How to Handle Foreclosures in Columbus Ohio
Foreclosure is a legal process that lenders resort to when borrowers are unable to complete their payments. They use this process to take property from defaulters so that they can compensate for the balance. Lenders take this route to get their money back from borrowers who are unable or unwilling to continue with payments. For instance, the lender can take ownership of your home or property, sell it, then use the proceeds to pay your loan.
Consequences of Foreclosure
The main and immediate result of a foreclosure is the stress of losing your home. You will be flushed out of your home and will require you to find a new place to live, and this usually puts an emotional strain on homeowners.
Foreclosure is expensive since you will use your money trying to fight it. Legal fees and other penalties can add up to the cost of losing your home. What’s more, you may still end up with a deficiency even after losing your property. If the sales proceeds are insufficient to pay for your loan, you may end up owing money to the lender.
A foreclosure will also hurt your credit score rating, and you might not be able to lend money in the future.
Foreclosure Options in Columbus Ohio
In Columbus, Ohio, Foreclosure is a judicial process. Your lender is mandated by law to file a foreclosure summons and issue a complaint. The lender is also required to send specific notices beforehand. It gives you some time to explore different options for dealing with the foreclosure. The options available to you are as follows:
1. Fighting the foreclosure in court
In the local area, you can search for Foreclosures Columbus law firms to help you in the case. Fighting foreclosure in court, though, is not always the best option to take. The process is strenuous and can add up to your debt. The bank or lender may also have you cater to their legal fees. The process usually takes close to 14 months, and yet, you might still lose your home at the end.
2. Filing for bankruptcy
A bankruptcy claim will stop any action from creditors and foreclosure lawsuits. However, if you wait until its too late, you can lose your home automatically.
3. Applying for a loan modification
Applying for a loan modification will stop the sale of your home by your lender. If the loan review is successful, the foreclosure process may be terminated. However, this has to be done 38 days before the sale of the property by the lender. You may also be unable in the future to continue with the new payment plan, and the bank can start the foreclosure process against you.
4. Sell your house fast to a cash buyer
It is the best action to take if you are facing foreclosure in Columbus. There are excellent sell my house fast options if you are facing foreclosure from your lender. In Columbus, Ohio, you can get reliable all-in cash buyers who are likely to save you the embarrassment of foreclosure.
Since banks are reluctant about short sales, choosing a direct sale option is turning out to be the best around. You put your home or house on the market, get cash, and use the proceeds to pay the loan balance to your bank or lender.
When facing a possible foreclosure, many homeowners will look for ways to sell their home fast to avoid the consequences of a foreclosure. There are many benefits to selling your house to cash buyer in this situation.
• No foreclosure embarrassments
Making a quick cash sale will save you the trouble of being evicted from your home. You get to leave on your terms without having to be thrown out. Though you lose your home in the end, it is still much better selling and moving to a new place than being flushed out.
• Saves you time and money
You don’t get to pay legal fees trying to fight the foreclosure. As mentioned earlier, the process is usually time-consuming, strenuous, and eats into your savings. A fast cash sale saves you this valuable time and money, which you can use in finding a new home. Cash sales usually take between one and three weeks. In just a short time, you will be done, and you can start moving on.
What’s more, you don’t get to go through the stress of court proceedings for many months.
• You get some money left
You might be giving up your home, but at least you get left with cash in your account. With a foreclosure, you lose your home for nothing, and you will require a roof over your head. In most cases, defaulters have only a few years left to pay the loan before they encounter financial difficulties. Therefore, they only need to pay a small portion of the loan. Selling the house fast gives you the chance to pay the mortgage and still have money left. You can then use the money to find a new home and put your life back on track.
• You might save you credit ratings
A quick cash sale gives you more time to clear your loan before you are listed as a bad borrower. After you have sold your home and paid the loan, you can find a place to stay and put your financial situation in order. Once you get a job that guarantees you sufficient income, you can then borrow and buy a better home.
There are very few downsides, if any, for opting for a quick all-cash sale of your home. In Columbus, Ohio, there are excellent ‘cash for house’ companies that can buy your home in a quick time. They have made the sell my house fast option the best for homeowners, not only those facing foreclosure. They buy the house the way it is and usually only need one viewing. Therefore, you don’t renovate your home before you sell.
A glance at Foreclosures Columbus cash sales in the local listings will give you multiple companies who deal with this cash for house business.
On the internet, you can look for Foreclosures Columbus, Ohio, and get in touch with a legitimate cash buyer. It will save you the hustle of going through legal and foreclosure processes.
If you are facing foreclosure in Columbus, Ohio, there are many alternatives to take, but the best is a quick cash sale.