Has the bank threatened to foreclose on your house in Dallas, NC? Are you asking yourself when is it too late to stop foreclosure? Unfortunate situations happen to everyone. You are not along in dealing job losses, rising living expenses, or medical bills. Families everyday are experiencing the threat of foreclosure due to economic hardships. The good news is that there are a few things you can do when the banks threaten to take back the property. In this blog, we’ll review 5 things you can do if the bank has threatened to foreclose on your home. And please remember, it is always best to consult with a Dallas, NC foreclosure attorney about your legal rights as a homeowner.
What Is Foreclosure?
A foreclosure occurs when banks and lenders try to recoup their losses after a homeowner stops paying their loan. When someone is no longer paying, the bank will take possession and sell the home as to avoid a loss. When you are behind on your mortgage, the lender will instruct the trustee to foreclose. Once they have confirmed you are behind, the trustee will file a “special proceeding” at the county courthouse. You will receive the notice after the filing. In Dallas, NC, the foreclosure process typically takes around 120 days from the date the first payment is missed. They will foreclose on your house first then sell it at a foreclosure sale.
1. Contact Your Lender
The first thing you should do if you receive a foreclosure notice is to contact your lender. It’s essential to communicate with your lender as soon as possible. Your lender may be willing to work with you to modify the mortgage payments or create a repayment plan that is more manageable. This could include a loan modification, forbearance, or a repayment plan. It’s important to remember that your lender wants to help you avoid foreclosure since it is an expensive and time-consuming process for them as well. You’ll have to be persistent and assume it is your responsibility to have your lender respond to you.
2. Seek Assistance from Housing Counselors
If you’re struggling to communicate with your lender or unsure of your options, consider seeking assistance from a housing counselor. Housing counselors are professionals who can help you understand your rights and options and negotiate with your lender on your behalf. Contact the housing authority and ask how can HUD help me avoid foreclosure? They can connect you with approved HUD Housing Counselors for North Carolina. Foreclosure avoidance counseling is free, and they are prepared to provide you with helpful information.
3. Consider Refinancing Your Mortgage
Hopefully your home is worth more than what is owed. Refinancing your mortgage at a lower interest rate or longer term is an option for some homeowners. This could make your monthly payments more affordable and potentially help you avoid foreclosure. However, refinancing is not always an option, especially if you have missed payments or have a low credit score. Contacting your mortgage company and asking how to avoid foreclosure with bad credit will be the first step you want to take. It’s essential to speak with a financial advisor or mortgage broker to determine if refinancing is a viable option for you.
4. Sell Your Dallas, NC Home
If you’re unable to make your mortgage payments and are facing foreclosure, selling your Dallas NC home may be the best option. Selling your home can help you avoid foreclosure and potentially allow you to recoup some of your equity. However, it’s important to note that selling your home with a Dallas, NC real estate agent will take time. Do you need to make repairs or updates to your home to make it more attractive to potential buyers? The reality is most homeowners facing foreclosure on their homes have deferred maintenance. The home is the last thing we put our money and resources into when life gets difficult. Selling with an agent and having your home on the MLS, Zillow or Redfin, may not be the best choice for your family.
However, a direct sale to JMS Home Buyers LLC will allow you to sell your home fast and walk away before the bank forecloses. Once you have fallen behind on your mortgage and the foreclosure process has started you’ll need to sell quickly. Selling your house due to foreclosure does not have to be stressful. The process is simple, there are no showings or open houses. We buy your house at a fair market cash price. Our goal is to allow you to walk away with as much cash as possible and stop foreclosure all together. We pay cash for homes in Dallas, NC regardless of their condition. Every home is unique and every situation is different. We will work with you so your family can sell before the bank forecloses.
5. File for Bankruptcy
Filing for bankruptcy is a last resort option that should only be considered if all other options have been exhausted including selling your home. Bankruptcy can help you avoid foreclosure in Dallas, NC by putting an automatic stay on all collection activities, including foreclosure proceedings. However, bankruptcy can also have long-term consequences on your credit score and financial well-being. It’s essential to speak with a bankruptcy attorney to determine if filing for bankruptcy is the best option for you.
JMS Home Buyers LLC Can Help
Getting a notice that the bank will foreclose on your house is a stressful situation. Everyone thinks they have more time. Foreclosure on your house doesn’t happen overnight. The reality of losing all rights to your property doesn’t usually hit home until it is too late. Selling your home before the bank forecloses is an option. Companies, like JMS Home Buyers LLC, buys houses and pays cash. We buy houses in Dallas, NC regardless of the condition and can close in as little as 10 days. If the bank has threatened to foreclose on your house in Dallas NC, JMS Home Buyers is here to help! Reach out to us today at 704-707-6016. Let’s have the conversation about preventing foreclosure.