Facing foreclosure can be a nerve-wracking experience. The good news: you do have options other than foreclosing on your home. Learn more.
Every new homeowner moves in feeling bright-eyed and hopeful, with dreams of making memories to last a lifetime in their new home. All it takes is an unexpected financial change and before you can blink, you’re facing foreclosure and those dreams come crashing down. If that’s your situation, don’t assume your luck has run out. You still have many options to get back on your feet, from negotiations with your lender to reaching out to our home solution experts at NexGen Home Solutions, LLC. Try these strategies to save your home, your financial standing, or both.
Take a Hard Look at Your Finances
If you’re facing foreclosure, take the time to do a full audit of your finances. Look at the money you have coming in. Categorize all your spending to see where your money goes.
You may be surprised by how much you can save by making minor changes. This audit will let you know exactly what you can afford to put into your mortgage payment, which is essential for the next strategy: contacting your lender.
Have a Conversation with Your Lender
As simple as this is, many homeowners don’t try it. Simply reach out to your lender, be upfront about your financial struggles, and try to negotiate a new payment plan to help you get back on track.
Your lender may prefer to have the assurance of money coming in, even if you can’t pay as much as they would have liked. You should also take a look at the real estate market in your area. If it’s a buyer’s market, use that to your advantage by reminding the lender that they may not get as much for the house today as they would if they let you continue making payments.
Try a Short Sale
If you’re facing foreclosure, a short sale is a common solution, albeit not an ideal one. In a short sale, you make an arrangement with your lender that you’ll sell the house for a price that they need to approve, and that they will then forgive your loan even if the sale price is lower than the amount you owe.
The problem is that there are many ways short sales can fail. Buyers often don’t want to deal with the added hassle and unpredictability of a short sale, and your lender may be uncooperative, too.
Contact NexGen Home Solutions, LLC
Selling your home to a property investment company is a far less work-intensive option.
If you’re facing foreclosure, you can contact NexGen Home Solutions, LLC. Our team will assess your house AS-IS and make a no-hassle cash offer. You can use that cash to pay off your debt to your lender.
Many homeowners prefer this because it’s a quick and efficient process. You don’t need to spruce up your home to impress traditional buyers. Plus, you won’t need to pay any commissions and go through months of showings.
There are also fewer roadblocks to getting your money because it’s a cash offer, not dependent on a buyer’s financing. When the transaction is done, you get the joy of knowing your old home will provide a new journey for someone else.
Seeing the Other Side While Facing Foreclosure
Facing foreclosure isn’t a pleasant experience for anyone, but it doesn’t have to be as stressful as you may think. Contact our team at NexGen Home Solutions, LLC 202-540-0064 to find out how we can help you get back on your feet and move on.