Is your Phoenix, AZ home currently in foreclosure? Don’t worry, although this situation isn’t ideal, it certainly isn’t the first time that it has happened. If you have a property in Phoenix, AZ going through the foreclosure process, you’ve come to the right page. We’re here to provide you with the basic information you need to know to get through this difficult time.
Having your home foreclosed is scary and can seriously impact your credit score. When your credit score takes a hit, you can expect to have problems with your ability to get new housing, credit, and maybe even potential employment, for many years.
If your home is going through foreclosure in Phoenix, AZ, this article is for you. Read on to learn more about what you need to do and how you can sell your house in foreclosure in Phoenix, AZ.
What is Foreclosure?
A foreclosure is the legal process by which a lender attempts to recover the amount owed on a defaulted loan by taking ownership of and selling the mortgaged property. Typically, default is triggered when a borrower misses a specific number of monthly payments, but it can also happen when the borrower fails to meet other terms in the mortgage document.
Foreclosure occurs when the homeowner has failed to make payments and has defaulted or violated the terms of their mortgage loan. The process can be stressful, embarrassing, and have long-lasting consequences. A foreclosure starts when the homeowner is issued a notice of default after the fourth missed payment. The whole process can take from six months to one year or more, depending on the negotiations between the borrower and the lender. The foreclosure process varies by state, but in general lenders try to work with borrowers to get them caught up on payments and avoid foreclosure.
If you’re worried about being able to pay your mortgage and the possibility of foreclosure, here’s what you need to know about selling a home in pre-foreclosure and how to sell your property before the foreclosure happens.
Selling Your Home During Pre-Foreclosure
You can sell your home up until it is sold at auction as per mandated by the court or before the bank takes possession of your house. During this period of time, the home is considered to be in “pre-foreclosure” and you can try to settle your debts with the lender.
The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the pre-foreclosure stage. During this time, the servicer can charge you various fees, like late charges and inspection fees, and, in most cases, must inform you about ways to avoid foreclosure and send you a pre-foreclosure notice called a breach letter.
A home will be foreclosed upon when a mortgage lender exercises its right to sell a property which the owner has not kept up payments on. The lender gives the homeowner a period of time to make payments or other arrangements before selling the property.
The lender will then auction the property in a Sheriff’s Sale. The notice of the Sheriff’s Sale must be published four weeks before the auction, during which time the homeowner can sell the property, refinance the property, make all outstanding payments on the property, negotiate a loan modification with the lender, or file bankruptcy.
Sell to A Professional Home Buyer!
Now, if you’d rather not exert any effort into selling your home, and you’re thinking, “how do I sell my house fast in Phoenix, AZ?” Consider selling your property to a professional home buyer. A professional home buyer will buy your house regardless of the condition it is in, which means you don’t have to spend a single cent on repairs and renovations. If you’d like to sell your home to a professional home buyer, you’ve come to the right place. Here at United Home Offer, we are cash home buyers in Phoenix, AZ interested in buying your home, even if it’s in foreclosure.
Reach Out to Us Today
When you decide to partner with us, you can expect a fast, cash transaction which can easily close in a matter of days! Just flipped your property? Great! We’ll buy it at fair market value. When you choose to sell to us, you don’t have to wait weeks and months just to get good offers. We’re direct buyers and we pay in cash to arrange a quick close.
Our goal at United Home Offer is to improve the overall quality of housing for the residents at Phoenix, AZ. We buy houses in just about any condition and situation, including foreclosure, late mortgage payments, or fair market value. To find out more about our home purchasing process, give us a call at (214) 817-4224 today.