Are you worried about a potential home foreclosure? Losing your home to foreclosure can have severe consequences on your credit report and make it difficult for you to obtain financing in the future. We understand your situation and are here to help.
In 2016, close to 380,000 homeowners in the US lost their homes to foreclosure, while another 479,000 were at the initial stages of the foreclosure process. In total, approximately 1 million Americans were at risk of foreclosure in 2016. During the peak of the Great Recession in 2009, this number was even higher.
Thankfully, there is a solution. As local West Palm Beach FL home buyers, we purchase houses for cash, providing you with a great opportunity to avoid foreclosure and the negative financial effects it brings. Contact us today to learn more about how we can help you.
What is Home Foreclosure?
Foreclosure is a process initiated by a mortgage lender when the homeowner misses payments. The process ends when the homeowner is unable to sell the property or pay off the outstanding balance. At this point, the lender seizes the property and the homeowner must vacate the premises. The foreclosure process is very costly and usually results in a large financial loss for the lender. Typically, foreclosure auctions net significantly less than the value of the home.
Unfortunately, those who suffer through the foreclosure process will deal with its aftershocks for years to follow. A foreclosure will immediately lower your credit score by 250 to 280 points. Most industry experts estimate that it takes a minimum of 3 years to restore your credit. During this time period, you have to make continuous on-time payments. Only consistent dedication will allow you a chance to obtain a mortgage with fair terms again.
Mortgage lenders want to avoid foreclosure at all costs. They give homeowners a number of different opportunities to square up the loan, including a chance to sell the home and pay off the outstanding balance. Cash home buyers are one of the best ways to satisfy your debt obligations while also satisfying the lender.
In addition to avoiding foreclosure, there are several advantages to reaching an agreement with a cash buyer. For instance, cash purchases can be processed much quicker than a mortgage application – around three weeks faster. Moreover, a cash offer is much more certain than a mortgage application, which can be denied due to many variables in financing. Mortgage applications also require a home inspection, which may find faults with your home that the buyer may request be fixed. In a cash transaction, you can sell the house in its current condition.
Sell My House in West Palm Beach FL
Clearly, home foreclosure is something you want to avoid at all costs. A foreclosure will wreak havoc on your credit and hinder your ability to get a new loan for years to come.
If you think you need to sell your house in Florida fast, then you may need us. We at 123SoldCash.com are local homebuyers in West Palm Beach FL, and we’re helping local homeowners have a quick and hassle-free sale. If your West Palm Beach FL house qualifies, we can make you a quick and fair cash offer.
Securing a cash buyer is a much better option. Please contact us with any questions about entering into an agreement with a cash buyer.