Are you having difficulty paying your monthly mortgage payments? You are not alone! With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.
So what is a pre-foreclosure in Myrtle Beach anyway?
Many homeowners across America and Myrtle Beach are facing difficulties making their monthly mortgage payments. We are living in truly unprecedented times.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”
Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course this number can vary by bank and situation sometimes.
If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.
Pre-foreclosure Options for Borrowers
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic. But you do need to be proactive.
You have options that can delay or even prevent losing your home:
- You can refinance your mortgage. If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local Myrtle Beach mortgage broker… or contact us and we can connect you with a reputable one.
- You can sell your home. You may be able to quickly sell your home to a real estate investor that’s reputable in Myrtle Beach like us at Belle Coast Properties, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your Myrtle Beach SC area home quickly, often in just a week or two, will pay in cash, and take the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage. This should only be used as a last resort.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time. They prefer not to own the properties they provide mortgages for.
If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating. But don’t delay.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.
But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re In Pre-Foreclosure
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can buy your Myrtle Beach area house – We buy houses in Myrtle Beach and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation. Don’t close your eyes and pretend the problem is just going to solve itself. Take charge of the situation and explore your options. You will usually be much better off if you take charge of pre-foreclosure early. You can even end up walking away with a nice profit!
Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure resources.
Want To Discuss Your Pre-Foreclosure Options? Call Us at 843-732-3529
Or, Submit Your Info Here To Get A Cash Offer On Your House >>
We’ll evaluate your house, make you a fair all-cash offer, and you can decide if selling your house to us is the best fit for you. We’re here for you, just reach out and let’s chat.
Get treated like family with Belle Coast Properties. We simplify the house selling process… check out our testimonials here.
