3 Ways to Avoid Foreclosure

January 17, 2019

Image by Alpha Stock Images

It happens…. Something happens in your life and you get just a little bit behind and one day you receive the legal paperwork and realize, “my home may be foreclosed.” This can be downright terrifying. What will you do? Will you lose your home? Are there other options to save your home or at least save this from forever tarnishing your credit?

Believe it or not, you have options! For homeowners in the Topeka, Kansas area; pre-foreclosure is not foreclosure. You haven’t lost your home yet, so let’s take a look at what your options really are.

Work with your lender on a Loan Modification Program

The first thing you should do when faced with the threat of foreclosure is to contact your mortgage lender and try to work out an agreement or adjustment to your payment. It costs your lender a great deal of time and money in legal fees to actually foreclose on a home. It’s a step and expense they’d prefer not to take.

If you’re behind on your payments and truly want to save your home and want to get caught up, give your lender a call and see how they may be able to help you and help themselves with a loan modification. They may be able to work out a reasonable payment plan for you to get back on track.

Consider Filing for Bankruptcy

Filing for Chapter 13 bankruptcy could be another possible option for handling the threat of foreclosure. If successful, this type of bankruptcy could allow you to establish a payment plan to catch up on your overdue mortgage payments while possibly lowering the amount you owe in the process. This won’t help your credit score, but it won’t be as damaging as having a foreclosure on your permanent record. If this may be an option for you, give a local bankruptcy lawyer a call to discuss your financial situation and determine if this would be a good option for you.

Hire an Experienced REALTOR® and sell your home

Selling your home is also an option. Find a real estate professional well versed in negotiating with your lender to give you time to sell and possibly accepting less than you owe on your loan. This is called a Short Sale. Lenders will commonly accept less than what is owed to avoid the much more costly expense of proceeding with a foreclosure, but it takes an experienced and savvy agent to make this happen.

Paying off the loan with the sale of your home will save you from the damaging hits to your credit that a foreclosure and a bankruptcy will cause.

To be honest, it’s not a simple process. You will have to “prove” to the bank, with the proper forms and documentation that your current financial situation does not allow you to catch your payments up or payoff the loan without a sale. Your REALTOR® can help walk you through the process and guide you along the way.

Even if the home has been foreclosed on and you have notice that the Sheriff sale date is in the works, we can still help. You may still have more than 90 days to get your home sold and the lender paid off to avoid foreclosure!

Give John (785) 806-2711 a call for a confidential conversation and let us help navigate you through your best options to save you from this headache!

 

FOUR Open Houses August 24 & 25th, 2019

4301 SE Illinois AVE, Topeka, KS Get Directions Click Here OPEN HOUSE Sun, 11:00AM to 12:30PM Description Photos Maps & Local Schools Print Reviews View More Listings $ Click for current price 4 BEDROOMS | 2 Baths (2 full ) BATHROOMS | 2010 SqFt Make it your own! Well maintained 4 bedroom home in the …

Sherwood Park Neighborhood Update | August 2019

  My fiance and I are up bright and early a few times a week for a 1.5 mile walk around the neighborhood before we start our day. As a REALTOR®  I can’t help but notice how many for sale signs are up in the neighborhood! I decided I should schedule a time to go …

Topeka Housing Market Stats | June 2019

Shawnee Co. Home Sales Fell in June The total number of active listings in Shawnee Co. at the end of June was 356 units, down from 456 at the same point in 2018. This represents a 1.7 months’ supply of homes available for sale. The median list price of homes on the market at the …

2019 King of Wings | Finding Topeka’s Best Hot Wings

Who has the BEST WINGS IN TOPEKA? We decided the best way to tackle this challenge would be to taste test and rate the wings at different establishments around Topeka.  Over the next several months we will update this post with our review of the wings and our ratings based on presentation, flavor, tenderness, and …

Topeka Housing Market Stats | March 2019

Shawnee Co. Home Sales Fell in March Total home sales in Shawnee Co. fell last month to 175 units, compared to 215 units in March 2018. Total sales volume was $21.5 million, down from a year earlier. The median sale price in March was $108,000, down from $114,900 a year earlier. Homes that sold in …

Topeka Housing Market Stats – February 2019

Shawnee Co. Home Sales Fell in February Total home sales in Shawnee Co. fell last month to 127 units, compared to 131 units in February 2018. Total sales volume was $14.8 million, down from a year earlier. The median sale price in February was $107,000, down from $110,000 a year earlier. Homes that sold in …

Buying a home | Do you need a septic inspection? (video)

I had the opportunity to catch up with Tim from the Shawnee County Health Department recently. We had a property on the SE side of town that happened to have a septic tank and the buyer requested an inspection.  First step for a septic tank inspection is to have it pumped.  A “honey” truck will …

Topeka Housing Market Stats – January 2019

Shawnee Co. Home Sales Fell in January Total home sales in Shawnee Co. fell last month to 132 units, compared to 137 units in January 2018. Total sales volume was $18.0 million, down from a year earlier. The median sale price in January was $111,000, down from $130,000 a year earlier. Homes that sold in January …

Do you really need a Buyer’s Agent?

Occasionally, we meet a Buyer who feels there may be an advantage to writing an offer with the listing agent of a home they would like to purchase.  What you may not know is in this situation you would be representing yourself with no one looking out for your best interests. So when buying a …

4 claims REALTORS® make to “trick” you!

REALTORS® are marketers.  They know how to market your home and they know how to market themselves.  But are their claims, offers and online brags legit? Let’s look at the truths behind some common REALTOR® claims and to-go-to-be-true offers. While REALTORS® must adhere to a strict Code of Ethics and some local advertising laws can deter …

Leave a comment