Whatever the reason,  if you are facing foreclosure at the moment, we can help you get out of it. 

The more you continue to wait, the worse the foreclosure situation becomes.

We are the solution to your problem. We are here to help you stop foreclosure and sell your house within the shortest time possible. There is never any obligation or pressure to sell your house by contacting us.

If you do decide to work with us to buy your house, then we will be happy to answer any of your questions – including how soon you would like to close and get paid.

Home in foreclosure

Foreclosure is the process by which lenders recover a loan by repossessing the property that the loan was for and reselling it to recoup loss.  A lender has the legal right to foreclose a home when a borrower fails to make mortgage payments over an extended period of time.

Here is a look at some of the most common causes of foreclosure:

Negative Equity

Did you know that the vast majority of foreclosures are caused by negative equity from price declines? Negative equity occurs when a home’s value falls, causing the homeowner to owe more on the mortgage than what the home is worth. (This is also referred to as being “underwater.”) When negative equity happens, a homeowner’s best options are usually to refinance, if possible, or sell.

Rising Interest Rates

Some foreclosures can be attributed to subprime mortgages, which see low introductory interest rates initially, only for those rates to reset at incredibly high values a few years later. This can easily make it difficult for homeowners to keep up with mortgage payments. Homeowners with lower credit scores also happen to be the main recipients of subprime mortgages, further complicating things.

Personal Scenarios

Death: A death in the family is a leading cause of foreclosure, particularly when it happens to be the head and primary breadwinner of the household who passes.

Divorce: Oftentimes divorce means that one person is designated as responsible for making mortgage payments. This can put financial stress on the individual making mortgage payments, especially if there are missed spousal support payments. The stress that the divorce process brings (both emotional and financial), along with impaired communication, can also mean missed mortgage payments.

Drugs: Substance dependence and addiction affects individuals from every walk of life, and if the problem becomes great enough, financing drugs and alcohol can easily take priority over making mortgage payments.

Disease: Unexpected medical bills are the leading cause of bankruptcy in the U.S., so it makes sense that they would lead to foreclosure as well. Chronic illness, catastrophic emergency, and inadequate health insurance can all create financial stress that ultimately means missing mortgage payments.

Denial: Finally, there is denial. A variety of factors can come together to put a person in financial stress, and denial can keep that person from recognizing that their current lifestyle is not compatible with keeping up with mortgage payments.

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