Home Foreclosure

What is Foreclosure?

Foreclosure is the process of a lender repossessing a home from its homeowner. A home enters foreclosure when the homeowner repeatedly fails to pay their monthly mortgage payments. Fortunately for homeowners, many lenders offer options for borrowers struggling to pay on time. In many states, a grace period of 30 days after the first missed payment is not only allowed, it’s required.

If the borrower does not contact the bank for assistance, however, the bank will send out a notice of default and require the homeowner to pay back the bill within 90 days. If, after 90 days, the bills have not been paid in full, the lender will issue a notice of sale, which will put the home up for auction within 21 days. After the home is purchased at the auction, the buyer receives the trustee’s deed immediately, making them the official owner of the property.

Foreclosure vs. Selling

Letting a home reach the foreclosure stage is almost never intentional, but life is full of the unexpected. The most common causes for foreclosure in the U.S. are a sudden loss of job, insurmountable medical bills, and divorce. Letting your home reach foreclosure can decrease your credit score by 86-160 points, so it’s important to do everything in your power to avoid getting behind on your mortgage payments. Fortunately, an alternative to foreclosure exists that will protect your credit score: selling for cash.

Our team offers homeowners in the Midland/Odessa area the option to sell their home for a great price, without the stress of being evicted by a bank or having to hire a real estate agent to find a buyer, a process that could take months. No matter the condition of your home, we will work with you to provide the best price possible for one of your largest assets.

Interested in selling your home before it reaches the foreclosure stage? Give us a call today to schedule a free property evaluation!