lender may agree to take less – called a short sale. You still need time to sell it before the Sheriffs Sale.
- It usually takes several months to find a qualified buyer and get to the closing. If you have already received a notice of foreclosure sale, you might not have enough time to sell the traditional way, even with a quick fire sale at a reduced price.
“Refinance or Sell”
At this point, you might be wondering how we could help. First of all, with our relationship with the mortgage industry, we know were to find the available lenders willing to work with tough situations. Secondly, we’re not Realtors®. We are real estate investors and we work with a number of investors who buy houses.
If you think you have enough equity and time, you might be able to refinance. However, the numbers of available lenders are few and far between and the interest rates they want are usually high. Equity is their biggest concern. If you think this option will work for you, we will put you in contact with the right people immediately.
If you think it is time to sell quickly, we might be the solution you are looking for. We have several programs that have worked very well for people in foreclosure. We are able to work with mortgage lenders and attorneys, stop the foreclosure and in many cases we can save your credit, and often we are able to rebuild your credit.
Here’s the game plan to sell your house quickly…
After we agree on the purchase price, and verify the amount you owe on your mortgage, if the circumstances are right, we can close right away!
You get relief from your monthly obligation to the Mortgage Company.
Please don’t misunderstand or assume that we have to steal your house, or that you need a lot of equity for us to be interested. We’ve worked with all kinds of circumstances and have been thoroughly trained to create solutions after so-called “experts” have given up and quit.
One of the main problem solvers we can offer is Peace of Mind. Of all the ways to stop foreclosure in Oregon sometimes the hardest aspect of having to move is actually having your house up for sale and your life in limbo. I am sure you have heard the saying, “Sometimes the not knowing is the hardest part!” When you approve the paperwork with us, you will know that your payments and house are taken care of, so you can start over and have that peace of mind.
We can take care of all the details in about one week. We simply order title-work, and draw up the papers. We can set a date when you can move out and take the house over after that. We’ve even bought houses where the seller just left all the furniture and garage junk for us to dispose of. Clean up, fix up, whatever it takes; we’re prepared to handle your needs.
The best part is your loan doesn’t have to be assumable for this to work! Regardless of the type of loan: assumable, non-assumable, assumable with qualifying, FHA, VA, Conventional – our program works for all transactions. Also you should be able to qualify for a new loan in a short time. With the proper documents, your credit situation might even be stronger after we buy the house, than before you got behind on payments.
As I stated before, our program can work in any situation. We’ll create the solutions, and you pick the one you like best.
What if I was sitting at your dinning room table right now, and told you we wanted to buy your house?
No problem with the non-assumable loan. No problem catching up any payments in arrears. We can probably wrap up the whole thing within a few days.
We don’t know how much you owe, how much it’s worth or any of that. Those details can be handled when we talk.
What I do know… and what you should know is… If you call me and give me the facts, I’ll either tell you on the spot I can’t help or come over and leave you with an offer… within 24hours, or put you in contact with a mortgage broker that can help you refinance.
We will take the financial burden of any monthly mortgage payments off your back, and we’ll also take care of any fix up or maintenance regardless of how minor or how serious. What’s more, we’ll close when you’re ready.
The longer you wait, the harder it will be to stop the foreclosure and save your credit. Every day that passes, more and more of the equity in the property is being eaten up by accruing interest, late charges, attorney fees, taxes, insurance, liens, tax liens, contractor liens, IRS liens, utilities, judgments and other creditors.
Some people at this point are so overwhelmed, that they simply give up and let the bank take the property back through foreclosure. Don’t let this happen to you. I have seen many people expecting a miracle to happen at the last minute, but it never does. They almost always lose their house, and because of the foreclosure on their credit, end up on the street. Don’t let this happen.