Facing Foreclosure? | Behind on Payments? | Liens, Judgements, or Title Issues?
Need to Sell House “As Is”? | Selling a Vacant House? | Selling Due to Relocation?
Selling an “Underwater” House? | Selling Inherited Property? | Selling an Expired Listing?
Selling a Rental Property? | Selling a House Due to Divorce? | Paying Two Mortgages?
If Your Cincinnati Home Is Facing Foreclosure…
You need to take action, fast! The process of the bank foreclosing on your property is a daunting one, and can be quite stressful & overwhelming as a homeowner. I know, because I see literally hundreds of foreclosures every year! Rest assured, you are not alone … but you do need to take action, and fast, because you do not want a foreclosure on your credit report (if you can avoid it).
One of the most reliable, and fastest ways to avoid foreclosure is to simply sell your house right away. Depending on your situation, you might be able to sell the house outright, and walk away without any further hassles. If you owe more than the property is worth, you might be in a situation where a short sale is your only option. In either case, CincyBuyer has experts on staff who can assist you, so don’t delay: contact us right away!
Facing Foreclosure in Cincinnati: Important Info
Ever since the 2007-2008 mortgage crisis, foreclosures in the United States have been skyrocketing … and Cincinnati foreclosures are no exception. In fact, certain neighborhoods in Cincinnati have some of the highest foreclosure rates in the nation. While this may sound bad from an economic standpoint, this can also work in your favor if you are a Cincinnati home owner facing foreclosure.
While it may be difficult considering the stress you’re under, you can get a lot of perspective on the the foreclosure process by looking at it from the bank’s point of view.
Bnks are seeing the highest rate of foreclosures in decades. That means that there are a lot of mortgages out there – a lot of money they’ve loaned out – that they are not going to be getting back. This is bad for the banks, because they are in the business of loaning money. The only way they make a profit is when the homeowner actually pays the loan back (with interest). If they know this is out of the question, they may instead choose to cut their losses as quickly and efficiently as possible.
Ultimately, banks are not in the business of real estate. They don’t want to foreclose on your house, because they don’t want to take title, to manage Sherriff’s auctions, or to recoup an outstanding loan balance by selling your house. That’s just not what they do. So, thinking about it from the bank’s perspective, you may begint o understand why they want to avoid foreclosure almost as much as you do!
How to TAKE ACTION Before You End Up Another Cincinnati Foreclosure Stastistic
If you are in a situation where you’re unable to make your mortgage payments, and this situation is not just temporary … the most important thing you need to do is to take action right away. The longer you wait around, the worse the situation gets, and the harder it can be to get out from under it.
To put things simply, you have a few options if you are facing foreclosure … but in many cases your best option is to simply sell your house – and fast! Some other options you may have available include:
- Refinance / restructure your mortgage through the lender directly
- Restructure your loan through a Federal Government initiative (like HAMP, HARP, or PRA)
- Do a short sale (when you owe more than the property is worth)
- Sell your house for CASH to CincyBuyer
Remember to take a few minutes clicking the links above (right below the big red “Our Cincinnati Home Buying Process…” headline). Pay particularly close attention to any of the scenarios that may apply to you & your property – either now or potentially in the future. Click each link for a bit more details on that specific situation and how the CincyBuyer process works for that unique scenario.