If your home is in foreclosure, or will soon be, this article is for you. Foreclosure has become a reality for many homeowners in Hawaii. When the bank does not receive your payment, you may choose to foreclose on the house and auction it off to try to minimize your losses.
There are many reasons why a house can go into foreclosure. It could be anything from downsizing or corporate divorce to rising interest rates combined with declines in the housing market. Regardless of why your home is headed for foreclosure, what’s done is done, and now is the time for you to resolve your real estate problem. In this report we are going to review some of the options you have that can save your home from foreclosure.
1. Why should I try to stop foreclosure?
It may sound nice to just let the house go to auction and be done with it. Just letting it go to auction could deeply damage your credit and could prevent you from getting financing for a future home, transportation, credit card, or even a cell phone. In fact, if you don’t have decent credit, the power company won’t even turn on your electricity without a deposit. A foreclosure could stay on your credit for up to seven years.
2. Take responsibility and decide to do something. The decision to do nothing is still a decision.
Human nature will try to convince you that you are the victim, that you have been wronged, and that it is someone else’s fault that this happened. Whether it’s your fault or not, something has to be done and you’re the only person who can do it. If you decide to do nothing, it’s still a decision. Up to you.
3. Choose your advice carefully.
They will all have tips for you. Be sure to take the advice of those who understand how the foreclosure process works. Among many things, some people may tell you to file bankruptcy, while others may tell you to list your house with a real estate agent. You wouldn’t take your plumber’s advice on how to tune up your car, would you? Take the advice of professionals who can help.
4. The lender doesn’t want your house, he wants payments.
As you get notices in the mail from the lender telling you how you should pay them…or, call them and let them know you’re trying to work things out. They probably don’t want your house. Banks are not in the business of selling houses; they are in the business of lending money. When they have to foreclose on a house, they lose money, and banks are not in the business of losing money.
5. Prioritize your expenses.
It may be a good idea to cancel HDTV and TiVo subscriptions to make your mortgage payment. That entertainment center in layaway isn’t going to do you much good when the sheriff puts your stuff out on the curb. He prioritizes your spending so you can make your mortgage payments.
6. Bankruptcy will only postpone the inevitable.
Filing bankruptcy will probably not solve your foreclosure problem. You can postpone the auction until the judge releases the house from bankruptcy. When all is said and done, you could end up with foreclosure and bankruptcy on your credit report. There may be times when filing for bankruptcy could help, but don’t file for bankruptcy because the cabbie told you to.
7. Selling the house can be a quick and easy way to fix the problem
When the house is sold, the bank is paid and you no longer have to worry about making payments. Real estate investors or companies that specialize in buying real estate can offer you a quick sale and solve your problem for you. Professional home buyers can often pay cash and buy their home quickly.
In short, take action. It’s no use crying over spilt milk. Analyze your situation, combine your resources, seek qualified advice, and do whatever it takes to avoid foreclosure. Over there Will be a time when it is too late to do anything. Your best option may be to simply sell the house. Now that you have the knowledge, it’s up to you.
The content of this article is for informational purposes only with no express or implied warranties and should not be taken as legal advice.
For additional information, visit www.oahuhousebuyer.com.
