“I’m falling behind on payments…will I have to surrender my house to the bank in Indianapolis?”

“I’m behind in payments…will I be giving my house back to the bank in Indianapolis?”

No one wants to lose their home, but sometimes financial circumstances make it difficult to manage the necessary payments. If your situation worsens, you may find yourself in the unfortunate position of having to give your house back to the bank in Indianapolis Indiana, leaving you temporarily without a place to live. This can also have long-term consequences, including a significant and enduring impact on your credit and your ability to secure housing in the future.

Fortunately, there are proactive steps you can take to protect yourself and regain financial stability. Let’s briefly explore the foreclosure process.

The specific foreclosure process can vary depending on your location and the type of mortgage you have. Typically, if you miss several mortgage payments, your loan company will begin sending you notifications and warnings. If you continue to neglect the missed payments, the loan company may decide to auction off your home to the public.

The duration you can remain in your house after it is sold at auction depends on the laws of the state you reside in. Eventually, however, you will need to find alternative accommodation.

Thankfully, there are options available to you!

Allowing your home to go into foreclosure can have a devastating impact on your credit score. One option to safeguard yourself is to negotiate an arrangement called a “deed in lieu of foreclosure” with your loan company.

This involves transferring ownership of the house to the loan company, enabling them to save the substantial costs associated with foreclosure proceedings. In return, you can avoid having a foreclosure listed on your credit report.

Another alternative to foreclosure is to sell your house before it reaches the auction stage. If you can pay off the entire loan amount, you will not face any further penalties and your credit rating will remain intact. However, if your loan is not fully paid off, you will need to make up the difference.

For instance, let’s consider a scenario where you owe $100,000 on your home and you sell it to us for $90,000. You would provide that $90,000 to the loan company and an additional $10,000 to cover the shortfall, ultimately paying off your loan. (By consulting a real estate attorney, you may even negotiate a deed in lieu of foreclosure agreement where the loan company agrees not to pursue the remaining amount in exchange for the property’s deed.)

Fortunately, you have options!

At SELL TO US FAST LLC, we specialize in real estate investment. Feel free to contact us today at (463) 218-6363 to discover what we can offer you for your house, even if it requires repairs.

Why do individuals choose to sell their homes instead of undergoing foreclosure, even though they no longer live there?

Losing a home can be emotionally challenging, but the impact on your financial situation and credit is significantly less than if you were to endure the foreclosure process. In fact, foreclosure can lower your credit score by as much as 100 to 150 points. Therefore, the short-term challenge of selling your house remains a better option than the long-term consequences of surrendering it to the bank.

If you’re interested in exploring proactive alternatives instead of giving your house back to the bank in Indianapolis, please reach out to us at (463) 218-6363 or fill out the form to receive more information.

Interested in learning more about a proactive option besides giving your house back to the bank in Indianapolis? Call us at (463) 218-6363 or fill out the form to get more information

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