About To Face Foreclosure? Here are Your Options

Foreclosure is a legal process that allows lenders to take back the amount owed on a defaulted loan by taking ownership and selling the mortgaged property. According to the Mortgage Bankers Association, 250,000 new families enter into foreclosure every three months, and one out of every 200 homes will be foreclosed upon. But this doesn’t have to be your situation.

If you think you’re against the ropes and your mortgage delay is stressing you out, we got news for you. It’s not the end of the road when you’re a couple of months behind your mortgage payments. Even if you find yourself in that harsh situation, there are ways around it in Milwaukee. Let’s take a look at your options.

Reach an Arrangement

The first thing that usually comes to mind when having payment issues is to work out an arrangement with your lender. Homeowners can arrange an agreement that might provide them with the financial flexibility they desperately need to meet their payments. 

Sometimes an extra month can make all the difference. Mostly if it’s the first time that you’re behind your payments, you might have a good chance of getting to an agreement with your lender. So before you lose your home, you should at least try to get a foreclosure agreement. 

File for Bankruptcy 

Filing for bankruptcy is a legal strategy that works as a temporary shield against any debt collector, including your mortgage. The law states that federal law forbids any debt collector from continuing collection activities whenever filing a bankruptcy petition. 

It’s essential to remember that filing for bankruptcy doesn’t compensate for your debt. Bankruptcy buys you some time to recover from any financial hardship you might be experiencing. When you get to court, the bankruptcy trustee will serve as a mediator between you and your creditors. The law will demand your lenders to act in good faith to create a fair repayment plan. 

If you’re thinking about filing for bankruptcy, it’s best for you always to contact a bankruptcy attorney first. A bankruptcy lawyer should have the experience to tell you if filing for bankruptcy is your best option. 

Deed in Lieu

It doesn’t only sound complicated; it’s indeed complicated to obtain a deed in lieu. In a deed in lieu, homeowners transfer their ownership to their lender to avoid foreclosure. A deed in lieu is only usually granted when the foreclosure is inevitable, so it’s more like a last-minute option for you to consider. 

Home Buying Companies

Even if you receive a notice of default from your lender, you still have a way to avoid foreclosure. If your lender yet hasn’t scheduled an auction for your home, you can find a seller. Usually, the problem is that finding a potential buyer takes plenty of time, and selling the house takes even longer. That’s when home buying companies come in handy.

Home buying companies can buy houses for cash in as little as seven days. Unlike a realtor or a real estate agency, there are no additional fees for selling your house to a home buying company. 

You often need to repair and clean your home before even thinking about listing it or selling it. But when you’re about to face foreclosure, you don’t have money to spare. A home buying company buys your property precisely as-is. So you don’t need to worry about spending an extra thousand dollars whenever you desperately need to sell your house.

Avoid Foreclosure in Milwaukee with Captain Save A Home

If you’re about to face foreclosure, at Captain Save A Home, we can help you. Although it might depend on your specific situation, selling your Milwaukee home to us is your best option to prevent foreclosure. We offer an agile and straightforward process that your lender would most likely agree with and encourage the idea. 

After all, lenders have to think about reselling a house after foreclosure occurs. So this benefits them as well. 

Avoiding foreclosure is not as impossible as you might think. However, at Captain Save A Home, the story is different. Don’t get frustrated because you’re behind on your mortgage payments or recently received a notice of default from your lender. You can still avoid foreclosure in Milwaukee the easy way if you sell your property to us. 

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