When your mortgage falls months and months behind, you may try to avoid the calls and threatening letters. However, there comes a point where you can’t ignore your financial situation anymore. It’s better to sell your house before the bank puts the house in a foreclosure sale.
We realize you may be hesitant to sell your home and instead allow time to elapse out of hope for a solution appearing. However, it’s important you act before the legal process advances to the point where you have no options left.
Selling your house before the foreclosure auction will allow you to receive money and a fresh start. This is far better than receiving zero money from the bank after foreclosure, along with the credit consequences that also come along with it.
In this article, we answer everything you need to know about selling your house fast before foreclosure in Little Rock.
What Is Foreclosure?
Foreclosure occurs when a homeowner cannot make mortgage payments, and the bank exercises its rights to “take the property back.”
After the owner fails to pay for an extended period of time, the lender can seize the home and sell it to recoup their losses on the missed payments and resell the house. This is because the property is collateral for the loan they provided.
There are numerous reasons an owner may allow their home to end up in foreclosure:
- Prolonged unemployment
- Divorce or death
- Excessive repair bills and needs work
- Misses tax payments resulting in a tax lien
- Costly real estate inheritance
- Inherited home with no tenants yet a mortgage
Making matters more complicated is that a home facing foreclosure might also need repairs. Banks will often sell the house “as is” as an REO property instead of making these repairs themselves.
How Long Until I Get Foreclosed?
Laws vary by state, so it’s important to know the timeline of the foreclosure process in Arkansas.
Don’t worry if you missed your mortgage payment by a day or even a month. Most lenders prepare for this and even often a grace period in the loan agreement. However, when a missed payment doesn’t get resolved quickly, it will raise red flags.
You will likely start getting calls from your lender’s collections department if you are still behind between the 16th and 30th of the month.
Collections will continue to attempt contact until you reach 60 days past due. At this point, your case gets brought to the loss mitigation or home preservation department. The department will do its best to find a solution that allows you to keep your house. Of course, you need to communicate with them to come up with an agreement.
After 90 days, the bank transfers the account to a trustee to handle the foreclosure proceedings. The trustee will send a “Notice of Sale”. After you receive the foreclosure notice, the house will be sold in another 90 days.
If the trustee can’t find a house buyer, the house may go to a foreclosure auction. See this post to better understand the difference between a short sale vs foreclosure.
What to Do When Facing Foreclosure in Little Rock, AR
Contact Your Lender Immediately
The biggest mistake people make is avoiding the bill collectors.
In most cases, the collection department will work with you to help you get your mortgage current.
If you don’t know the number of the collection agency, ask your mortgage company. Arkansas Act 885 requires mortgage companies to provide the contact information for any collection agencies or trustees handling your account.
Avoid Foreclosure Scams
There are a lot of scams out there that will offer to get you out of your jam but steal your money, leaving you even more in debt. Don’t fall for loan modification scams. If a loan modification is available, your lender will extend this to you.
As a general rule, if it sounds too good to be true, it probably is.
Sell Your Home Quickly
If you wait too long, you may not have the opportunity to sell your house fast before foreclosure. You don’t want to lose the money you spent on your mortgage over the years in the form of home equity. Selling right away through short sale (a sale for lower than the market value of the home) is one option, however, it’s not your best one.
Reputable investors like Gary will help you sell your house fast in Little Rock, without an approved short sale process and also without a realtor. To learn more about selling your Sherwood house fast, read this blog.
You won’t have time to make renovations to the home, but that’s just fine. You will have to sell it as-is, but Gary is ready and willing to purchase in as-is condition to help you avoid foreclosure. It’s not fun experiencing a bank foreclosure on your house, and you will want to avoid this on your credit rating as well.
There are also numerous benefits to selling your home “as-is”, such as less paperwork and a quicker sale. Since you won’t need a realtor to help you with your sale, you also won’t have to pay a commission to a real estate agent.
Want to learn more about selling your home quickly in Little Rock, AR? Contact Gary Buys Houses today via phone at 501-449-2897.
How to Sell Your Home Quickly With Gary Buys Houses
The beauty of selling your home with Gary Buys Houses is that we make the process as easy as 1 – 2 – 3.
Step One: Provide Home Details
In order to get a quote, you will need to provide details on your home, including the location, condition, and mortgage details. Let us know how fast you need to sell before foreclosure so we can help you avoid it.
If you fill out the form online, you will get a response within 48 hours.
For a faster response, call 501-449-2897.
Step Two: Receive Offer
Once we receive your home details, we will provide you with a quote.
Keep in mind that the quote represents an “as is” price, which may not reflect the market value of the home if it were in perfect condition. We need to make the repairs to bring it up to full value.
Step Three: Accept Offer and Close
After you accept our offer, we can close on your home and receive the full cash offer in as little as 7 days. That will save you a lot of time, considering the average time to sell a home in the US is 50 – 75 days.
IMPORTANT NOTE: If you’re facing foreclosure it’s vital you keep time on your side. There are certain steps that are time-sensitive to the legal process of foreclosure in Arkansas. It’s best if you contact us at least 2 to 3 weeks before the actual auction date.
While we have helped Little Rock homeowners sell their house before foreclosure in as little as 1 week prior, it’s not recommended. Help us to help you avoid foreclosure by reaching out ASAP if you’re behind on payments and need to sell fast.
Why Sell Your Home To Gary?
We buy houses and offer the best solution for people who want to get rid of a burdensome house quickly with a cash buyer.
When you sell your home as is in Little Rock, AR, with Gary Buys Homes, you cut out numerous hassles:
- No inspections
- No repairs
- No cleaning
- No staging
- No closing costs
- No unnecessary paperwork (only 4 pages)
Gary uses his 12+ years of experience to help you get a fair cash offer for your real estate when he buys houses instead of the other guys who try to take advantage of people in vulnerable situations. He also has the resources to complete sales fast. You won’t have to worry about your cash home buyer backing out because they suddenly don’t have the funds.
Eliminate the stress of selling your home with Gary Buys Houses, especially if the stress will prolong the process and put you into foreclosure before you can sell the house yourself.
Contact us today!
When your mortgage falls months and months behind, you may try to avoid the calls and threatening letters. However, there comes a point where you can’t ignore your financial situation anymore. It’s better to sell your house before the bank puts the house in a foreclosure sale.
We realize you may be hesitant to sell your home and instead allow time to elapse out of hope for a solution to appear. However, it’s important you act before the legal process advances to the point where you have no options left.
Selling your house before the foreclosure auction will allow you to receive money and a fresh start. This is far better than receiving zero money from the bank after foreclosure, along with the credit consequences that also come along with it.
In this article, we answer everything you need to know about selling your house fast before foreclosure in Little Rock.
What Is Foreclosure?
Foreclosure occurs when a homeowner cannot make mortgage payments, and the bank exercises its rights to “take the property back.”
After the owner fails to pay for an extended period of time, the lender can seize the home and sell it to recoup their losses on the missed payments and resell the house. This is because the property is collateral for the loan they provided.
There are numerous reasons an owner may allow their home to end up in foreclosure:
- Prolonged unemployment
- Divorce or death
- Excessive repair bills and needs work
- Misses tax payments resulting in a tax lien
- Costly real estate inheritance
- Inherited home with no tenants yet a mortgage
Making matters more complicated is that a home facing foreclosure might also need repairs. Banks will often sell the house “as is” as an REO property instead of making these repairs themselves.
How Long Until I Get Foreclosed?
Laws vary by state, so it’s important to know the timeline of the foreclosure process in Arkansas.
Don’t worry if you missed your mortgage payment by a day or even a month. Most lenders prepare for this and even often a grace period in the loan agreement. However, when a missed payment doesn’t get resolved quickly, it will raise red flags.
You will likely start getting calls from your lender’s collections department if you are still behind between the 16th and 30th of the month.
Collections will continue to attempt contact until you reach 60 days past due. At this point, your case gets brought to the loss mitigation or home preservation department. The department will do its best to find a solution that allows you to keep your house. Of course, you need to communicate with them to come up with an agreement.
After 90 days, the bank transfers the account to a trustee to handle the foreclosure proceedings. The trustee will send a “Notice of Sale”. After you receive the foreclosure notice, the house will be sold in another 90 days.
If the trustee can’t find a house buyer, the house may go to a foreclosure auction.
What to Do When Facing Foreclosure in Little Rock, AR
Contact Your Lender Immediately
The biggest mistake people make is avoiding the bill collectors.
In most cases, the collection department will work with you to help you get your mortgage current.
If you don’t know the number of the collection agency, ask your mortgage company. Arkansas Act 885 requires mortgage companies to provide the contact information for any collection agencies or trustees handling your account.
Avoid Foreclosure Scams
There are a lot of scams out there that will offer to get you out of your jam but steal your money, leaving you even more in debt. Don’t fall for loan modification scams. If a loan modification is available, your lender will extend this to you.
As a general rule, if it sounds too good to be true, it probably is.
Sell Your Home Quickly
If you wait too long, you may not have the opportunity to sell your house fast before foreclosure. You don’t want to lose the money you spent on your mortgage over the years in the form of home equity. Selling right away through short sale (a sale for lower than the market value of the home) is one option, however, it’s not your best one.
Reputable investors like Gary will help you sell your house fast in Little Rock, without an approved short sale process and also without a realtor.
You won’t have time to make renovations to the home, but that’s just fine. You will have to sell it as-is, but Gary is ready and willing to purchase in as-is condition to help you avoid foreclosure. It’s not fun experiencing a bank foreclosure on your house, and you will want to avoid this on your credit rating as well.
There are also numerous benefits to selling your home “as-is”, such as less paperwork and a quicker sale. Since you won’t need a realtor to help you with your sale, you also won’t have to pay a commission to a real estate agent.
Want to learn more about selling your home quickly in Little Rock, AR? Contact Gary Buys Houses today via phone at 501-449-2897.
How to Sell Your Home Quickly With Gary Buys Houses
The beauty of selling your home with Gary Buys Houses is that we make the process as easy as 1 – 2 – 3.
Step One: Provide Home Details
In order to get a quote, you will need to provide details on your home, including the location, condition, and mortgage details. Let us know how fast you need to sell before foreclosure so we can help you avoid it.
If you fill out the form online, you will get a response within 48 hours.
For a faster response, call 501-449-2897.
Step Two: Receive Offer
Once we receive your home details, we will provide you with a quote.
Keep in mind that the quote represents an “as is” price, which may not reflect the market value of the home if it were in perfect condition. We need to make the repairs to bring it up to full value.
Step Three: Accept Offer and Close
After you accept our offer, we can close on your home and receive the full cash offer in as little as 7 days. That will save you a lot of time, considering the average time to sell a home in the US is 50 – 75 days.
IMPORTANT NOTE: If you’re facing foreclosure it’s vital you keep time on your side. There are certain steps that are time-sensitive to the legal process of foreclosure in Arkansas. It’s best if you contact us at least 2 to 3 weeks before the actual auction date.
While we have helped Little Rock homeowners sell their house before foreclosure in as little as 1 week prior, it’s not recommended. Help us to help you avoid foreclosure by reaching out ASAP if you’re behind on payments and need to sell fast.
Why Sell Your Home To Gary?
We buy houses and offer the best solution for people who want to get rid of a burdensome house quickly with a cash buyer.
When you sell your home as is in Little Rock, AR, with Gary Buys Homes, you cut out numerous hassles:
- No inspections
- No repairs
- No cleaning
- No staging
- No closing costs
- No unnecessary paperwork (only 4 pages)
Gary uses his 12+ years of experience to help you get a fair cash offer for your real estate when he buys houses instead of the other guys who try to take advantage of people in vulnerable situations. He also has the resources to complete sales fast. You won’t have to worry about your cash home buyer backing out because they suddenly don’t have the funds.
We buy houses fast to help eliminate the stress of selling your home when you don’t have time for the traditional route. The team at Gary Buys Houses can help you understand where you are at in the foreclosure process, and help you make the right decision to gain a fresh start.
Contact us today!
