Is your Cleveland, Ohio property currently in foreclosure? If it is, don’t worry, because you’re not alone in this common occurrence. It’s true that having your home foreclosed is scary and can seriously impact your credit score. When your credit score takes a hit, you can expect to have problems with your ability to get new housing, credit, and maybe even potential employment, for many years.
But the good news is that the foreclosure process is usually predictable, so all you have to do is read up on the process, learn more about federal and state laws, particularly foreclosure laws relative to Cleveland, Ohio, and remember your rights.
If you’re at the brink of experiencing foreclosure, this article is for you. Read on to learn more about what you need to do, how you can sell your Cleveland home, and some foreclosure tips in Cleveland, Ohio.
Foreclosure Tips for Affected Homeowners in Cleveland, Ohio
It’s possible to sell your home to avoid foreclosure. In fact, it’s a common practice generally known as a short sale. When you sell your property for less than the remaining balance on your mortgage, it is referred to as a short sale or a pre-foreclosure sale. You can sell your house and use the cash to pay off a portion of your mortgage balance if your mortgage servicer agrees to a short sale.
Here are some other ways you can stop a foreclosure from happening:
Reinstatement
Forbearance
When you request forbearance, your mortgage servicer or lender agrees to temporarily suspend or lower your mortgage payments while you rebuild your financial situation. You won’t be charged any more fees, fines, or interest on the majority of loans, and you won’t have to provide any more supporting evidence to be approved. Your payments are not erased or forgiven during a period of forbearance.
Even while most missed payments can be made up later, when you refinance your house, or when you sell it, you are still responsible for paying them off. Your servicer will get in touch with you regarding how to make up the missed payments before the forbearance period ends.
Now, if you’d rather not exert any effort into selling your home, consider another option– selling your property to a professional home buyer.
Sell to A Professional Home Buyer!
However, if you’d rather not go through the hassle of selling your property while in preforeclosure, you can always opt to sell your house fast in Cleveland, Ohio to a professional home buyer. If you want a smooth, risk-free transaction with a sure buyer, transacting with a professional cash home buyer is the best option for you. Professional home buyers have the financial capability to buy your property in cash, which is great news if you need the money ASAP. Additionally, transacting with professional home buyers means the chances of the deal slipping through is slim to none.
If you’re interested in selling your property in as-is condition to a local cash home buyer, look no further than RC Home Buyers. We buy houses in Cleveland, Ohio regardless of the condition or situation it is in, so you don’t have to invest in renovations just to make it more marketable. We can provide you with the best price for your home while still ensuring a quick close so you can sell your home for cash, as soon as possible.
Our home buying process does not involve getting pre-qualified by a mortgage bank in order to obtain a home loan or listing the property on the MLS or any other listing platform. The reason our team at RC Home Buyers is able to purchase properties very quickly is because we use our own money, meaning we can close faster than traditional buyers. Give us a call at (614) 714-1794 and learn more about the home buying process today!