Updated: Jan 29
Foreclosure is a legal process that happens when a homeowner is unable to make their mortgage payments and the lender (usually a bank) takes back the property in order to repay the outstanding loan. It is a difficult and stressful process for homeowners, as it can result in the loss of their home and damage to their credit score.
When you fall behind on your mortgage payments, the lender will send you a notice of default. This is the first step in the foreclosure process. Once the notice of default is sent, you will have a certain amount of time to catch up on your payments before the lender can take legal action to foreclose on the property.
If you are unable to catch up on your payments, the lender will file a notice of trustee sale, which will be published in a local newspaper. This notice will state that the property will be sold at a public auction in a certain amount of time. If you are unable to stop the foreclosure before the auction takes place, the property will be sold to the highest bidder.
Cash Now Homes can help homeowners facing foreclosure by buying their home quickly, without the need for inspections, appraisals, or mortgage approvals. This can allow homeowners to avoid the foreclosure process and get cash for their home.
Additionally, we can also provide homeowners with options to help them keep their home, such as leaseback or owner financing options.
If you are facing foreclosure and want to avoid losing your home, contact Cash Now Homes. We can help you understand your options and find a solution that works for you.
Get in touch today.