We have been trying hard to help you avoid bay area foreclosures. That’s why this article is written to share some strategies to avoid bay area foreclosures. Banks are busy writing foreclosure warning letters. They want their money or they’ll foreclose your home. For them, it’s a business decision based on number and statistics. For you, it’s your dream home.
The best option is to consult a foreclosure expert who knows the ins and outs of the bay area foreclosure process. Options include a short sale or a second mortgage. You need someone to negotiate on your behalf. You need clear credit reports telling you exactly how much you owe on your property.
Configure a repayment plan if you don’t want to lose your property to the bank.
A careful analysis of assets and income resources will show how much can you pay for your mortgage. If you’re falling behind on payments because of an illness or a divorce, you might be eligible for the pre-foreclosure treatment.
Situation#1: You Have Always Paid Your Mortgage On Time
Good things happen to bad people. We can understand your situation.
A clear credit history increases your chance to get approved for a loan modification program.
Prepare your documents to show proof of your financial hardships. Hire a consultant to negotiate with the lender on your behalf. You must convince the lender that the loan is “unaffordable”. Only then, they’ll show flexibility with their terms.
The process can take anywhere from 3-12 months. After approval, you can reinstate your loan by sending a one-time voucher. This is easier to do because you’re paying them money.
Another option is to get a loan and pay off your debt. This one is difficult because the lender pays you money. You don’t have to pay this second loan for many years.
Next, the lender can dismiss your payments to help you configure your financial situations. You’ll start paying the mortgage after a few months or one year. The bank will extend your loan duration. This option only works if you catch the lender before missing any payment.
Situation#2: You Have Missed Several Payments and The Bank Is Ready to Impose Foreclosure
This may sound like an easier choice because the foreclosure will be stopped immediately.
Legal complications make it more difficult than you think. Never proceed without expert advice because bankruptcy destroys your credit history. It limits your chances to buy a second home.
A short-sale or a pre-foreclosure deal might be in your best interest. A short sale happens when you own an underwater property. The property is sold for less than the loan amount. Most lenders don’t accept short sales unless they’ll lose money with the foreclosure process. Your consultant will have to negotiate the entire deal.
Once you’re ready, you must sell the home at a pre-determined price. Contact AME Home Solutions to sell your foreclosed home in SF.
Our deals are 100% confidential. We cannot save your home, but we’ll save you from the stress of selling your home. Your neighbors will never know your home was sold at a foreclosure sale.
We offer competitive prices and are able to close deals within 7-10 days.
Dial this number (415-272-3334) and get in touch.