How to Stop a Foreclosure in Memphis
If you’re facing foreclosure on your home, you might feel helpless. Your financial situation might have you wondering, “How can I sell my house fast in Memphis?” Find out how to stop a foreclosure so you can either remain in your house or move forward without any financial burdens.
File for Bankruptcy
Your lender won’t be able to approach you for debt collection when you file for bankruptcy, which gives you time to iron out your finances and start over. Homeowners who wish to stay in their house should file for Chapter 13 bankruptcy while a Chapter 7 filing suits those who wish to get a clean break from their home loan.
Keep in mind that reaching the point of bankruptcy comes with its drawbacks, including:
- Damaging your credit
- Being unable to file again for a long time
- Making it difficult to secure future loans
Consider all of your options before you decide to file.
Explore Loan Modification Options
If you want to know how to stop a foreclosure without going bankrupt, a loan modification program may be the perfect solution. You’ll work with your lender to reach new home loan terms that better accommodate your financial situation. This allows you to remain in your home as long as you stick to your new payment plan and don’t accumulate debt.
Some lenders are less apt to partake in financial negotiations. It’s possible that yours won’t allow loan modification and force you to find another way to prevent foreclosure.
Launch a Foreclosure Lawsuit
One of the riskier ways to stop a foreclosure is to sue your lender. The court may find that the lender is attempting to foreclose outside of a normal judicial process or failing to comply with state regulations.
If you’re struggling financially and don’t have a solid case, suing your lender won’t be in your best interest. Not only do you risk a judge ruling against you but you’ll also have hefty legal fees to pay.
Sell Your House for Cash
A surefire way to avoid foreclosure is to get out of your loan entirely and sell the house for cash. Many real estate investors provide cash offers for homes in any condition and require no updating or repairs from you. They’ll present you with a fair price offer that you can accept and finalize the home sale in as little as seven days.
Cash buyers prove to be the most convenient option since you’ll receive money fast and won’t have to spend a dime on home repairs, agent commission fees, or closing costs.
Sell Your Memphis Home Quickly and Avoid Foreclosure
Knowing how to stop a foreclosure can give you a fresh start amid recent financial hardships. One of the best ways to avoid this situation is to sell your home to a real estate investor and receive cash in hand. Discover the difference when selling to a cash buyer and the many benefits that come with it.
Contact Alan with Pyramid Properties today to learn how much your home is worth and receive a fair cash offer. Call (901) 504-5555 to get started.