For most people, going through a foreclosure can be quite a treacherous ordeal. When the bank starts calling on a daily basis, and the eviction notices start popping up regularly, your life is bound to be turned upside down by the foreclosure process. And if the eviction is approved, you may not be able to get your house back after foreclosure. As such, if you’re too far gone in the foreclosure process to avoid it while retaining your home, one of the best options that you could turn to is to simply let go sell your house during foreclosure in Saint Paul MN.
But how should you go about selling your house? Well, that is certainly the million-dollar question. These days, most people turn to real estate agents when it’s time to sell a house. And while this method of home sale (which is also known as selling your house traditionally) may work well for the average joe, it’s not a great idea for those going through foreclosure. Selling a house with an agent typically takes between 2-3 months; in addition to this, from the commissions that your agent will charge to the advertising expenses, repair expenses, listing costs, inspection/appraisal fees, and closing costs, it’s also quite expensive. Since the two things that most people are limited in when they go through foreclosure are time and money, it’s quite clear to see that selling your house traditionally isn’t a great choice under these circumstances.
In this blog, we are going to talk about how you can sell your house to avoid foreclosure in Saint Paul MN.
How to Sell My House During Foreclosure
Read on to explore our guide to avoiding mortgage payment troubles in Saint Paul MN
If you’re going through foreclosure currently and can relate to what we’re saying, you may be wondering if our recommendation is valid. I mean, if someone is already so far gone in the foreclosure process that they’re willing to let go of their home and sell it to avoid foreclosure, why not simply avoid all the work and let everything unfold. Because when you think about it, foreclosure is merely the bank taking back its property after you’ve failed to pay your mortgage loans. So why not let them take it, instead of trying to sell… you’ll be free of the house either way and able to move on right?
Wrong? While a foreclosure will take your home away (which may not seem so bad if you’re ready to give it, as well as all the stresses and hassles it’s caused you, up), it will also destroy your credit and damage your financial future. Foreclosure can affect your credit significantly by dropping your credit score by 100 points or more, which can make it very difficult for you to buy all kinds of things from clothes to cars. In addition to that, having a foreclosure on your financial record can make it difficult for you to find future employment. As such, foreclosure must be avoided at all costs.
Read on to discover a few options you can turn to in order to avoid the difficulty of going through a foreclosure.
Sell My House During Foreclosure to FastPath Home Buyers
If working with your bank doesn’t yield the desired results, you should try selling a reputable cash home buying is a great option to consider. At FastPath Home Buyers, we are prepared to provide our clients with all-cash offers. In addition to this, we’ll pay cash for your Saint Paul MN property, and even cover your closing fee.
But most of all, we close fast and can help you sell your house in less than a week. So if you’re going through a foreclosure and need to sell your house fast to avoid it, we’re certainly your best bet.
Read on to learn more about what you’ll gain by working with our company to sell your house during foreclosure in Saint Paul MN.
The Benefits Of An All Cash Sale Of Your House
Here are the benefits of a cash sale:
- You get your money much faster (no bank loans)
- You get your money whenever you need it (no uncertain timeline)
- You won’t have to deal with the hassles associated with waiting months for a buyer to get a mortgage, only to be told that they couldn’t get their mortgage loan approved.
- You won’t have to list your house with a real estate agent and pay a huge commission.
- You won’t have to deal with a lot of people, some just checking out your property for fun. We don’t waste your time. This is our business.
- You won’t need to paint, make repairs, or even clean up. We take properties just as they are.
- You won’t need to deal with any paperwork. We have it all covered.
Working With the Bank to Sell My House During Foreclosure
As our economy has changed in the past few years, a lot of banks have also been shifting the method by which they deal with foreclosures. It’s always important to remember that the bank that carries your mortgage doesn’t want to see your home vacant or auctioned. They actually stand to make the most amount of money by helping you avoid foreclosure, through the selling of your property. As such, negotiating a deal with your lender may be a great option to consider.
However, dealing with banks during any part of the foreclosure process can be a huge pain. However, there are a few things that you can do to make this communication easier.
How to Work With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). With this particular point, it’s a fine line. Ensure that you call with updates and show them the actions you’re taking to sell your house. However, try not to turn your communication into badgering.
- Don’t miss deadlines. If you find yourself in a situation where something might be late, call and give your bank notice in advance.
- Remember that bankers are people too. When dealing with bankers, don’t be overly dramatic. Stay calm and cool-headed when you explain your situation and demonstrate your willingness to do whatever it takes to avoid foreclosure.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure you keep track of each person you speak with, what you spoke about, and any promises they might have made.
- Explore all your options. Your additional options include short sale, loan modifications, and bankruptcy. Depending on the details of your situation, you may be able to slow down the foreclosure process significantly through ones of these options.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on your payments, the fewer options you have available.
So there you have it. If you’re in the middle of a tough foreclosure and are struggling, you should consider these two options. Reaching out to your bank and working with them to sell your house can certainly help you get out of the red zone. However, if that doesn’t work, contact our company will always yield you results. And fast too!