If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house back after foreclosure. After all, you need a place to live! Unfortunately, after the court rules in favor of your lender and agrees with the lender to proceed with foreclosure, it is tough for you to get your house back.
Instead of wondering if you can get your house back after a foreclosure, there’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.
If that’s not a feasible option for you at this moment then you may decide to choose a path similar to many other homeowners facing foreclosure: Sell your home before the home is foreclosed upon and pay off any amount that is past due to the lender.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and avoid any long-term impact on your credit score that a foreclosure would have caused.
This option is proactive and long-term, which is why homeowners facing foreclosure gravitate toward it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s A Secret To Selling Your Home Fast So The Bank Can’t Take It
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Vitality Home Buyers will buy the house from you at a reduced price, and very quickly.