AVOID FORECLOSURE
FACING FORECLOSURE CAN BE A VERY DARK TIME
Facing foreclosure can be an overwhelming and distressing situation, but there are several steps that someone can take to potentially avoid it.
BUT UNDERSTAND THERE IS LIGHT AT THE END OF THE TUNNEL
WHAT YOU CAN DO
Sell the Property
If keeping the property is not feasible, selling it voluntarily can be a better option than going through foreclosure. You may be able to pay off the mortgage and potentially save your credit score.
Renting Out the Property
If you have more than one property, you could consider renting out the one facing foreclosure to cover the mortgage costs.
Subject-to Financing
With this strategy, we take over the existing mortgage of the seller but doesn't assume personal liability for the loan. The property's ownership is transferred to the us the investor, but the mortgage remains in the seller's name.
CREATIVE STRATEGIES WE USE
Seller Financing (Owner Financing): In this arrangement, the property seller acts as the lender, and the buyer (investor) makes payments directly to the seller instead of obtaining a bank loan. This can be beneficial for investors who have difficulty qualifying for a mortgage or want more favorable terms.
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Lease Option (Rent-to-Own): A lease option allows an investor to lease the property with the option to buy it at a predetermined price within a specified period. A portion of the monthly rent may be credited toward the purchase price, which helps the investor build equity while renting.
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Subject-to Financing: With this strategy, the investor takes over the existing mortgage of the seller but doesn't assume personal liability for the loan. The property's ownership is transferred to the investor, but the mortgage remains in the seller's name.