How to Avoid Foreclosure in Salem
If you are a homeowner with a distressed mortgage, in pre-foreclosure or possibly facing foreclosure on your home, things can be very frightening. There may be a tendency when facing something difficult like this to just give up and let the bank do what they are going to do. Sure that may sound good to the part of you inside that just wants this whole thing to be over, but you have a life after your ownership of this home comes to an end and you need to do everything you can to protect you and your family’s future.
So take a deep breath and know that you are not alone. There are options available to you, and the quicker you take action, the more options you have. One of your primary concerns when you are a homeowner facing foreclosure is your credit rating. Obviously foreclosure means your family will be displaced and experience the trauma of having to move without even knowing for sure where they are moving to. What’s more, if your home is foreclosed on, your rating will take a huge hit and you may not be able to buy another home. So while it may be tempting to let the bank proceed as they will if you have a distressed mortgage to be free of the burden, there are actually better ways to get out from under the house – ways that protect your credit and your family’s future.
What You Can Do When Facing Foreclosure in Salem, Oregon
As we already stated, you have some options available to you as a homeowner with a distressed mortgage, in pre-foreclosure, or possibly facing foreclosure in Salem. Let’s go over these options:
- Reach Out to Your Bank – One of the most important things you can do to improve your situation is to stay in contact with your bank. Sure, it can be intimidating to talk to them when you cannot pay the mortgage, but if you are avoiding them, they will have no choice but to foreclose. You may believe that there is nothing your bank will do, but there are circumstances where banks will work with homeowners facing foreclosure in Salem. Ultimately, the foreclosure process is not what they want to do either. So realize they use it as a last resort and open the lines of communications to see what they are willing to do to work with you. The sooner you talk to your bank, the better.
- List Your House With a Realtor – This option can help you secure top dollar for your home, which may allow you to pay off what you owe to the bank and get out from the home without being in deep debt or having your credit score ruined. Sounds great, right? The only real catch here is that this can take time and unless you have worked something out with your bank, you may not be able to sell it in the time you have left. Another possible issue here is if your house is in disrepair or needs a lot of work to attract a full-price buyer, it simply not be feasible in your situation.
- Sell Your Home for Cash to a Buyer like Cornerstone – If both of these options offer you no relief, don’t forget about us! We are here to help any homeowner in Salem, Oregon who needs to sell their house for cash as quickly as possible. What’s more, we buy houses as is. That means there is no need to clean them up, get them repaired, or work with a realtor or the MLS. Fewer fees, less hassle, and a quick turnaround time means we may even be your best option if you are facing foreclosure. What’s more, we finance our deals ourselves. That means we don’t have to wait on bank approval and can get you cash in hand in a little more than a week! The downside to working with Cornerstone is that because we pay cash up front and require no work to be done to the house, we will not be able to offer the full amount that a new homeowner you could attract through the MLS if you had 6+ months to sell your home in the traditional method.
What works best for you?
We are here to offer homeowners in Salem help and advice. We’d be more than glad to review your home and let you know what sort of cash offer we’d make on it. Additionally, we’re here to talk over your situation and help you make the best decision about your distressed mortgage or foreclosure.
Remember, there is more at stake than just your ownership of your Salem, Oregon home when you face foreclosure. At Cornerstone, we’ll be there to help you out when facing this difficult time, whether that means selling your home for cash, or simply talking you through how to work with the bank to make payment arrangements, so contact us today to discuss your options.