The other day, a friend of mine revealed to me that he’s been behind on his mortgage payments and he fears that foreclosure is coming.
I had no idea that he was dealing with this. Everything about him seemed so normal. I guess it goes to show what some people can hide beneath the surface.
The reason why he told me about it was because he wanted to find out options to sell his house. Since I work in real estate, I see tons of different kinds of situations related to housing and losing homes. Most people that deal with foreclosure are either in denial and stick to it until the very end or don’t know that they had options to sell it before it was too late.
Fortunately, my friend knew some of his options, but he didn’t know ALL the options available to him.
Most states run foreclosure auctions the same day each month, which means for him, it’s nearing that time and he can be placed in the auction if notified soon.
I told him that if he tries to sell the house the traditional way, that process might take too long for him to be able to sell it before it’s foreclosed, and he might want to check out some alternatives just to be sure. We did a search together and found this awesome article on how to stop foreclosure by one of the firms we’ve worked with here locally.
This definitely helped shed some light on some of the options my buddy had but didn’t know about.
Additionally, it goes to show that there are faster ways to sell a home if you really need to get rid of the property or need to liquidate it for the cash sooner than later.
I thought this would be useful to share, for any of those that are going through similar situations and scared out of their minds.
Potentially defaulting on a mortgage and being put out on the street is a scary thing. Sometimes people don’t even tell their families about it because they’re ashamed.
But it’s never too late to make some moves and do the best you can. The longer you wait, the worse it gets.