For different reasons, many homeowners fall behind on their mortgage payments. Maybe it’s because of a recent medical emergency, losing your job, or some other incident that has affected your income and savings so now you’re left unable to make your monthly payments. If you’re facing foreclosure in Honolulu, know that you’re not alone in this and there are still many options available to you to solve this problem.
The Foreclosure Process
It’s important to understand the whole foreclosure process so you can best decide how you can move forward. Federal law generally requires that a loan be over 120 days delinquent before a foreclosure process can officially start. The mortgage lender is then required to send you a notice of default. This is when things can start to get scary, but it’s important not to panic. Once you receive this letter, it starts phase known as “pre-foreclosure”. Don’t panic because the good news is there are still many options available to you.
The first thing you should do is call your lender. When you call your lender, you can discuss various ways to solve the issue. The first option is usually forbearance, where they give you extra time to make payment without them taking any legal action against you. Your lender can also offer you a loan modification where the lender changes the loan conditions in some way so that it makes it easier for you to slowly pay off your mortgage.
If you’re not able to refinance your mortgage, find a way to make payments again, or settle the debt entirely, that’s when your house can be seized, sold, or auctioned off.
Selling As An Option For Houses In Foreclosure In Honolulu
The pre-foreclosure period is a great time to assess your entire financial situation. While you can work out options with your lender and find ways to slowly repay your loan, you also don’t want to be trapped in a mortgage that will slowly eat away at your funds. If making payments is truly difficult, you might be able to file for bankruptcy, giving you a little more time. However, this option has long term effects and will negatively impact your credit score, making it difficult to get another loan for a few years.
Another viable option in this scenario is selling your house. While you can wait for our house to get seized and sold off by the lender, this route isn’t the best. Aside from the negative impact on your credit score, notices of your foreclosure will run in the local newspapers so buyers can learn about opportunities to buy houses in foreclosure in Honolulu. This can be humiliating for some and is why so many choose to find a cash buyer for their homes.
Finding a cash buyer for your home is a great solution when facing foreclosure in Honolulu. A ‘cash buyer’ company will buy your foreclosed home in any condition. This means you can sell it ‘as is’ and not have to worry about making any costly repairs. They can also cover the closing costs and will not charge you fees and commissions during the process – making it a big help for those who are struggling financially. Cash buyer companies will also file the necessary paperwork with the bank, making the process so much easier for the homeowner.
The biggest benefit of finding a cash buyer is how quick you can sell your home. You might consider listing your house as For Sale by Owner or maybe even hire a real estate agent. However, these processes usually take more time and work. This can be hard to accomplish when you’re facing a deadline in less than a couple months. With a cash buyer, you can sell your home in just a couple of weeks.
Ready To Sell Your House?
When choosing a cash buyer, make sure to choose a reputable company, like RC Property Group. You might be too focused on wanting to sell my house fast in Honolulu, HI that you don’t get to property evaluate the company. Ensure that the buyer doesn’t intend to offer you one price at first, then low ball you at the last second when you’re desperate. They should be able to answer all your questions during the process and make you feel comfortable every step of the way.
You can expect all this and exceptional service from RC Property Group. Contact us today for a quick, smooth, and no-nonsense transaction.