Local CA homeowners who are facing a financial challenge may find themselves in foreclosure. In this real estate market that is shifting with interest rates that have climbed upward and have seen the “buyer pool” shrink you need to sit down with an honest and fair real estate professional who simply is not trying to take advantage of you. At Upright Property Investments we simply want to sit and look for a real estate deal that is a “win-win” scenario.
Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.
If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it.
In this blog post, you’ll read about a few foreclosure prevention measures in Sacramento that you can take to keep your home from foreclosure.
Foreclosure prevention measures in Sacramento CA
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
This is where Upright Property Investments can come in and be a real viable option. Especially if on top of this mountain of foreclosure hangs over your head. Your home is also in bad shape. At Upright Property Investments will not ask you to make one repair. You can be assured we will buy your home “AS IS” no work, or money will need to be spent in working with Upright Property Investments. You can take whatever you would like to have and leave the rest to us.
2. Work out a deal with your bank. Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.
3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
Yes these are all options you can consider. We would love to sit down with you to discuss and go over the options that you have. If you feel that selling your home might be the best option. Then I would encourage you to give my wife and I a call to talk this out. Certainly if you have equity in your home. We will sit down with you and openly and fairly put the options in front of you and you decide which would be the best option for your family. We are a family owned real estate investment company, honestly we are just people like you. My wife and I would love to meet you and give you good information to help you make the right decision. The last thing you need is to sit and talk with someone who is looking only for themselves and looking to take advantage of you in this vulnerable position. This simply is not who we are! So pick up the phone and give us a call at Upright Property Investments, I believe we can help.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.