Foreclosure can cause a devastating financial hardship for your family. You could lose your home when you have late mortgage payments and run out of options. Foreclosure can destroy your credit, making it nearly impossible to buy another house for several years.
Fortunately, there is something you can do to stop foreclosure and keep your credit intact. You can sell your house fast during foreclosure in Northern Indiana. A cash sale allows you to get out from underneath the mortgage and stop foreclosure. A cash home buyer purchases your house so that you can pay off the remaining mortgage balance. It's a simple way to stop foreclosure in Indiana.
What Are My Options During Foreclosure?
Surprisingly, there are numerous ways to avoid foreclosure. However, many of the solutions either hurt your credit or delay foreclosure. They do not necessarily stop foreclosure for good.
When you are behind on your mortgage payments, reinstatement lets you pay back the amount in lump-sum payments (which may include any interest and penalty charges) before a specific date.
Sometimes a short-term financial hitch, such as a medical emergency or a sudden, unexpected decrease in income, may not allow you to make mortgage payments on time. If your lender believes that you have a valid reason for the missed payments, it may agree to help you by granting you a forbearance.
Loan modification allows you to refinance your mortgage loan or extend its term. The lender may settle for monthly mortgage payments within your financial means. To qualify for this alternative, you must persuade your lender that your money problems are only temporary and will soon be resolved.
In most cases, bankruptcy does not relieve you of your mortgage obligation. It only delays it. If you are filing bankruptcy, you can clear out some of your other debt, giving you more money to pay your mortgage each month. However, if you are in financial hardship, it may not solve the problem.
A short sale may be an option if your mortgage is upside down. A short sale may occur when you sell a house at a price less than the outstanding mortgage amount. You may choose a short sale to avoid foreclosure or bankruptcy.
A Cash Sale May be Your Best Option to Avoid Foreclosure
All the options above do not necessarily help your situation. Bankruptcy or foreclosure often happen due to financial hardship. Probate or divorce can cause financial hardship. Relocation may cause you to pay double to live somewhere while still paying your mortgage. A cash home sale can help you get out of these situations without hurting you financially.
What is a cash sale? Here's the process.
- A company that buys houses in Indiana assesses your property's value.
- The home buyer makes a fair cash offer on your home.
- You accept the offer
- You and the home buyer agree on the terms and close the sale.
- The buyer assumes responsibility for the property
- The buyer pays you cash so that you can pay off your mortgage.
The process takes about one to two weeks, giving you plenty of time to pay the mortgage and stop foreclosure. Even if you have a distressed house (a house getting ready to be sold at auction), you may be able to stop the foreclosure process if you can pay what you owe on the mortgage.
What Are the Advantages of a Cash Home Sale?
There are several benefits of a cash home sale in Indiana.
- There are zero selling expenses.
- You can sell the house and close the deal in one to two weeks.
- You skip the realtor and avoid realtor commissions.
- You can sell your house fast regardless of your situation.
- You work directly with a pre-qualified buyer who is ready to commit.
A cash sale is the fastest way to sell your house during foreclosure. Even if you have to sell your house, you have peace of mind knowing that the debt is paid, and you can start over.
Sell My Fast During Foreclosure in Indiana
If you need to sell your house fast during foreclosure, contact HouseMart. We buy houses as-is in Indiana. Let us assess your home's value and make a fast cash offer. You can close the sale in as little as seven to 21 days. Call 219-230-8735 to get a fast cash offer.