Giving My House Back To The Bank In Stockton

“I just can’t keep up with my payments. Will I be giving my house back to the bank in Stockton?” No one wants to ask that question, but if you’re facing financial hardship, it’s a real possibility. If you aren’t able to make your payments, you may be forced to give your house back to the bank, potentially leaving you without a place to live. This can have a huge impact on your credit, which can make it harder to get a home in the future. Obviously, that should be avoided at all costs. Thankfully, there’s a method you can use to protect yourself from this and get back on track to financial independence.

Here’s How the Foreclosure Process Works

Depending on where you live and what type of mortgage you have, the foreclosure process can pan out differently. Typically, after you miss a few payments, your lender will notify you with warnings. If you continue to miss payments after, the company has the right to put your home up for public auction. Normally you can still live in your home while it’s up for auction, but depending on the state you live it, it may not be for very long. That means you need to find a new home – and having it on record that you faced foreclosure can make that much more difficult.

Don’t Worry – You Still Have Options

If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure”.

What can you do to avoid foreclosure and the credit catastrophe that it will cause? One option is to work out some kind of arrangement with your lender. This is often called a “deed in lieu of foreclosure” in which you give your home to the company so they can avoid costly auction prices and you can avoid having a foreclosure on your record.

Another option is to sell your house before it’s lost at the auction. If you’ve already paid your loan then you won’t face any penalties for this, but if your loan isn’t paid, you’ll need to make up the deficit. Negotiating a deed with your lender might result in the unpaid loan amount being forgiven. Don’t worry about long listing time and real estate agent commissions. You can sell your home now to MCB Homes Inc. – we’re professional real estate investors who will give you a fast and fair cash offer. Contact us today at (209) 743-0602 to find out what we can do for you.

I want to avoid giving my house back to the bank in Stockton!

giving my house back to the bank in Stockton
“Can I avoid giving my house back to the bank in Stockton?”

Why would you sell your home instead of going through with foreclosure? Mostly to avoid the long-term financial and credit repercussions (foreclosure could knock your credit score down by as much as 100 to 150 points). Clearly, the short-term challenge of selling your house is better the long-term repercussions of giving your home back to the bank.

“Can I avoid giving my house back to the bank in Stockton?” Interested in learning more about a proactive option besides giving your house back to the bank in Stockton? Call us at (209) 743-0602 or fill out the form to get more information

 

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