Stop Foreclosure Fast by Selling or Short Selling Your House in Columbus, OH

columbus foreclosure
Facing foreclosure can be a devastating blow to any family. Losing the family house may be inevitable, but take action to minimize your losses. Foreclosure should and can be avoided if you act quickly. You have a few options to consider before letting the home loan foreclosure process run its course, so take action immediately.

What to Do if Your House Is Being Foreclosed On?

There are three alternatives to foreclosure. Consider each of these options as a way to prevent the foreclosure of your condo or house 1) a Chapter 13 bankruptcy filing 2) a deed in lieu of foreclosure filing 3) a home sale (initiated by the homeowner).

Even if a foreclosure sale has been scheduled, you have time to take action.

Last Minute Ways to Stop Foreclosure Auction

Bankruptcy (Chapter 13)

You can immediately stop the home foreclosure process once it has started. Filing for a Chapter 13 bankruptcy will stop the foreclosure sale date, and give you some time to regroup. You have a specified period during which you can try to negotiate a repayment plan with your lender or pursue other options to avoid foreclosure.

Deed in Lieu of Foreclosure

Granting your lender a deed in lieu of foreclosure is a way to get out of pre-foreclosure or foreclosure proceedings. You offer the lender the deed to your property in exchange for mortgage forgiveness. But if there’s a second mortgage on the property, the lender may be reluctant to take on the added liability.

Selling Your House

You can sell your house before a mortgage foreclosure, instead of letting the bank force a sale. If you have equity in the house, but can’t leverage it for a new or revised loan, find a buyer willing to pay more for your home than you owe.

You can pay off the bank, and pocket some money. But if you owe more on the loan than any offer you receive, take the best offer to the bank for their consideration. If they accept the buyer’s offer as payment in full for your mortgage, you have a short sale.

Selling Your Home While in Foreclosure Process in Columbus, Ohio?

Columbus Cash Home Buyers can help you avoid foreclosure by purchasing the property directly from you or indirectly through a short sale. We have years of experience in the Columbus, Ohio area. We are the quickest and most reliable quick sale home buyers around.

Sell It Fast

If you need to short sell your home before the mortgage company can force a sale, we operate quickly. We normally buy short sales in two to three months.

Sell It for Cash

We don’t have to get loan approval to buy your property. We use our own cash. Because we work with cash, we can complete our purchases very quickly. And you or your lender will have cash in hand.

Don’t Pay Any Fees

When we buy your house, you have a short sale without any realtor commissions. You also have no other closing costs to pay. And at closing, you will not be surprised by any hidden fees.

Sell Your House As Is

If you weren’t going to make any repairs before the foreclosure auction, don’t worry that you’ll have to make them if you sell to us. We buy homes AS IS. After our offer is accepted, you have no more responsibility.

Don’t Worry About the Complicated Process

You will need to sign and date in a few places, but that’s it. We take care of all the paperwork—including any documents necessary for a short sale with the lender.

FAQ

When Is It too Late to Stop the Foreclosure Process and Auction?

What Does It Mean if You Get Served with a Foreclosure Notice of Default on Your Door?

When you receive a notice of intent to foreclose (notice of default), you must act quickly to avoid foreclosure. You will be served with foreclosure papers in a little more than a month. They won’t be posted on your door, but sent by registered mail or hand-delivered by the County Sheriff’s department.

How Long Does Foreclosure Take in Ohio After You’ve Been Served Papers?

After you first get behind on the mortgage and start missing mortgage payments, your house can stay in pre-foreclosure for up to 120 days. First comes foreclosure papers. If you don’t respond, within four months, the property will be appraised. It will be advertised and sold for a minimum bid of 2/3 of the appraised value.

How Long to Move Out After Foreclosure Auction Before the Eviction in Ohio?

In Ohio, the timeline for eviction varies slightly from one county to the next. In general, after the auction, you typically have about six weeks to move out. You can ask for an extension. Otherwise, if you don’t move out in a timely fashion, your possessions will be removed from the house and placed out on the sidewalk.

Why Should I Do a Short Sale on My Home when It’s Being Foreclosed?

Short Sale’s Pros and Cons

There will be consequences to your credit score if you short sell your house—but not as bad as with a foreclosure. Since the lender saves money with a short sale, you could get some short sale help for sellers. In most cases, you will be able to purchase another home right away.

Short Sale vs Foreclosure—What Causes the Least Damage?

Besides short sale assistance for relocation expenses, you can apply for a new home loan right away. Typically, future loan applications will not require disclosure of any short sales. A foreclosure can reduce your credit score by as much as 400 points. But a short sale may only impact the score by as little as 50 points.

How Can I Sell my House to Avoid Foreclosure in Columbus, OH?

When your house is in default, contact Columbus Cash Home Buyers immediately. We will buy your property. And if you are upside down on the loan, we will negotiate with the bank for a short sale. Our years of experience can help you get the best deal possible.

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