If you’re facing foreclosure, maybe you’re wondering if you can you get your house in Raleigh back. You will need a place to live and your credit will be damaged due to the foreclosure proceeding. this can hurt your chances of renting an apartment.
Unfortunately, the bank and the courts have a “you don’t pay, you don’t stay policy.” If you have not, or cannot make the back payments and agree to make all future payments, the courts usually rule in favor of the lender. The only option to get your house back is to pay them the total balance of the loan + fees.
Instead of wondering can you get your house in Raleigh back after foreclosure, here’s another option…
The good news is you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.
What many homeowners do that are in this situation is sell their home for cash to a local investor. Depending on how much you owe, the condition of the property, and the after repaired value of the home, the home can be bought for all cash and you can walk away free and clear.
While this may not be what you wanted to hear (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have satisfied your debt to the bank and you won’t have the long-term damage to your credit score that a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your Raleigh area home fast..
You could list the home with a local agent, and do a short sale…or a faster and easier option is to find a local company that buys houses as-is for cash, fast. This option will spare you from the hassle of showings, staging, dealing with offers and contracts, inspections, etc. Companies like Otranto Real Estate Co - Mike Buys Houses will buy the house from you at a reduced price, as-is, and very quickly!