Have you received a foreclosure notice from your lender? It may be a pre-foreclosure or a post-foreclosure notice. If so, the time to sell your home - and not lose all of the equity you’ve put into it - is of the essence. The longer you wait, the more likely it is that you’ll lose what you’ve invested and damage your credit score for the next seven years.
You can prevent a foreclosed home in a matter of days by selling your home for cash. At OneStep Offer, you can get a cash offer on your home right away. We’ll purchase it from you, allowing you to move on before the foreclosure process goes through. Unlike a real estate agent who can sell your home in four to six weeks in the best-case scenario, we can help you get cash for your home sooner. Don’t be disappointed, even if the foreclosure takes place through the Sheriff’s sale, in the state of Minnesota, you still have a 6 month redemption period to sell your home, pay-off the Sheriff’s certificate, and walk away with some of your equity by utilizing a quick cash offer from OneStep Offer.
The short answer is yes. If your home is in pre-foreclosure, you may be able to sell your home if you act fast. Foreclosure proceedings begin when you fall behind on your mortgage payments. Even missing just one loan payment alerts lenders to start this process if you don’t contact them. The longer you wait, the further into this legal process you’ll be with late fees, interest, and attorney cost.
Generally speaking, at 120 days late, the mortgage lender has the right to legally start the process of foreclosure and try to reclaim the home and sell it through the Sheriff’s sale. If you’re within that period of time, a home sale can be the solution if you can manage to complete the transaction before the Sheriff’s sale takes place.
Throughout this time period, the lender will send you notices about the late payment, how to catch up, and the total amount with fees you’ll have to pay. This is the time to avoid the Sheriff’s sale and prevent the actual foreclosure to go on your record and ruin your credit for almost 7 years.
Bottom line, that’s why you need to find a buyer who can purchase your home fast – in days, not weeks. OneStep offer can do that for you.
Foreclosure is a difficult subject. If the lender wants to force the sale of your property quickly, they could elect to start the process of foreclosure within 120 days before the Sheriff’s sale takes place. After the Sheriff’s sale, you can still sell your home during the 6 months redemption period and take advantage of a cash offer with quick closing from OneStep Offer to walk away with some money and don’t lose it all to the bank.
One of the factors impacting how long foreclosure takes is the type of legal process being used. The method used is dependent on the state you are in and its laws. The methods are judicial foreclosure or foreclosure by advertisement.
In a judicial foreclosure, the lender must file a civil lawsuit against you. That means they have to serve formal summons documentation and a foreclosure complaint with you and the local court system. The court then will assign a referee to the case. The lender then records this with the county clerk. The court will then issue a judgment in the matter, setting the foreclosure auction. A Notice of Foreclosure Sale is created, which lists the name, date, and place for the auction, and publishes it. Normally, this will be a fast 30-day process.
In a judicial foreclosure, the borrower can stop this process by paying what he owes right up the moment of the sale.
The second form is foreclosure by Advertisement. The bank must advertise the Sheriff’s sale for a minimum of 6 weeks on the commerce newspaper to the public before the actual Sheriff’s sale takes place. The public will be given a date and time for the Sheriff’s sale to attend. At the Sheriff’s sale, the bank representative and the public can both attend to bid on the sale of the home. The highest bidder wins the home. Under the foreclosure by advertisement, you will be given a 6 month redemption period to pay off the Sheriff’s certificate and take back the possession of your home. In these states, a deed of trust conveys the interest in the real property.
There are plenty of reasons not to lose the equity in your home. You put a lot of time and money into it. Yet, going through foreclosure is difficult and comes with a number of negative outcomes.
The most significant impact of foreclosure is a hit to your credit. Your FICO score can drop by over 100 points if a foreclosure goes through, but sometimes this can be much more. Some credit reporting agencies report an average of 160 point drops.
If you make every payment on every other credit account you have on time for three years, you may be able to reduce this impact. It can take even longer. When you agree to make mortgage payments on time, and then fail to do so, it can impact your creditworthiness for a long time. In some cases, this can remain on your credit for up to 7 years.
That means it will be hard to obtain new credit lines. This includes getting a new car loan or buying a new home. It can also mean that, once lenders are willing to offer new credit to you, they will charge you a higher interest rate as well.
As devastating as foreclosure is, you may think you don’t have any other option. That’s not the case for most property owners. OneStep Offer can help you.
We close fast – in days, not weeks. We pay you cash. There are no banks or lenders involved in the process. OneStep Offer provides a solution to help you sell your home before you lose it to foreclosure. This eliminates the risk of having a permanent notch on your credit report because of foreclosure. OneStep Offer can also help you retain the equity in your home, even after the foreclosure takes place. This way, you will prevent the bank from taking all those years of building equity through paying your mortgage down and walk away with some money.
Reach out to our team today for a free, no-obligation quote for your home.
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