Do you need help stopping your Indiana home from being foreclosed? When it comes to financing a home, there’s certainly nothing more stressful than when the bank is trying to foreclose it. When you’re already stuck in the process of foreclosure, it can feel overwhelming and helpless trying to figure out what to do. If you own an Indianapolis home, keep reading the rest of this article because we’ve got a perfect solution for stopping foreclosure!
Foreclosure Can Feel Overwhelming
Hopefully you’ve never had the misfortune of having your home go through foreclosure. Life can be unexpected and you never know what will come up. You surely had every intention of making regular payments, but sometimes you just don’t have the money to keep it up. Whatever the reasoning is, foreclosure is the process of your bank (or lender) selling or reclaiming your home so they can recoup the value of your outstanding balance.
There’s certainly nothing scarier than losing the place you feel safest. Home is where you unwind and have your most personal moments. An impending foreclosure can quickly shatter your safe haven, instead serving as a constant reminder of the pain to come. If you don’t have a place to live, then how can you keep your family safe? No matter how stressful foreclosure may feel, you must be proactive to better your situation.
When you learn your Indianapolis home is in foreclosure, it can definitely feel like the pressure is on. You might think you have just days or weeks to figure out how to come up with money for payments, but you actually have several months to come up with a plan. Each state has different laws regarding how long the whole foreclosure process takes, but don’t be surprised if it lasts between 6-12 months.
What Can You Do About Foreclosure?
Even if you do have months to spare, you shouldn’t let your Indianapolis house stay in foreclosure if you can help it. Foreclosed houses have a massive negative impact on your credit score and will make it much tougher to buy a home in the future. The longer you wait, the less time you’ll have to evaluate options and make a good decision. So what can you do about foreclosure? Great question!
Here’s how you can handle foreclosure:
- Negotiate a New Repayment Plan – Your best option is definitely to try and work out a new repayment plan. As much as you may dislike foreclosure, your bank (or lender) feels the same way. If you’re lucky you can refinance and work out more favorable terms and monthly payments or even get a grace period. Showing your willingness to pay your debt will go a long way with your bank.
- Settle for a Short Sale – Another solid choice is settling for a short sale. A short sale would entail your bank agreeing to sell your house for less than you owe. This would mean you’d lose your house, but it has much less of an impact on your credit. Best of all, you’d no longer be in debt. You can often buy another home shortly after taking this route.
- Declare Bankruptcy – As a last resort, you can file for bankruptcy. With Chapter 7 bankruptcy, you’ll lose your home, but your debt will be eliminated. On the other hand, Chapter 13 bankruptcy lets you keep your home, but you’ll be slapped with a repayment plan. Either option is a major negative for your credit, but you’ll either keep your house or eliminate your debt by picking one.
Selling Directly to a Home Buyer
All of these options can certainly be used to avoid foreclosure, but they all have one big problem – they take too long! When you know your Indianapolis home is going through foreclosure, you want to take action as soon as you can. Worst of all, you’ll probably end up feeling like you got a bad deal no matter what ends up happening.
Fortunately, there’s an easy solution that can help you stop foreclosure almost instantly! Instead of trying to figure things out on your own, sell your house directly to a home buyer and cancel out any debt you have! You may not be aware, but you still have the ability to sell your home while it is going through foreclosure. This gives you a great opportunity to sell it before it can do any serious damage to your financial health.
Selling directly to an Indianapolis home buyer is far better than any other option because of how fast you can do it. Going through a regular house selling process would entail mountains of paperwork and weeks of waiting for closing, but you don’t have to deal with any of that with a house buyer.
Your transaction is made extremely simple, requiring minimal effort from you while still making sure you’re getting a good deal. You may not be able to keep your Indianapolis home, but is is infinitely better than letting the bank make that choice for you.
Your Solution For Preventing Foreclosure in Indianapolis
Foreclosure is one of the worst situations any homeowner can find themselves in. You have less than a year to figure out a reasonable solution for resolving your outstanding debt, or the bank will reclaim your home! Typical fixes include negotiating a new repayment plan, settling for a short sale, or declaring bankruptcy, but these all take too long. Alternatively, selling your Indianapolis house to a home buyer dedicated to helping you out of your plight is fast and easy!
If you want to have control of your housing situation, then you can’t wait for the bank to sell or reclaim your home. There’s no question foreclosure is stressful, but that doesn’t mean you can’t do anything about it. If you have an Indianapolis home in the process of foreclosure, Ben Buys Indy Houses wants to buy it for fast cash! We buy houses in all conditions in Indianapolis and any surrounding areas! Don’t let someone else tell you how to live. Instead sell your foreclosing home to us so you can get on with your life!