How You Can Avoid Foreclosure by Using a Cash Buyer
It’s been a tough couple of years as countries and citizens around the world have been dealing with the unique challenges of COVID-related restrictions and the accompanying economic fallout that’s come along with them.
In the United States, these challenges have largely been centered around people’s homes and the expenses that come with purchasing and maintaining your own personal residence.
While issues still pale in comparison to the economic crisis of 2008, which was largely fueled by home prices and subprime mortgages, many people are still at risk of losing their homes due to income challenges and employment issues related to the pandemic.
If you’re at risk of losing your home to foreclosure, you should take action today to avoid your lending institution from taking this step. Banks generally don’t want to foreclose on your home any more than you want to be foreclosed upon and almost always view this as a last step in the process.
Banks and credit unions are not in the business of owning homes, they’re in the business of making money via interest paid on mortgage loans. If you’re willing to work with them, you can usually figure something out.
But in lieu of working with your bank, you do have a couple of options. One choice is holding a so-called “short sale,” where you generally sell your home and pay back some, but usually not all, of your mortgage and hope this satisfies the bank.
You can also simply walk away from your home and take the hit on your credit report. This isn’t a great option, but some people do go this route.
But one newly popular method of saving yourself from foreclosure and the years-long hit on your credit rating that comes along with it, is to sell your home to a cash buyer. Not that long ago, this idea was considered anything but mainstream and not taken very seriously either by people in the industry or by homeowners needing to sell their property.
But that was then and this is now. Cash transactions have become much more commonplace in the United States over the course of the last decade or so, and they’re probably going to continue gaining market share over the next 10-20 years.
It’s a very stress-free and easy way to sell your home in the 21st century and there are more and more companies popping up from coast to coast that specialize in these quick and hassle-free transactions.
If you’re behind on your mortgage and the bank isn’t giving you a whole lot of options, finding a reputable cash buyer in your area to work with has a lot of merit. Do a little research, find one you feel is above board and give them a call.
A foreclosure on your credit report is not a good look and not a road you want to go down unless you’ve exhausted all other possibilities. Find a cash buyer today and avoid going through a foreclosure process with your lending institution.
It will pay dividends in not only the long run, but in the short term as well.