Foreclosure can be a very stressful and difficult experience for homeowners who are struggling to make their mortgage payments. For local Lynchburg VA families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants. However, there are several steps that can be taken to avoid foreclosure. Read on to learn ways to avoid foreclosure in Lynchburg VA.
Contact your lender: If you are having difficulty making your mortgage payments, contact your lender as soon as possible. Explain your situation and see if they are willing to work with you to find a solution, such as a loan modification or a repayment plan.
Explore government programs: The federal government has implemented a number of programs to help struggling homeowners avoid foreclosure in Lynchburg VA. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
Sell your home: If you are unable to make your mortgage payments and your lender is unwilling to work with you, selling your home may be the best way to avoid foreclosure in Lynchburg VA. You can use the proceeds from the sale to pay off your mortgage and avoid foreclosure.
The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.
Consider a short sale: If you owe more on your mortgage than your home is worth, a short sale may be an option to avoid foreclosure in Lynchburg VA. In a short sale, you sell your home for less than you owe on your mortgage, and your lender agrees to accept the proceeds as payment in full. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!
Give your deed in lieu. Another way to avoid foreclosure in Lynchburg VA would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.
File for bankruptcy: Filing for bankruptcy may be an option if you are unable to make your mortgage payments and are facing foreclosure. Bankruptcy can temporarily halt the foreclosure process and give you time to work out a solution with your lender. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.
It’s important to take action as soon as possible if you are struggling to make your mortgage payments. The longer you wait, the more difficult it may be to avoid foreclosure. If you want to put everything behind you and move on with your life then consider selling your home to a professional cash home buyer like Linken Investments. Call us at 434-390-2906 to explore your options.
We buy houses for cash and would love to see if we can help you avoid foreclosure in Lynchburg VA. Contact us by calling 434-390-2906 or filling out the form on this page and we’ll see if we can work with you.
Linken Investments, Lynchburg’s Trusted Home Buyer and Seller
Linken Investments LLC. is a local real estate solutions company based out of Lynchburg, VA. We are Lynchburg’s Trusted Cash Home Buyers. We have been buying houses for cash in the Lynchburg area since 2005. We are also Licensed Realtors in the state of Virginia. Since we are a real estate investment company as well as a licensed and reputable real estate agent, we have multiple ways we can work with you to sell your Lynchburg area home on your schedule and for the highest price. We provide you a way to explore all your options, letting you choose whether you want to maximize the price of your sale by listing on the MLS or whether selling fast and simply is more important to you.
Our years of experience are one reason clients trust Linken Investments to complete the sale of their Lynchburg area property quickly with honesty and integrity. We’re a family-owned business and focus on helping homeowners like you find solutions to your problem whether you’re going through a foreclosure, selling an inherited property, or just need to sell your house fast for any reason. Linken Investments offers you the chance to sell your home in a simple, stress-free, cash transaction, or you can list the house with us. We’ll sell your Lynchburg area house at the highest possible price with our wide buyer network and the best marketing in Virginia.
Linken Investments can buy your home exactly as it is, no repairs or cleaning needed, and we pay all cash and close fast, in as little as 7 days or when it works best for you. Think of all the time and money that can save you. There’s no easier or quicker way to sell your Lynchburg house fast and get on with the next chapter in your life.
It won’t cost you any money and only about an hour of your time to find out how much cash we’ll pay you for your house. And you’ll be under no obligation to accept our offer, so you have nothing to lose but a house that’s standing between you and the life you want to enjoy.
Give us a call or text anytime 434-390-2906 or fill out the short form here today!