Homeownership is an exciting and fulfilling journey for most people. However, the process may come with a financial burden in the form of mortgage repayments, property taxes, and maintenance costs. Circumstances beyond your control, such as a job loss, divorce, or medical debts, can have you defaulting on your mortgage payments.
As you fall back on your payments, you may face the threat of foreclosure upon your property. “Can I sell my home fast to stop foreclosure?” is a common question that a home investor often receives from distressed homeowners. Yes, it is possible. However, you may have to keep in mind several factors, such as if the foreclosure process has begun, the number of months you are in default, how much time you have, and more.
Why Should I Avoid Foreclosure?
Mortgage lenders are rarely sympathetic with homeowners. As a legally binding contract, the bank will often serve you with a legal notice about the default. A lender can then take possession of the home after a court’s approval, allowing them to short-sell to recover their money.
Aside from the eviction and losing your home, the foreclosure may result in far-reaching tax and credit consequences. Your credit scores will take a major hit that will take years to rebuild. Waiting too long may have belongings carted out in front of all your neighbors.
What Happens If I Sell My Home Fast for Cash?
Cash for homes is an excellent alternative to help you avoid or stop the foreclosure process altogether. Here are a few ways you may benefit.
1. Faster Transactions
Time may not be on your side as the countdown to the foreclosure sale fast approaches. A cash home buyer can help you sell your house fast, with closing dates being less than a week. It is quicker than the 64 to 95 days average on listed property. You can negotiate a good price for the home and receive enough cash to pay back your mortgage before losing everything.
2. Sell a House Fast ‘As Is’
The traditional realtor route may require you to conduct repairs and upgrades before listing the property. With defaults on your mortgage, you simply cannot afford to conduct repairs. You can sell your home fast for cash to a private investor who does not mind the condition of your property.
3. Get a Fresh Start
The cash home sale process is a less stringent one. Your Ontario home buyer will only need to take a quick walk through your property and provide a fair, instant cash offer. You can negotiate the price to cover the default payments that you have. If you have equity in your home, you may even receive enough cash to start over. Moving to a lesser expensive home is better than been kicked out.
Sell Your Home Fast Today
Foreclosure can be a stressful and frustrating process for most homeowners. You can stop or avoid losing your house by selling it fast for cash and repay your mortgage. If you are facing foreclosure and wonder where you can ‘sell my home fast in Ontario,’ reach out to Fast Ontario Home Buyer.