How a Fast Cash for Your Home Can Protect You from Foreclosure
Foreclosure is arguably one of the most stressful financial things a property owner can experience. Your property — and your credit — is in danger of being lost, which creates an enormous burden on you.
But you have options. You can sell your home for cash quickly, avoid foreclosure, and get back to having your financial life on track. With us, homeowners can sell in a hassle-free short period of time, get cash in their pocket, and get out with no lingering burden of foreclosure.
Here’s how paying cash can prevent your property from going into foreclosure — and why it may be your best bet.
What Happens in a Foreclosure?
Foreclosure is a legal default that occurs when people cannot pay for a property mortgage and a court orders the resale and reacquisition of property for a creditor. Foreclosure typically involves these stages:
- Missed Payments – Your lender will notify you about mortgage payment defaults after 2-3 months are missed.
- Pre-Foreclosure – They will try to provide solutions for becoming current in payments, but if nothing can be done, they start the foreclosure process.
- Auctions or Bank Repossession – If the banks do not let you tenant your property again and the foreclosure before that is canceled, they repossess or auction the property to you and destroy your credit with more debts on top.
- After foreclosure is finished, it will stay on your credit file for 7 years, and it is going to create it to be hard for you to buy a new house, to rent an apartment, and to get certain jobs.
How a Quick Cash Sale Can Stop Foreclosure
Selling your property for cash prior to foreclosure completion helps you take back control of your life. This quick sale allows you to pay your mortgage in full even before the lender takes possession of your property and will not show up on your credit report as foreclosure.
The settlement period for Stratton Oak Investments is within 7 days, giving you the room to pay off your debts and have a clean slate.
Protects Your Credit Score
Foreclosures will cause your credit rating to drop between 100-160 points, while future housing and loans will be more challenging to obtain. Selling your property beforehand, on the other hand, will only be viewed as a routine sale, not a forced foreclosure, once completed.
Pro Tip: Selling for cash ahead of the foreclosure can also limit the financial loss to the credit, and get a prompt rebuild going even when payments have begun to go into the arrears.
Permits Walking Out with Cash Instead of a Mortgage
If your property is foreclosed and then sold at auction, its value may be less than your debt. That can lead to a deficiency judgment, meaning that even after your property is taken out, you still owe a portion of your debt.
Selling to a cash buyer means you can:
- Pay off your mortgage completely
- Don’t pay bank and legal fees unnecessarily
- Leave with some extra cash to start a new
Repairs, Commissions Hassle Free.
If you’re in foreclosure, you lack the money or time to clean up your property and wait for months for a buyer to show up. You will need to know what it means to sell your property to Stratton Oak Investments:
- No expensive repairs – We buy them in any condition
- No financing holds — Full cash out
- No real estate commissions – Keeping your dollars
You receive a competitive cash bid free of the encumbrance of traditional home-sale headaches.
Steers You to Move on Your Terms
Unlike a foreclosure, when you’re dealing with a foreclosure, the bank will decide when the closing will take place whereas when you’re making a cash purchase you can set your own closing date. Do you know a moving-in date? Are you in a few more months where you can make a transition?
You’re in charge of your move; not a bank
What’s the Next Step? If you’re dealing with foreclosure and are concerned, timely action is important. The sooner you take action, the more options you will have to protect your financial future. At Stratton Oak Investments we team up with homeowners in situations we need to sell their property fast for a fair all-cash payment
Get your first step to financial freedom by contacting us today for a free, no-obligation consultation. The Bottom Line Foreclosure isn’t a defining part of your future. Accepting a cash payment for your home means that your credit history remains unscathed, your debts are paid up, and you can continue your life without debt—without a cloud hanging over your head in regard to a foreclosure. Contact Stratton Oak Investments today if you’re looking for a fresh start. We’re here to help you progress with confidence.