Selling Your Home Before Foreclosure in Cleveland OH Is Possible!

cleveland foreclosure

When you are in the middle of a financial struggle, losing your house is the likely outcome of facing foreclosure. But you have a few ways to avoid a foreclosure sale by the bank. When you control the way your house is sold, you can avoid some of the financial and credit loss that comes with a home loan foreclosure.

3 Last Minute Foreclosure Prevention Methods

You can prevent a foreclosure against your house or condo in one of three ways: chapter 13 bankruptcy filing, deed in lieu of foreclosure or a homeowner-initiated home sale

All of these options are viable alternatives to foreclosure. Even if the foreclosure sale is scheduled, if you take action quickly you can avoid a bank auction.

Bankruptcy Filing

You can immediately stop the home foreclosure process once it has started by filing for a Chapter 13 bankruptcy. This bankruptcy filing gives you some breathing room and will even stop the foreclosure sale date if it has been scheduled. You then have time to negotiate something with the mortgage company or explore other ways of avoiding foreclosure.

Deed in Lieu (“Friendly Foreclosure”)

Another alternative to get out of pre-foreclosure or foreclosure proceedings is called a deed in lieu of foreclosure. You sign over the deed to your property in exchange for the lender’s release of the debt. Note: The lender could refuse the deed in lieu if the property has a second mortgage—because of their exposure to potential added liability.

Selling of Short Selling Your House

You can also sell your home before a mortgage foreclosure forces the sale. Find a buyer willing to pay more for the house than your loan balance, and you can save that equity.

But if you can’t find a buyer willing to pay more than your loan balance, take whatever offer you get to the bank for their consideration. If the lender accepts the offer as payment-in-full for your mortgage balance, the process is called a short sale.

How to Sell or Short Sell Your House Fast in Cleveland, Ohio to Stop Foreclosure?

Cleveland Cash House Buyer is the premier real estate investor in the Cleveland, Ohio area. If you are looking for an alternative to foreclosure, we are the quickest and most reliable cash house buyer around.

We Process Sales Fast

We are quick sale home buyers, and our many satisfied clients prove it. When facing foreclosure, you need to act fast so you can sell your house on your terms, instead of the bank’s terms.

We Give Cash

We buy short sales with cash—our cash. So when facing foreclosure, you don’t have time to wait around for a potential buyer to arrange their financing. Because we work with cash, we’re quick.

We Don’t Have any Hidden Fees

When selling to us, the cash we offer is the cash you receive. Our short sale is without any realtor fees or any other closing costs. You will not be surprised by any hidden fees due at closing.

We Will Buy Any Homes AS IS

If you need to short sell a home in terrible condition, you can relax. We buy houses AS IS. As soon the lender accepts our offer, you have no further responsibility for the home’s condition.

You Don’t Need to Worry About any Paperwork

We take care of any paperwork involved with the sale. You only need to sign and date a few documents. And when a lender agrees to our short sale offer, you can walk away from all of the paperwork.

FAQ

How to sell your house to stop foreclosure proceedings?

If your home loan is in default, contact us immediately. We have years of experience in helping homeowners avoid some of the pitfalls of foreclosure. We will buy your property for cash. And we will process all of the necessary paperwork, in addition to negotiating with the lender.

Why should I choose a short sale on my house?

Pros and Cons of Doing a Short Sale on Your Home

Banks are often favorable to short sales because a short sale doesn’t cost as much money as does a bankruptcy auction and all its associated paperwork. For this reason, lenders frequently offer short sale help for sellers to relocate. A short sale affects your credit score, but has fewer consequences to your credit than a foreclosure.

Short Sale vs Foreclosure

A foreclosure can drop your credit score by as much as 400 points, whereas a short sale may affect it by as little as 50 points. After a short sale, you may be eligible to purchase a new home without a lengthy wait. Short sale relocation assistance is sometimes available from the lender. A short sale is always preferable.

When does it become too late to stop foreclosure?

How long does it take from the foreclosure auction to eviction in Ohio?
After the auction, the new owner will start the eviction process. From the date of the auction, you typically have about six weeks to move out. Each county in Ohio has a little different timeline before your possessions are physically removed from the house and placed outside on the sidewalk.

I’ve been served with foreclosure papers in Ohio, how long will foreclosure take from now?

Your house can stay in pre-foreclosure for up to 120 days after you first get behind on the mortgage and start missing mortgage payments. After being served, if you do nothing, you will be in default. And after 1-4 months, the property will be appraised, advertised, and offered for sale for a minimum bid of 2/3 of the appraised value.

I got a foreclosure notice of default, what happens next?

In Ohio, a notice of intent to foreclose (notice of default) notifies you that in a little over a month, you will be served with foreclosure papers. There’s still time to avoid foreclosure, but act quickly. The foreclosure papers are no longer put on your door, but are sent by registered mail or hand-delivered by the County Sheriff’s department.

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