If the bank is threatening to take your property after all you have put into it, we can help you stop the foreclosure of your house in Fort Wayne! Keep reading to learn about what you can do to fight back!
It can be overwhelming dealing with the threat of foreclosure. It can leave ugly marks on your credit. It can be devastating to think about losing your home after after putting so much of yourself into it. Luckily there are some things you can do to avoid foreclosure. In this post, we will help you learn how to stop foreclosure of your house in Fort Wayne.
Call Your Bank
One of the first things you can do to stop foreclosure in Fort Wayne is to work with your bank. When it comes down to it, most lenders would rather work with you to get back on track then put the house into foreclosure. The process isn’t fun for you or them. Most times it leaves th e lender with a loss, after all the time and costs involved in the foreclosure process. They will do what they need to, to recoup their costs, including working with you to find a solution. Reach out to your bank when you first realize you are going to have trouble with the mortgage payment. If you are behind on your payments, you will likely be able to work out a repayment plan. If you think that paying your mortgage is going to be difficult going forward due to new circumstances in your life, you may want to sell the house to stall the foreclosure while you still can.
Sell Your House
Another thing you can do to stop foreclosure in Fort Wayne is to sell your house. A fast sale of your house can help you to quickly pay off your mortgage, without any negative marks on your credit. Listing your house in Fort Wayne doesn’t necessarily guarantee your house will be sold quickly. The bank could foreclose on the house while it is listed if you try selling in this manner, which can take months.
On the other hand, a direct sale to Sky Line Properties LLC will allow you to sell your house quickly and for a great price. You can choose the closing date that works best for you so that you can sell the house outright before the bank comes knocking when you work with our team. Our process is fast, convenient, and always fair!
Use A Short Sale
Another way to sell your house fast in Fort Wayne to avoid foreclosure is by using a short sale. A short sale occurs when your lender agrees to take a lower offer for the house, just to save them the time and money of reselling it themselves. To do this you must apply to your lender’s short sale program and meet the necessary requirements. The bank will most likely run a BPO or Broker Price Option, to help you the fair market value for the property.
Declare Bankruptcy
The last option you can do to stop foreclosure in Fort Wayne is to declare bankruptcy. When you declare bankruptcy, the bank will be forced to stop any collection activity against you, including the foreclosure of your home. You will still be responsible for your debts, but the bankruptcy court will work with you to set up a plan of repayment. Make sure declaring bankruptcy is the right choice for you, as it doesn’t look very good when trying to borrow money in the future.
No homeowner wants to have their house taken out from under them. If you are behind on your mortgage, don’t fret. There are ways to avoid foreclosure and sell your house before the bank begins the foreclosure proceedings against the property.