If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house back after foreclosure. After all, you need a place to live!
Unfortunately, after the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.
Instead of worrying if you can get your house back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.
If that’s not an option for you at this time, then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your home fast so that the bank can’t take it
One option is you could do the work at trying to find a buyer to take your home, because you aren’t going to have time to find an agent and have it listed on the MLS. However, an even faster and easier option is to find an investment firm that buys houses as-is for cash. Instead of spending all of your time and energy trying to locate your own buyer, make repairs, and close the deal on time, there are many companies that can do this for you. This takes the pressure off of you to secure a buyer and close in time. Companies like US Direct Home Buyers will buy the house from you very quickly, with no repairs needed, for cash. This may be the only option the works out in your favor. Reach out to us today and let us see what we can do to keep the bank from taking back your home and keep your credit and debt in better shape.
