If you are trying to avoid foreclosure on your home in San Diego, you are probably experiencing a stressful situation. Perhaps you have experienced job loss which is a scary situation to go through especially you have a family to take care. Perhaps you have medical bills piling up that have become too overwhelming to deal with. So not only are you dealing with a medical condition, but you are trying to find a way to pay for out. Perhaps you have mountains of debt that you are trying to get through, but it seems that you can’t move forward and get out of the hole. Or perhaps you have inherited a property which seems like a good idea in theory, but you simply can’t afford it. Today, we will help you gain a clear picture to how you can avoid the foreclosure situation you find yourself in and help you find some light at the end of the tunnel.
Do I Have Any Options to Stop Foreclosure?
Trusted House Buyers wants to lay out the options that you have to avoid foreclosure in San Diego and there are quite a few:
- File for Bankruptcy: Although it may be advised to file for bankruptcy, this usually causes the process to drag on even longer. And you will not only have a foreclosure on your credit report, but you will now have bankruptcy hanging over your head. Neither label is helpful when you are trying to move on with your life and step away from a stressful financial situation. In addition, even though filing for bankruptcy can give you some time, the reality is that your house can get auctioned unless you bring your mortgage payments current. And for those in this situation, that simply isn’t possible. Don’t ignore that if you file for bankruptcy, this could truly hinder your ability to purchase another home for the next 7 years! That is a very long time.
- Request a loan modification: Another option you can try to entertain is to get a loan modification. The best time to reach out for a loan modification is right when you are experiencing financial hardship. The tricky part here is when you are dealing with the lenders the timeline is simply out of your hands and can truly take quite a bit of time to work through. Also, if you are already dealing with financial hardship, the chances are that it will be extremely hard to obtain a loan modification. And who wants to go through all that hassle only to be dropped right back at square one?
- Refinancing: Perhaps in a different real estate market, attempting to refinance out of a higher interest rate could provide some relief to your monthly payments. But in today’s world, we are dealing with record high interest rates. Many homeowners in San Diego are sitting on lower interest rates, so if you feel like refinancing will help your financial stress, think again. Refinancing from a lower interest rate to a record high interest rate would only put your further in debt. Count this option out right now!
- Reverse Mortgage: If you are interested in a reverse mortgage, it isn’t an option for everyone because you must be at least 62 years old with built up equity in your home. When you have a reverse mortgage you are using that equity in your own to make your mortgage payments. So as you continue to pay off your mortgage, your equity decreases. This isn’t the best option, but some feel it is their only option to stay in their home.
- Seeking a Deed: If you are seeking a deed in lieu of foreclosure because you feel you have run out of options make sure you realize that a deed is the same effect as a foreclosure, but it could help mitigate the damage to your credit report. This would mean that you are handing over the deed to your home to a lender. They will take over the payments of the house and you will need to move out.
- Cash Buyer Investor: All hope is not lost. If you feel the options given above are leaving you with more stress a more uncertainty, we understand. At Trusted House Buyers, we offer a cash buying solution when you are in a tricky situation like foreclosure. If you feel you are headed in that direction, save your credit and get out of your San Diego property by accepting a cash offer from Trusted House Buyers. What we do is we lift our clients out of financial stress and tough situations. We are able to give cash offers usually within 10 days once we have seen your home. We will walk you through our process and make sure you are comfortable every step of the way. In addition, at Trusted House Buyers we operate with complete transparency unlike other cash buyers in San Diego. We are a family run business and pride ourselves on our honest, reputable, and fair business practices. We will not blind side you and we will be upfront throughout the process. In addition, there are no additional fees like hefty real estate commissions. This means that you will end up with more cash in your pocket at the end of the day. We want you to be able to pull out of a financial situation that is bringing you down to help you move on with your life with your head held high.
If Trusted House Buyers seems like the right solution for you, please check out our website at www.trustedhousebuyers.com to see what our past clients have said and to gain more information on working with a cash buyer. Also, we are simply a phone call away at 619-786-0973. We are looking forward to helping you avoid foreclosure in San Diego!