As an investor who has been buying houses for several years, I can tell you many people are in dire straits -- both financially and emotionally. Nearly every day I hear horror stories from distressed homeowners who are about ready to lose their home to foreclosure. Unfortunately, the majority of homeowners wait until the last minute to take action.
Buying houses is much different today than it was just a few years ago. Since property values are declining, many homeowners owe more than their home is worth. Others have second mortgages attached to their home. Then, there is the group of people who were suckered into subprime loans and can no longer afford their mortgage payment.
When people fall behind on their mortgage, they oftentimes also fall into denial. Fear takes hold and they become immobilized. They falsely believe they will find a way to generate the cash they need to cure arrearages. While they are living in denial, time goes by and the next thing they know a Summons Server is standing at their door handing them foreclosure papers.
Oftentimes, people resort to filing bankruptcy to stop foreclosure. This action can buy time, but unless the homeowner's financial situation has completely turned around, bankruptcy is merely a band-aid for a problem that needs a tourniquet.
What many people do not understand is this... When people file for bankruptcy to avoid foreclosure, a repayment plan must be drafted and submitted to the court. If the judge approves the bankruptcy request, the homeowner must pay all their normal bills along with an additional amount to start paying off arrearages. If the homeowner is already struggling to make ends meet, how are they going to pay the additional monies imposed by the repayment plan?
Unfortunately, many people who file for Chapter 13 end up failing out of bankruptcy within a very short period of time. The moment they miss a payment, creditors can petition the court and ask for the bankruptcy to be dismissed. If that occurs, creditors can proceed with collection actions; including foreclosure.
You need to take action today if you are facing foreclosure or unable to adhere to your bankruptcy repayment plan. Ignoring the problem will not make it go away. If you do nothing, you will lose your home. It's only a matter of time.
If you need to sell your house now, feel free to submit property information via the "We Buy Houses" form. I'm currently buying houses in Southern California and prefer properties valued at $300,000 above median range or $500,000 or higher loan balances.
I buy house for cash and specialize in helping people find a way out of a bad situation. Whether you need to sell your house because of divorce, foreclosure or failing out of bankruptcy, I might be able to help.
Feel free to submit information about your house even if your property isn't located in SoCal. I have a network of private investors located across the nation and will do my best to help locate a buyer in your area.