Sell House Fast Indianapolis: Find a Buyer Before You Lose It!

Have you received a notice lately telling you that your Indianapolis house is in danger of foreclosure? Letting your house go through foreclosure will have severe impacts on your life. Even if your home is slated to be foreclosed, you can still prevent it from happening altogether. Check out the answer you’ve been looking for to regain control of your life below!

Are You in Danger of Losing Your Indianapolis Home?

Life is certainly filled with challenges, but not many obstacles are tougher to overcome than the loss of your Indianapolis home. Your house is where you feel safe and secure. It’s where you return to every night to decompress, recharge, and fuel yourself for the next day. But when the bank sends you a foreclosure notice in the mail, the very walls that surround and protect you can feel like a constant reminder of impending doom. 

The entire process of foreclosing a home takes, on average, between 6 months to a full year. But it ultimately depends on your state laws and the lender you are working with. In reality, your bank does not want to (nor do they enjoy it) foreclose your Indianapolis house. When a bank is faced with the unfortunate situation of not consistently receiving your mortgage payments on time (or at all), you are basically forcing them into fast action.

While banks do offer you plenty of financial assistance, they are still operating as a business. This means that they need to make a profit on any loans they issue. Your lender wants you to reliably pay your mortgage. So that they don’t need to put in any extra effort to cover their own financial risk. With a large loan like a mortgage, there is a lot of risk associated. That is because it’s very easy for an Indianapolis homeowner to default.

Common Causes of Foreclosure

Contrary to popular belief, Indianapolis house foreclosure can happen to anyone. It’s regardless of their current income level or financial status. Even if you feel like life is great right now, there is no guarantee that tomorrow will be the same. Regardless of how secure you feel, everything can be stripped away in an instant. Accidents happen every single day, natural disasters are occurring at an unprecedented rate, and sometimes your own body can start to work against you. As harsh as it sounds, you need to stay on your game at all times to stay on top of mortgage payments, or you may be forced to sell your house fast.

Some causes of foreclosure are unexpected and random, but others are very direct and predictable.

Here are three of the top causes of foreclosure to keep in mind:

  • Job Loss – Losing your job is never a good thing, but it becomes a disaster when you are the sole money earner in your family. Indianapolis job loss can come out of nowhere if you are laid off, but getting fired usually has a traceable cause. Either way, losing a significant source (or all) of your income is a fast way to fall behind on mortgage payments. Making matters worse, if you aren’t able to find a new job within six months, the likelihood of getting a new job begins to rapidly decline, keeping you in a seemingly inescapable downward spiral. 
  • Health Crisis – Another huge problem is any form of health crisis, specifically to the breadwinner of the family. Declining health or periods of poor health both reduce your capabilities to earn money. You may need to take time off of work, or you could lose your job altogether. As if that isn’t enough, medical bills can quickly add to your burden and make you unable to pay your mortgage fast. In the worst-case scenario, a death can cause the rest of the family to sell your house because they need more affordable Indianapolis housing.
  • Overwhelming Debt – Debt may seem like an imaginary figure that you don’t need to deal with often, but problems begin when your credit card debt gets out of control. Interest rates can be quite predatory on credit cards, meaning that with a high enough balance, you can reach a point where you are unable to efficiently lower your balance due to interest accruals. If you need to decide between making a minimum payment on a credit card and paying your mortgage, foreclosure is definitely on the horizon.

What Happens During a House Foreclosure?

As mentioned earlier, the actual process of foreclosure takes several months. Up until the actual sale of a foreclosed home, you can stop foreclosure from happening if you work out a new payment plan and cover any incurred foreclosure fees. This means that foreclosure is absolutely avoidable! Here’s what will happen leading up to the sale of your foreclosed Indianapolis home:

  • 1. Default Notice – The first step leading to foreclosure. You will receive a default notice once your mortgage is at least 30 days past due. This is delivered by mail and will indicate a period of time for you to repay your overdue balance before further legal action is taken.
  • 2. Foreclosure Filing – If you do not act on your default notice, then your lender will begin to file the paperwork needed to start foreclosure. This typically begins when your mortgage is 90 days past due.
  • 3. Sale Notice – Once you have not paid your mortgage for 120 days, then you will receive a final notice. At this point, your bank will sell your house by the date indicated on the sale notice you receive. Remember that this is your last chance to reclaim your house and stop foreclosure!
  • 4. Foreclosure Sale – In the unfortunate event that both notices were ignored, your house will be sold as a foreclosed house. This is the point of no return and you will need to vacate the premises fast. 

Sell Your Indianapolis House Fast Before You Lose It!

Most Indianapolis homeowners purchase their house with the full intention of paying their mortgage every month. Very few intentionally default on their mortgage payments because of how impactful it is to your credit. Three of the biggest causes of Indianapolis house foreclosure include job loss, health crises, and overwhelming debt. The whole process of foreclosure lasts months and includes a default notice, foreclosure filing, sale notice, and ultimately a foreclosure sale. 

It is very important to remember that you still have options until the foreclosure sale is finalized. If keeping your home isn’t an option financially, then you can always sell your house directly to Indianapolis cash house buyers like Ben Buys Indy Homes! We fully understand the foreclosure process in Indianapolis and can help you avoid the harsh consequences of a foreclosed house. Regain some financial control and stability by reaching out to us today to sell your house fast!

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