Are you facing foreclosure in Frederick? Have you just about run out of time? Many homeowners find themselves in this situation for one reason or another. Maybe you’ve explored options that didn’t pan out. Maybe you were unsure what to do and now find yourself staring at a fast-approaching deadline. No matter the case, you should know that even with limited time, there are still a few options available. Learn what these are, and how to choose one that works best for you.
How to Stop Foreclosure in Frederick
File For Bankruptcy
Filing for bankruptcy is an option when you’re in foreclosure. However, there are a lot of hassles that come with filing for bankruptcy, not to mention the fact that it is not good at all for your credit. Plus, if your goal is to keep your home, there’s no guarantee that bankruptcy will help. A chapter 7 bankruptcy will only delay the proceedings, and chapter 13 will just do the same if you don’t complete your repayment plan.
File a Lawsuit
If the lender is pursuing a nonjudicial foreclosure (a foreclosure outside of the court system), you can file a lawsuit to prove that the lender is not acting in accordance with the law. This is a high risk gamble. If you lose the suit, the foreclosure will proceed, and you’ll be out even more money from all the necessary legal fees.
Loan Modification
You may be able to apply for a loan modification. However, this must be submitted at least 15 days before the foreclosure. Even if you’re approved for the modification, the lender can still foreclosure if you decline or breach the modification.
Short Sale
“A short sale is when a homeowner sells his or her home for less than the total debt balance remaining on the mortgage and the lender agrees to accept the proceeds from the sale in exchange for releasing the lien on the property,” according to NOLO.
There are lots of risks that come with short sales. You may still be liable for a deficiency judgment, which means you would have to pay the lender the difference between the total debt and the sale price. Short sales are also often not as short as the name implies. The lender usually rejects the first offer, which may cause the buyer to give up on the deal. If there is a second mortgage holder, he or she can refuse the deal. These are just a few of the complications with short sales.
Sell Your Home with Grays Home Solutions
You don’t want to file for bankruptcy. You don’t want to take the risk of a short sale. You can’t file a lawsuit. It’s too late for a loan modification. Are there still options? Yes. If you’re facing foreclosure in Frederick, you can sell your home with the help of Grays Home Solutions.
We’re a free service who has been helping homeowners across the Tri-state area sell their homes and avoid foreclosure. Here’s what we offer:
- A fast sale. We’ll buy your house in 7 days or less.
- No repairs. You won’t have to make any repairs on your home.
- No fees.
- Payment. Depending on your situation, we may be able to pay you in cash.
When it feels like you’ve been backed into a corner, contact Grays Home Solutions. Our number one goal is to find a solution that works for you, and help you stop foreclosure in Frederick.
Use our fast response contact form to get in touch with us online, or call us direct at 240-347-3141 for even faster service. Don’t delay!