What Are My Options for Avoiding a Foreclosure?
Think you might be facing a foreclosure in the near future? Foreclosures in Tennessee typically take place out of court and can happen pretty quickly. If you can’t afford to pay what you owe to stop the foreclosure, you need a solution as soon as possible. Should you get a loan modification, forbearance, or attempt or short sale? Or, should you find reputable cash home buyers in Clarksville, TN? We’ll discuss these options in this article.
A loan modification reduces your monthly mortgage by either lowering your interest rate, switching your loan rate to a fixed-rate, eliminating past-due balances, or extending your loan term. Getting an approval for a loan modification with your current lender isn’t always easy and may not be as beneficial as some may think. Your lender isn’t under any obligation to grant your request and the process can be quite lengthy and stressful.
A forbearance temporarily suspends mortgage payments for a period of time to provide homeowners short-term relief to their financial woes. However, you must demonstrate your ability to continue paying your normal payments after the forbearance period. Often, the suspended amount is added to the end of your loan which extends your loan term.
If other options don’t work, you can avoid foreclosure with a short sale of your home. This arrangement isn’t the most popular in Tennessee and can be stressing for potential buyers as they wait for the lender’s acceptance of their offer. A short sale allows the homeowner to sell the home for less than owed and the lender to recoup more money than they would in a foreclosure.
Sell to Gateway House Buyers
You may find that the options listed above will not work for you. If you find that you can’t keep your home, selling your home to Gateway House Buyers is another option. We offer cash for homes in Clarksville, TN with flexible payment options, instant cash offers, and a quick and stress-free process. We’ll also buy your home “As Is” and provide you with a fast closing in as little as seven days so you can move on with your life.
It’s not a good feeling to be in this particular situation as there are pros and cons to every solution. You can speak with your lender about your options and you can speak with one of our professional real estate investors to see how we can help. It’s up to you! We’re to provide you with another alternative to your problem.