After you have missed just one payment on your mortgage, your lender can begin the foreclosure process, although typically a bank will allow you to miss three to four payments before they take action. If you have stopped making payments on your mortgage for any reason, you should expect to receive a notice from the bank about an impending foreclosure.
Even if you have already received notice that your lending bank is foreclosing on your Milwaukee home, there are still a number of measures you can take to stop the foreclosure. However, the most feasible way to stop a foreclosure is usually to sell this house.
You can stop a foreclosure by simply getting up to date on your payments. There are also a number of state and federal programs to assist those is financial hardship with keeping their homes, but it’s best to apply for these programs before you default on your mortgage.
It’s also best to apply for a loan modification before you start missing payments on your mortgage, but your lending bank may be willing to work with you to make your monthly payments lower and get caught up on your payments, rather than foreclosing.
Filing for a Chapter 13 bankruptcy will legally stop the bank from foreclosing on your home. This type of bankruptcy will require you to get caught up on your mortgage payments and other unpaid debts within three to five years.
Until a foreclosure is finalized, you still own your home and can legally sell this house. You can sell this house on the open market or on a “short sale,” in which the bank agrees to let you sell the house for less than is owed on the loan. We specialize in Milwaukee short sales!
If you choose to sell this house, a house buying company is often the best option for home owners facing foreclosure, because they can usually purchase the house in cash immediately and negotiate a short sale if needed.
If your home isn’t selling or you need to stop a Milwaukee foreclosure and need a short sale, call us today at (414) 431-2650 to get an offer and sell your home to Plan B HomeBuyers, LLC.