Banks will foreclose on your house after you’ve missed four consecutive payments. How fast they foreclose on your house can take as little as three months to complete if everything goes smoothly. If you are facing foreclosure the question of how fast can they foreclosure can be replaced with how do I prevent foreclosure? What are my options for not having a foreclosure on my record? When there is a concern that the bank will foreclose on your home that is the time to act.
The foreclosure process for Charlotte North Carolina starts once you get behind on your mortgage by 4 or more missed payments. At that time the bank will instruct the trustee to foreclose. The trustee is a third party who has been chosen by the bank. They are associated with the lender. Once the trustee verifies that you are behind on your payments, they file a proceeding at the Mecklenburg County courthouse. That is a public document and will appear on your credit score. The next step in the process is a foreclosure hearing at the courthouse. How quickly this gets through the court system may be difficult to determine. But in the end the bank will foreclose and take back the house.
To avoid the stress foreclosure causes you may determine the best option is to sell the home quickly. JMS Home Buyers was recently contacted by a homeowner who was behind on their mortgage and utility bills. While the utility company was willing to keep the power on during these winter months he realized he was not going to be able to catch up on the missed house payments. Selling the home quickly before the notice of foreclosure could be filed was his primary focus. The thought of having the bank foreclose on him motivated him to call cash buyers for a fast sale.
How fast can you sell your house to avoid foreclosure will depend on how quickly you find a buyer with cash. Buyers who pay cash have the ability to buy your home and satisfy the bank loan within days. Cash buyers typically do not require an appraisal to be scheduled. Or a home inspection. Lining these up will add weeks to the process of selling your home. JMS Home Buyers will do a walk-through of the home then determine the as-is value of the house and make an offer. Once we understand what you are facing we can put together a plan so the bank will not foreclose.
Understanding the foreclosure process can be overwhelming. There is help such as The North Carolina Finance Agency. They offer free foreclosure prevention counseling. If it is determined that selling your home is the best option for you there is good news. The Home Buying Institute reports that Charlotte is one of the housing markets that may continue to see a slowdown in 2023. But Charlotte continues to benefit from homeowners relocating to the Carolinas. Finding a cash buyer who invests in Charlotte will not be a problem. JMS Home Buyers is a local company investing in Charlotte and the metro areas. If selling your home is the option you choose, give us a call today and let us put together a plan to help with this transition.
Call 704-707-6016 today about a cash offer for your home.