01
what is
Preforeclosure?
Be Free To Explore Your Foreclosure Options
02
Fees the Servicer Can Charge During Preforeclosure
03
Federal Mortgage Servicing Laws and Foreclosure Protections
04
What Is a Breach Letter?
When Can Foreclosure Start?
Investor Options
NEGOTIATE WITH LENDER
Some real estate investors specialize in distressed properties and have experience negotiating with lenders. Investors are more likely to negotiate with lenders if the homeowner is in financial distress and cannot make mortgage payments. Lenders may be more open to alternatives like short sales or loan modifications when the homeowner can demonstrate genuine financial hardship.
CASH OFFER
The investor will assess the property's market value and condition, taking into account the outstanding mortgage balance and any other liens or encumbrances. Based on this evaluation, they will make a cash offer to purchase the property.
TAKE OVER EXISITING LOAN
An investor can take over your mortgage subject to the existing mortgage. In this type of transaction, the investor purchases the property but takes over the existing mortgage payments and terms that were in place when you originally obtained the mortgage.
KNOW YOUR OPTIONS
Knowing your options in a foreclosure situation is critical for homeowners facing financial difficulties. It can make the difference between losing your home and finding a solution that allows you to keep it or exit the situation with minimal damage.
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