“I am behind in payments…will I be giving my house back to the bank in Wichita?”
No one wants to lose their home and there are times when circumstances arise that affect you financially and are too much to manage.
If your situation continues and find yourself with no other option but release your house back to the bank in Wichita Kansas, this leaves you without a home or place to stay. You also may fell the long-term consequences with a lasting impact on your credit which in turn hinders you from buying a new house in the near future.
this is not ideal for anyone and no one wants to experience this situation. Fortunately, you can get back on track and proactively protect yourself today with the following strategy.
Brief Overview of the Foreclosure Process
The foreclosure process varies depending on the type of mortgage you have as well as the location.
Your loan company will send you notifications and then warnings if you have missed several mortgage payments. They also may put your home up for public auction if you fail to pay all the mortgage payments missed and bring it up to date.
After your home is sold in auction, the length of time you can stay depends on the state you reside in. but you will have to find a new place to stay at some point.
You Do Have Fortunately Options!
If you want to protect yourself, avoid the negative effect on your credit rating, and not wait for your home to be foreclosed, you do have the option to work out an arrangement with your loan company that is called a “deed in lieu of foreclosure”.
A deed instead of foreclosure allows you to transfer ownership of the house to your loan company that allows them to save the money they would normally spend on foreclosure proceedings. You will get to avoid a foreclosure on your credit which will help you in the long run.
you could also sell your house at an auction before you lose it to foreclosure. If the loan is paid in full you will have no more penalties against you or your credit rating. If, however, the loan is not paid in full, you will have to make up the shortfall.
An example would be let’s say you still owed $100,000 on your home and you sell it to us for $90,000. You would pay the money received to the loan company with an additional $10,000 to cover the short-fall. Your loan would be paid off. You also may be able to negotiate a deed in lieu of foreclosure deal with a real estate attorney where the loan company agrees to not collect the difference in exchange for the deed to the house.
At Sell Now Homes Wichita, we are professional real estate investors. Contact us today at (316) 413-8314 to find out what we can offer you for your house, as-is.
I Want To Avoid Giving My House Back To The Bank In Wichita!
Some people choose to sell their homes instead of going through foreclosure; after all, they do not live in their homes anymore. It can be difficult losing a home, and the impact on your credit is considerably less than waiting out the foreclosure process. A foreclosure impacts your credit score by as much as 100 to 150 points and a short-term solution to sell your house is a better choice than the long-term pain of giving it back to the bank.