62. Giving My House Back To The Bank In Roseville MN

Sell your house Fast instead of giving it to the bank in Minneapolis MN

Nobody wants to lose their home. But sometimes your financial circumstances can turn against you, making it next to impossible for you to meet your mortgage payments, no matter how hard you try. Whatever your situation, if you find yourself backed into a corner with no other options, and facing imminent foreclosure, consider reaching out to FastPath Home Buyers for help. Here at FastPath, we buy houses for cash in Roseville, and its surrounding areas. Our main mission is to provide aid to our local community; we help people were we can, by providing them with an easy way of selling their houses and giving them fair all cash offers, whether they are facing: foreclosure, divorce, the loss of a loved one, or simply wish to sell Fast. With FastPath, you also get to sell your home ” as-is” ( no repairs, cleaning or updates). Contact us now, by calling (612) 351-2384 to get a cash offer today!

“I’m behind on my mortgage payments…will I be giving my house back to the bank in Roseville?”

Here is the answer: Foreclosure won’t affect everyone that falls behind on their mortgage payments. However, if your situation progresses too far, you may be forced into having to give your house back to the bank in Roseville MN, leaving you temporarily without a place to live. In addition, there may also be long-term consequences, including a long-lasting impact to your credit score (which will most probably affect your overall financial future).

No one wants this. Foreclosure is not an idea outcome, either for you or your bank. Fortunately, no matter where you are on the foreclosure scale, there are still a few options that are open to you. These options could potentially help you get back on track, to financial solvency.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on your state, and on the type of mortgage you have.

Typically, after you’ve missed 2-3 months in mortgage payments, your loan company will begin sending you notifications. Over time, if you fail to pay back the mortgage payments you’ve missed, the loan company may send you a foreclosure notice of default. This informs you that they are on the brink of foreclosing on your house. After this, they will now have the power to put your home on public auction.

How long you will then be able to stay in your home after it’s sold on auction varies from state to state. However, at some point, you will be forced to move out and find a new place to live.

Fortunately, you have options!

If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. The first option that you have (in order to protect yourself and your family from foreclosure) is to work out an arrangement with the loan company, called a “deed in lieu of foreclosure”.

This arrangement involves you handing over ownership of your home to the loan company, without you having to endure the horrors of the foreclosure process. Banks and loan companies usually readily accept such agreements, because they save them the money they would have had to spend on foreclosure proceedings. This is an option that allows you to at least salvage your credit score.

You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full through the sale, there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full, you will need to make up the shortfall). FastPath Home Buyers can help you sell your house Fast, ensuring that you beat that auctioning deadline.

Here’s an example: Let’s say you owed $100,000 on your home and you sold your home to us for $90,000. You would give that money to the loan company, along with $10,000 to make up the short-fall, and your loan would be paid off. (But if you go a step further and contact a real estate attorney, you may also be able to negotiate a “deed in lieu of foreclosure deal”. This deal makes sure that your loan company or bank agrees not to go after the difference in exchange for the deed to your house).

At FastPath Home Buyers, we’re professional real estate investors. Contact us today at (612) 351-2384 to find out what we can offer you for your house — even if it needs repairs.

I want to avoid giving my house back to the bank in Roseville!

Why do people choose to sell their home instead of going through foreclosure? (After all, they still won’t get to live in their homes anymore.)

Well, losing a home can be difficult. However, the impact on your financial situation and your credit is considerably less if you take action, than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.

Interested in learning more about a proactive option besides giving your house back to the bank in Roseville? Call us at (612) 351-2384 or fill out the form to get more information