Foreclosure Rescue
Loan Modification
You might be able to change the terms of your loan, depending upon your lender and whether they are willing to modify the terms, such as reducing payments or even adding the delinquent payments to the end of your loan. These options are not automatic nor guaranteed, as they require you to qualify for the modification.
There are only a small percentage of homeowners that will get approval, less than 3%. The terms of the modification also include no tolerance for any further missed payments, acc
Forbearance Agreement
This is an agreement with the bank/lender. Where the homeowner pays the bank's attorney fees and 40-50% of the late fees. Then the homeowner agrees to pay increased payments over the next 6-12 months to catch up the delinquent payments.
However 90% of homeowners fall out of forbearance within the first due to 3 months for failure to pay.
Refinance your Mortgage
It is near impossible to qualify for a refinance of a mortgage due to the existing late payments and bad credit history leading to foreclosure.
Some banks will also move forward with charging many fees for appraisal or brokers before disqualifying the home owner from a new loan.
Deed in lieu of foreclosure
You may choose to give ownership of your property and deed it back to the bank, as they will always accept this. However, if when the property is sold, there is not enough funds to cover the full mortgage amount, the bank can put a foreclosure on your credit report and request payment of funds thru the IRS.
Sell your home with a Real Estate Agent
This may be an option if you have enough time before your property goes to auction. It will take time to get a realtor, get the property on the market and to wait for a buyer.. Also looking for a buyer to buy the property as-is may take longer. You will also have to divulge your situation with the Realtor so they may be able to do what they can to help you
Sell your home to a cash buyer or subject to
This is where we, at Black Rose Investing, shine! Selling your home as-is, quickly for cash may be the best option for relieving a stressful foreclosure situation. Cash buyers buy as-is, pay all closing costs, and can close on a short timeline.
We can also seek out buying properties 'subject to' the existing mortgage, where a buyer agrees to take over the mortgage, catch up back payments, and continue making payments on your behalf. Contact us and we can help with creative financing solutions
Do nothing, lose your home, and damage your credit for years
ACT NOW OR LOSE EVERYTHING! Your foreclosure deadline is racing toward you—every day you delay brings you closer to losing your home and destroying your credit forever. Don't let inaction cost you your house and financial future!
Bankruptcy
Let Black Rose Investing provide solutions to selling your property if you are facing bankruptcy
Financial professionals generally recommend exploring all available options before considering bankruptcy, as this step comes with significant long-term implications that are important to understand fully. The process may involve liquidating some of your personal assets to address outstanding debts, and it will impact your credit score for several years. A bankruptcy filing remains on your credit report for up to 10 years, which can present challenges when applying for housing, vehicle financing, or certain employment opportunities. The legal process may also require meetings with creditors and potentially involve court-supervised financial planning for up to five years. While these realities can feel overwhelming, it's worth remembering that bankruptcy exists as a legal protection for those facing truly insurmountable financial hardship, and many people do successfully rebuild their financial lives afterward.
Black Rose Investing will assist you with selling your property fast, as-is for cash or provide other options that may help your situation before or during bankruptcy.
