How to Avoid an Imminent Foreclosure on your Home

In today’s harsh economic times, homeowners can fall behind on their mortgage payments. If financial efforts are not made to correct the situation home owners will soon find themselves facing a foreclosure on their property. The bank lender will repossess the house evicting the borrower. The lender may then try to re sell the house or auction it off.

Apart from the personal consequences, a foreclosure on your property has far-reaching effects on your credit. Your credit score, can be reduced by 200 to 400 points based on the length of time the delinquency occurred. Foreclosures are listed on a credit report for a period of 7 years. You are also required to list any foreclosures on credit applications while applying for credit cards, getting a car loan or even another home loan when you have gotten back on your feet. It is possible to buy another home in the next five years, but there will be restrictions and the interest rate will not be favorable.

A better option

When you find yourself continuously falling behind on your mortgage payments, you can always sell the home to avoid facing an embarrassing foreclosure. However, selling a property can take a long time using the traditional route of hiring the services of a Realtor. You may not be able to afford yourself the time to do so if financial issues have you strapped for cash. IN order to get a property ready for sale improvements and repairs must be done to make it attractive enough to catch the eye of a potential buyer quickly. The banks will not wait for months while you try to sell a house fast in San Antonio, TX. The bank may speed up the process and proceed to foreclose on the property.

A great option to sell house your home fast in San Antonio, TX is to approach a professional cash home buyer. The benefits of a cash home sale are as follows:

• You don’t need to go through the lengthy rigmarole of listing the property for sale. The sale is closed quickly (typically in just a week, at times).
• There is no need to spend money on repairing or staging your home as cash home buyers will buy your house ‘as-is’ irrespective of its present condition.
• You get cash immediately. You would be able to use this to pay off the defaulted amount on your mortgage and other debts as well.
• You can start again with a clean slate, there will be no foreclosure mark on your credit history for years to come.
In summary , avoid an impending foreclosure by approaching a professional cash home buyer immediately!

Stephen Harbin is a leading writer on real estate management. He specializes in sell house your home fast in San Antonio and helping first time homebuyers sell their houses in San Antonio, TX. Stephen is a leading author on the home market in TX. To get more useful information on how to sell home cash san antonio visit us at moneybugbuyshouses.com/sanantonio.