Even good people experience financial hardship from time to time, This is nothing to be ashamed of. But knowing that does not relieve the stress of the situation. In some dire cases, you may even be in danger of foreclosure on your home. Foreclosure means that your lender is taking steps to terminate your ownership of the home. Besides the fact that this may leave you without a roof over your head, you may also be faced with the ruination of your credit, making it difficult, or even impossible, to find a new roof. So, where do you turn for help?
In Portland, Oregon, foreclosure takes approximately 140 days, so you are faced with certain time constraints. And foreclosure comes in two forms. First, judicial foreclosure, which involves your lender filing a lawsuit to claim the property. You will receive a notice by certified mail about the date and time you will be required to appear. Your only option is to pay off the loan or go to court to depend on yourself. If you receive such a notice, your first step is to call a lawyer and proceed from there. If you lose in court, you will have 10 days to vacate.
The other type of foreclosure is a non-judicial type, where the lender uses a trust deed to implement the foreclosure Once you receive a notice of foreclosure, and the date your property will be sold, you have 120 days to take action. This action usually involves paying off the loan/ But if you have reached the stage of foreclosure, it is probable that this will not be possible. One good thing about a non-judicial foreclosure is that the new owner of the property does not receive a deed until one year after the sale, so you have a full year to come up with the funds to pay off your lender. This option does not apply to judicial foreclosure. Who knows, maybe you’ll win the lottery!
But if you don’t want to count on the lottery, and you want to do all you can to walk away with something and preserve your credit rating, you may want to sell your home before the foreclosure. While it may take months to sell your home on the open market, a better alternative is to sell to a home buyer. Dealing with a reputable company, you will receive a cash offer at fair market value. The buyer will purchase the home as it is, requiring no repairs. Such a sale also does away with an agent’s fees and commission, and the buyer covers all closing costs and escrows. You will have cash in hand within days or weeks, and could walk away with a tidy sum after paying off your lender, depending on the equity you have built up over the years you have owned the property.
Certainly, no one likes the idea of facing foreclosure on the family home, but it need not be the tragedy you expect. When you deal with a reputable home buying company you can expect to be treated with respect. They can answer your questions about the process, offer fair market value for your home, close quickly, and ease your stress levels. A home buying company can give you a new lease on life!