If you are a homeowner in Detroit struggling to keep up with your late mortgage payments, you may be on the verge of foreclosure. If the bank has sent several notices and exhausted other options, it can repossess your property and attempt to recover the debt by selling it at auction. As a result, you may lose your house and still owe the remaining debt to the mortgage company.
The good news is that there is a way to prevent foreclosure and keep your credit intact. You can sell your house fast in Detroit, Michigan, to avoid foreclosure. A house-buying company in Michigan can assess your home’s value, make a fast cash offer, and close the sale of your house in as little as a week. You can sell your house as-is for cash.
What Happens During Foreclosure?
During foreclosure, a lender attempts to repossess your property after several missed late mortgage payments. The process typically includes the following steps:
The foreclosure process starts with a missed payment. If you’re more than a couple of weeks late with a mortgage payment, you’ll typically start hearing from your lender through mailed letters, phone calls and emails. These messages will notify you of your delinquency and remind you of your obligation to pay by the due date each month.
You default on a mortgage if you go 90 days without making a scheduled payment. Under most mortgage contracts, defaulting on the loan allows the lender to initiate the foreclosure process. In defaulting on your mortgage, your lender will reach out and urge you to get current with your payments.
Notice of Intent to Foreclose
After 90 days of missed payments, the mortgage lender typically notifies you by certified mail that you’ve defaulted and that they intend to begin foreclosure proceedings. It begins the phase of the process known as pre-foreclosure. The nature of foreclosure proceedings and the legal timeline they must follow will vary by jurisdiction, but they are in your mortgage contract.
Once the lender gains legal authority to foreclose, all occupants must vacate the property. Then, the property is locked up and slated for public auction. Foreclosed properties sell as-is. Bidders have no opportunity to inspect them before the auction. Many foreclosures fail to sell at auction and those that do sell for considerably less than their market value.
How Do I Sell My House in Detroit to Avoid Foreclosure?
If you don’t want to keep your property, your only option to avoid foreclosure is to sell your house. However, a traditional home sale may not work for you. If you list your house on the market and hire a real estate agent to sell it, it can take months to prepare the house for sale, find a buyer, and close a deal. You may not have that much time.
To avoid foreclosure, the best way to sell your house is to do a cash home sale with a company that buys houses in Michigan.
What Is a Cash Home Sale?
In a cash home sale, you directly enter into a private real estate transaction with the home buyer. No need to hire a real estate agent or list the house on the market. A cash sale has other distinguishing characteristics.
- Make no home repairs or upgrades.
- Pay little to no closing costs – buyer agrees to pay up to 100%.
- Close the sale of your house in as little as seven to 21 days.
- Sell your house fast, regardless of your financial situation.
- Work with a pre-qualified, fully-committed home buyer.
- Avoid foreclosure and save your credit to buy another home later.
The process of selling your home is easy. Meet with the buyer to discuss the details of your home. The buyer assesses your home’s market value and makes a fair cash offer. If you accept the offer, you agree to the terms of the sale. Last, you sign the paperwork and close the sale. The buyer pays you for the house. You get out of your mortgage and walk away with no strings attached.
Sell My House During Foreclosure to M1 Home Buyers
At M1 Home Buyers, we buy houses as-is for cash. We can assess your home’s property and make a fair cash offer right now. You have the flexibility to sell your house fast to avoid foreclosure. Call 248-397-5800 to get a fast cash offer for your home.