There are several ways you can avoid foreclosure if you are fighting to keep your home. Lenders often provide mortgage relief in several different ways. However, if you want to sell your house fast, but can’t find a buyer or don’t have the money for home repairs, you have limited options. As a result, your home may go into foreclosure before you sell the property.
Fortunately, there is a way out of foreclosure if you want to sell your house and move on. You can sell your house as-is for cash to a company that buys houses in Kentucky. A local home buyer can assess your property’s value and make a fair cash offer that helps you pay off your debt, get out of your mortgage and walk away.
Why You Should Avoid Foreclosure
Most people who face foreclosure are first-time home buyers. As such, they do not understand the long-term financial consequences of bank repossession. There are several practical reasons to sell your house fast to avoid foreclosure in Kentucky.
Foreclosure Can Ruin Your Credit
It can take several years for credit agencies to remove foreclosure from your credit history. A foreclosure stays on your credit report for seven years from the date of the first missed mortgage payment that led to the foreclosureAs long as there is a record of your foreclosure, a bank may have a justifiable reason to turn you down for a mortgage loan.
You May Still Have to Pay the Loan Balance
Once the bank forecloses on your house, it will attempt to sell the house at auction. If the sale price of the house does not pay the balance of the loan, the bank may attempt to go after you for the rest. You’ll be stuck with a monthly mortgage for a house you no longer own.
Can I Sell My House to Avoid Foreclosure?
Yes. You can sell your house to avoid foreclosure, as long as someone else has not purchased the house. Under Kentucky Law, the Redemption Period for foreclosure is 12 months. In other words, you can reclaim your house if you can pay off the mortgage loan. So, there is no law that prohibits you from selling your house during foreclosure.
Most lenders are in favor of you selling your house to avoid foreclosure. Why? Because they do not want the hassle of reselling the house. Plus, they are likely to sell the house for less than the loan balance. If they do not sell the house auction, they are responsible for maintaining the property until they find a buyer. So, it’s in their best interest to allow you to sell the house as long as you pay off the debt.
How Do I Sell My House to Avoid Foreclosure?
The best way to sell your house during foreclosure is to do a cash home sale. A house-buying company in Kentucky can pay cash for your house as-is and close the sale quickly. There are several advantages to a cash home sale.
- You can sell your house in as little as seven to 21 days.
- You sell your house directly to the buyer – no real estate agent.
- You can sell your house as-is – no home repairs or upgrades.
- You can sell your house for any reason, including foreclosure.
- You pay little to no closing costs.
A cash home sale is the fastest and easiest way to sell your house because it eliminates all the complicated steps in a traditional home sale. The oca home buyer assesses your property. If they like what they see, they will make a fair cash offer on the house. If you accept the offer, you close the sale simply by signing the paperwork and transferring the title to the buyer. Finally, the buyer pays you for the house.
We Buy Houses As-Is in Louisville, Kentucky
If you can’t keep up with your late mortgage payments and you want to sell your house right now, we can help. At We Buy Real Estate, we buy houses as-is in Kentucky. Contact us today and let us help you get out of your mortgage with no strings attached. Call 502-458-2722 to get a fast cash offer.