Foreclosure can have a drastic effect on your financial future. As such, at the first sign that your lender is moving towards foreclosure proceedings, you must act quickly. This can help you avoid the expenses, long-term financial ruin, and the emotional turmoil that is involved with the foreclosure process.
But what can you actually do when the foreclosure notice of default comes a-nocking, if anything at all? Well, that’s a bit of a loaded question with multiple answers. However, the one constant response that’s actually good news for anyone facing the threat of foreclosure is that there are certainly things you can do to avoid the process altogether. What exact you do though depends entirely on your specific circumstances. For example, if you’re too far on in the foreclosure process, the best tip to avoid foreclosure would be to sell your house during foreclosure. Whereas if it’s early days, you’ll still have quite a few more options.
In this blog, we’ll give you tips on how to avoid foreclosure in Bloomington MN and show you which ones would be best for your present circumstances. For more information on foreclosure, you may also be interested in reading our blog that expands on 3 Ways a Foreclosure Will Impact Your Life in Burnsville MN.
How to Avoid Foreclosure in Bloomington MN
Read on to discover what you can do in order to avoid the foreclosure of your property in Bloomington MN.
Your first option, when it comes to avoiding foreclosure in Bloomington MN, is to talk to your lender and try to negotiate a foreclosure workout agreement. Depending on your specific circumstances, this option may be open to you. After reaching out to your bank or lender and explaining your current financial situation (that has kept you from being able to make your monthly mortgage payments), you may find that they may be willing to make your mortgage payments more affordable. They could do this by either reducing your monthly payments and spreading them out over a long time or by providing you with more time to catch up on your outstanding payments.
However, for this option to be effective, it will require you to take action as soon as possible. I’m addition, you will also be required to produce a great deal of paperwork proving your financial hardship for the modification. You’ll also need to document your current income as well as an estimate of what your income is expected to return to at the end of the hardship period.
Listing your home on the MLS for sale is another option that can help you avoid foreclosure in Bloomington MN. However, this option is usually the more expensive choice. As such, it might not be feasible if you’re struggling to pay your mortgage payments. When you list your property on the MLS (unless you have experience in the real estate industry that will allow you to sell your house FSBO), you will need to hire a real estate agent. This will require you to pay expensive agent fees. In addition, you’ll also have to factor in the cost of appraisals and inspections, on top of any essential repairs your property may need (which can run into the thousands).
Foreclosure does more than take your home and affect your credit; it can also result in you being denied employment or even housing. After a foreclosure, you won’t be able to seek help from government-backed financing through Fannie Mae for seven years. Additionally, you may still owe any debt on the home that the lender doesn’t realize at the foreclosure sale. These are all reasons why you should work to avoid foreclosure at all costs, even if it means selling your house before it’s foreclosed on.
So, if you are considering selling your house in order to avoid going through a foreclosure, but you are unable to sell traditionally (by listing with a real estate agent), there is another option. You can sell your house in Bloomington MN directly to FastPath Home Buyers. A direct sale to our company is a quick and easy solution. We charge No Fees and Require No Commissions when we buy your house, so you won’t have to worry about not being able to sell your house due to the financial constraints that you may be facing. In addition, we’ll buy your house “as-is”, so you won’t have to worry about having to make repairs as well. You and your family can rest easy knowing that with FastPath Home Buyers, you have a guaranteed sale with a very fast closing (usually in as little as 7 days).
So what are you waiting for? Reach out to FastPath Home Buyers, either by calling (612) 351-2384 or by filling out the short form below, and you can rest easy with the knowledge that your days of impeding foreclosure will soon be behind you.
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