The foreclosure process can be quite complicated and expensive to go through in Ohio. Luckily for you, we compiled a set of FAQs you can quickly go through before you try to avoid eventual foreclosure. We understand that it may be a particularly stressful time, but with the right information, you can get out of it pretty soon with your credit still intact.
Read up so you can learn more about how to avoid foreclosure in Cleveland. Keep a copy of these answers saved so you won’t be lost along the way.
What is pre-foreclosure?
This is the first step of the foreclosure process that you’ll likely need to deal with immediately. This can also be referred to as loss mitigation.
Essentially, pre-foreclosure is the timeframe you have wherein you’ll be allowed to settle all your debts to the best of your ability before foreclosure comes. If you get to settle everything, you will not have to go through the difficult, expensive process of foreclosure.
Your mortgage enters a delinquent or default phase when you’re three months or more behind your payments. This is the wake-up call you need to avoid foreclosure as much as possible.
When is it too late to sell my home?
When you go into foreclosure and your home is sold by the court at auction, you still have a chance at fully regaining ownership of your home. How does this happen, you ask? Let us explain.
You will be given a redemptive period by the court, which can be anywhere between six months to a year. Within that time frame, you will need to pay your debts in full. Unless you pay your lender all that you owe them, it won’t be possible for you to retain full ownership of your home and be able to sell it.
What fees can I incur during pre-foreclosure?
When we mean that time isn’t on your side, we mean it quite literally. Every month that you miss in terms of payment will likely mean additional fees coming from your lender. You can also incur fees in the form of broker’s fees, property preservation fees, appraisal fees, yard maintenance fees, or winterizing fees if you are in possession of an abandoned home.
However, all of these fees shouldn’t discourage you from trying to still secure your property so it doesn’t go into foreclosure. Lenders usually have measures in place to help their clients maintain ownership of their properties, even during financial difficulties. Ask your lender what you can do to avoid unnecessary fees.
How can I sell my home during the pre-foreclosure phase?
Here are some options you can consider while selling your home during this phase:
- Speak to an experienced real estate agent
Without the help of a professional, sometimes it might take months or years before your property is finally sold. With a real estate agent, you can simply give them the timeline as needed, and they can commit to a sale easily. This is especially true if the track record of your agent is consistent with quick, reputable sales. Make sure you interview your prospects extensively before deciding!
- Selling to fixer-uppers or professional home buyers
These companies or individuals don’t particularly care about the state of a property, and are only up for legitimate cash offers. Turn to them if you’re truly strapped for time, and they can likely seal the deal you want in just a few days’ time.
Sell to a professional home buyer!
Get out of the foreclosure process today by selling quickly to a cash home buyer in Cleveland, Ohio. Feel free to contact us at RC Home Buyers!
No need to worry about realtors, hidden fees, commissions, or repairs. We take care of all of this for you while providing you with 100% fair cash offers only. Visit our website today!