Foreclosure should always be avoided if possible. It not only ruins your credit, making it hard to take out loans in the future, but can also make renting difficult and prevent you from doing something like leasing a car. Most importantly, foreclosure takes away your home.
If you’re facing foreclosure, take action now before it’s too late. You should communicate with your lender immediately to try and avoid the foreclosure process. If your home is at risk of foreclosure, it’s important to arm yourself with knowledge about the process. By educating yourself, you can minimize stress and have a clear plan for moving forward.
We’ve gathered together the following tips to help you understand the ways you can fight back against foreclosure in Fenton Missouri.
Make the First Move
The best way to protect your home from foreclosure in MO is to update your lender about any future financial hardships or other problems that might stop you from making monthly mortgage payments on time. Given the effort and time they will save, many lenders are usually willing to work with you on keeping up with your mortgage through other financial methods such as forbearance or modification.
If you’re considering selling as a solution, working with a professional investor from Fast Lane Real Estate will help you understand your options. By working with a real estate agent or selling directly to Fast Lane Real Estate, you would earn more than if you held out for a buyer and tried to afford the holding costs.
It’s Never Too Late
If you’re in danger of foreclosure in Fenton and have been putting off taking action, there’s still time to save your home. Contact your mortgage lender about a short sale or deed in lieu; these options could give you more time to sell the property without going into debt.
A short sale happens when a lender agrees to let a property sell for less than the amount still owed on its mortgage. Because of the high demand for houses right now, using this strategy could help you get close to market value for your home. But it’s important to know that even if the sale covers your mortgage, you might still owe money to the lender if there are any other debts attached to the property
A deed in lieu is when you transfer the ownership of your property to the lender so that they may avoid the foreclosure process. This could help relieve you from being held accountable for any money still owed on the mortgage. You can also ask your lender for relocation services, commonly known as “cash for keys”. Some states may make you responsible for any balance remaining on your mortgage loan if the value of your property falls short, so it’s best to ask your lender to waive the deficiency. If they agree, get written documentation for safekeeping. A US Department of Housing and Urban Development counselor can assist you in this process.
Decision making can be tough, so we always recommend that our clients compare their options. If you do choose to work with us at Fast Lane Real Estate, in a majority of cases we are able to offer a guarantee closing within 7 days. We understand that sometimes life gets in the way and you might need more time before moving; this is not an issue for us as we will set a date that works best for you. Last but not least, being transparent with our offers is very important to use–we want to make sure you feel confident knowing that the number we provided was calculated fairly.
If You Do Run Out of Time
If you have a foreclosure, it will stay on your credit history for 7 years from the first missed payment. If you file for bankruptcy, this red flag could stay up to 10 years. That’s a long time to be restricted from future access to credit.
It’s difficult to decide whether bankruptcy or foreclosure is worse for your credit. Your unique situation must be taken into account, including which will have the least negative effect on your future prospects. Both options can make it hard to get another mortgage, depending on how your credit looks after the event. Possible consequences include limited living options, being unable to acquire credit, and missing job opportunities. While short-term credit score boosts are possible with certain tools, like Experian Boost those can not permanently delete an event like foreclosure.Fast Lane Real Estate may be the answer to your troubles. We can help you maintain your credit standing with our fast closings to fight back against foreclosure in Fenton. Not only that, but because we deal directly with cash buyers, we can shorten the timeline of those of you who need to sell fast. At Fast Lane Real Estate, we take the extra time to listen to your circumstances. Our experts have years of experience helping homeowners prevent foreclosure and will help you do so in Fenton as well. To learn more, contact us or call Fast Lane Real Estate at 314-310-8338.