Foreclosure Prevention Measures In Omaha and the rest of Nebraska
Knowing your house is in foreclosure can be an extremely stressful time in anyone’s life. Local Nebraska homeowners who are facing this financial challenge may find the foreclosure process overwhelming. There are steps that can be taken to prevent the foreclosure process in Omaha and the rest of Nebraska and the surrounding areas.
Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses. It is a legal process where the lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by using the legal process to sell the house used as the collateral for the loan.
If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it. The first step to working through a foreclosure is to understand what a foreclosure means. When an individual purchases a property, they typically do not have enough money to pay for the purchase outright. When this happens, the lender that provided the loan to the borrower will take the necessary steps to take possession of the property.
In this blog post, you’ll read about a few foreclosure prevention measures in Omaha that you can take to keep your home from foreclosure. Harter Investments is a local home buyer that can help you through the foreclosure process in Omaha, Nebraska. We help individuals in foreclosure that need to sell their house fast for cash. We can provide you a fair all cash offer, no closing costs, sell your foreclosure home in Nebraska as is, no contingencies.
Foreclosure prevention measures in Omaha Nebraska
These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:
1. Pay off your mortgage / sell your property:
The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
2. Work out a deal with your bank:
Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you-you don’t want to just repeat the process.
3. Do a short sale:
A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
4. Give your deed in lieu:
Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
5. File for bankruptcy:
In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.
If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.
If you have additional questions or would like to sell your house fast for cash contact us. Not only can we buy your house fast, we will give you a fair all-cash offer, close fast with no additional cost to you.
Considering selling your Nebraska house?
We buy houses in NE for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.