Are you facing foreclosure in Cleveland,Ohio? If you are and you stumbled upon this article, then we can help. Let us explain what happens in a foreclosure in Cleveland and answer some Cleveland foreclosure FAQs.
So can I still sell my home in foreclosure?
The short answer is yes, it is still totally possible to sell your home even if you’re facing foreclosure. As scary as it sounds, a key thing to remember here is that banks and mortgage holders are on your side. Lenders stand to make more money by getting you back on track with your loan, helping you pay it off entirely, or sell the home to recoup the cost.
Some tips when facing a foreclosure in Cleveland
The first thing you should remember when facing a foreclosure is that time is of the essence. You have to act fast because once you start missing payments, you will start incurring penalties and fees. This only makes your debt larger and harder to pay off, meaning you’re going to have to sell your home for a higher price to fully pay off your debt.
The first step is talking to your bank or lender. It’s important to let them know as soon as possible when you are not able to make payments. Your lender can make loan modifications that make it easier to make your monthly payments. Especially when your inability to pay is due to a temporary situation, modifying the conditions of your loan can help you get back on track without having to get anywhere near a foreclosure.
If you cannot find a way to modify the loan and it turns out that selling is your best option, you should also consult with your lender how much you will need to sell your home for to be able to settle the mortgage.
If and when you decide to sell your home while in foreclosure, be sure to let your bank know that you are attempting to do so and keep them constantly updated. Make sure they’re aware of the things you are doing to sell your home as they can also help you when it comes to the timing and deadlines of settling the debt to prevent foreclosure.
How do I sell my Cleveland home in foreclosure?
Selling your home while facing foreclosure in Cleveland is not as different as if you were selling in normal circumstances. The main difference here is that you have a deadline for when you can close as you need to settle your debt before a certain date to prevent repossession and the lender auctioning off the property.
If you will be seeking the help of a real estate agent, the main thing you should clarify with them is how long they estimate it would take to close a deal and receive payment. This lets you know right off the bat if selling your home this way is even a viable option.
In case it takes too long, your next best option is to find a cash home buyer in Cleveland, Ohio like professional homebuying companies such as RC Home Buyers. Professional homebuying companies like RC Home Buyers can offer you cash for your home in just a few days. You also get to choose your closing date so you know exactly when you can get paid and not miss a deadline.
Choosing a cash homebuyer in Cleveland is also a more assured way of selling your home. Instead of having to wait for approval from the buyer’s lender (which doesn’t always come), you can be sure of the amount you will receive after closing and when exactly you can expect it.
So if you are thinking “I want to sell my home in foreclosure in a quick and easy way”, call RC Home Buyers today and see how we can help you solve your issues with foreclosure!