Sell My House to Avoid Foreclosure in Detroit, MI
Are you looking for a way out of foreclosure? Do you need to sell your house fast before it goes to auction? If so, we have the solution for you. At M1 Home Buyers, we buy houses as-is in Detroit, Michigan. Whether you’re trying to stop a foreclosure process, filing bankruptcy, or looking for a way to get out of your mortgage, we can help you sell your house right now and start fresh.
Our cash home sale solution allows you to sell your house for cash. We make all home repairs after the transaction. We pay 100% of all closing costs. Plus, we work directly with you so that you don’t have to hire a realtor. It’s the simplest and fastest way to sell your property and save your credit report. No loan modifications, auctions, foreclosure, short sale, or hassles.
Fill out our online form or call 248-397-5800 to get a fast cash offer from M1 Home Buyers. Sell your house fast in Metro Detroit, Michigan.
We Work With You Regardless of Your Situation
You may believe that your current situation prevents you from selling your house. That may be so in a traditional home sale. However a cash offer from M1 Home Buyers gives you the freedom to sell your house on your terms. We work with home sellers in all types of situations, including
Foreclosure
Navigating the foreclosure process in Michigan can be overwhelming. Typically, it starts when you miss mortgage payments and your lender files a Notice of Default (NOD). You’ll have a 90-day period to rectify the situation. If you’re unable to do so, your lender will publish a Notice of Sale, and your property will be auctioned off within 30 days.
Selling your home for cash can be a lifeline when facing foreclosure. A cash home sale often involves a quicker closing process, allowing you to settle your mortgage debt before the foreclosure is finalized. Cash buyers are usually investors who purchase homes as-is, so you won’t need to spend time or money on repairs.
By selling your home for cash, you can avoid the long-lasting negative impact of a foreclosure on your credit score and move forward with your financial life.
Bankruptcy
In Michigan, the bankruptcy process can be complex
- You’ll begin with credit counseling, followed by filing a petition with the court.
- You’ll choose between Chapter 7 or Chapter 13 bankruptcy, depending on your financial situation.
- After filing, an automatic stay prevents creditors from pursuing collection efforts.
- For Chapter 7, non-exempt assets may be liquidated to repay creditors, while Chapter 13 involves a repayment plan over three to five years.
- Upon completion, eligible debts are discharged, providing you with a fresh financial start.
A cash home sale from our local home buyers can be a powerful tool to help you avoid bankruptcy. By selling your home quickly for cash to M1 Home Buyers, you can generate funds to pay off debts and possibly negotiate with creditors to settle outstanding balances.
Cash sales often close faster than traditional sales, allowing you to address financial issues more rapidly. Additionally, selling your home as-is eliminates the need for costly repairs, further preserving your financial resources and providing a better chance to resolve your financial troubles without filing for bankruptcy.
Short Sale
A short sale in Michigan occurs when you sell your home for less than the outstanding mortgage balance, with your lender’s approval. This option helps you avoid foreclosure when you’re struggling financially. Though it can be a lengthy process, a short sale is typically less damaging to your credit score than a foreclosure.
However, a cash home sale is a better option than a short sale because it’s faster and less stressful. We close quickly and buy your house as-is, saving you time and money on repairs. Unlike a short sale, which requires lender approval, a cash sale allows you to retain more control over the transaction and resolve your financial issues more efficiently.
M1 Home Buyers Can Help You Avoid Bankruptcy or Foreclosure
We buy your house as-is without relying on traditional financing like mortgages. Instead, we have the necessary funds readily available to complete the purchase, eliminating the need for bank approvals or appraisals.
Our cash home sale process is designed to be hassle-free and straightforward. We evaluate your property and provide a fair, no-obligation cash offer. If you accept our offer, we proceed with the closing process, typically within one week.
Our timeline is one of the key differences between a cash home sale and a traditional home sale. Traditional home sales often involve lengthy negotiations, mortgage approvals, and contingencies, which can cause delays and complications.
Sell Your House the Simple Way with Our Cash Home Sale Solution
If you are trying to stop a foreclosure or avoid bankruptcy, a lengthy and expensive traditional home sale will not work for you. M1 Home Buyers offers a simple solution that allows you to sell your house fast in Detroit, Michigan without incurring selling expenses. Our house-buying process includes the following steps.
Step 1: Contact Us
When you are ready to sell your house, the first step is to call us and schedule a walkthrough of the house. It’s fast and easy, and there is no obligation to sell your house. Feel free to ask questions. We are here to help!
Step 2: Get a Fast Cash Offer
We will assess your property and decide if we want to make an offer. If we like what we see, we will make a fair cash offer at just under the market value of your home. In most cases, we can make an offer within 24 to 48 hours.
Step 3: Get Paid
If you accept our offer, the next step is to schedule a convenient closing date. Simply show up, sign the paperwork, and walk away with no strings attached. We pay most or all of the closing costs, which save you money.
What are the Benefits of a Cash Home Sale?
Make No Home Repairs. We Buy Houses As-Is
Preparing a home for sale can be time-consuming and expensive. That’s why we buy your house as-is in its current condition, meaning you don’t have to worry about making costly repairs or improvements before selling.
You Don’t Have To Hire a Realtor or Pay Realtor Commissions
By working with M1 Home Buyers, you can avoid the need to hire a realtor and the associated commissions. Our team of professionals will handle the entire process, ensuring a smooth transaction without the added expense of realtor fees.
Sell Your House in As Little as Seven Days
Our streamlined process allows you to sell your house quickly, often in as little as seven days. This rapid timeline helps you resolve your financial issues efficiently and move forward with your life sooner than with a traditional home sale.
Work With a Pre-Qualified, Committed Home Buyer
We’re committed to providing a seamless and stress-free experience. As pre-qualified cash buyers, we have the funds readily available to close on your property without delays, ensuring a successful transaction.
Pay No Closing Costs
When you choose M1 Home Buyers, we cover all closing costs, allowing you to keep more of the proceeds from the sale. This benefit can save you thousands of dollars compared to a traditional home sale.
Don’t Wait for a Loan Approval
Unlike traditional home sales, our cash home buying process doesn’t require waiting for loan approvals. With M1 Home Buyers, you can bypass the uncertainty and potential delays of mortgage financing, making the entire process faster and more efficient.
We Buy Houses in Detroit, Michigan
If you need to sell your house fast but don’t want the hassle of a traditional home sale, contact M1 Home Buyers. We buy houses as-is. No repairs are needed. Avoid closing costs and realtor commissions. Close in as little as seven days. Call 248-397-5800 to get a fast cash offer from our local home buyers.
Frequently Asked Questions About Foreclosure
What is a deed in lieu of foreclosure?
A deed in lieu of foreclosure is a legal process where a borrower voluntarily hands over the ownership of their property to the lender to satisfy a loan that is in default and avoid foreclosure. It’s essentially a way for the borrower to avoid the negative consequences of a foreclosure. The lender then becomes the owner of the property, with the ability to sell it to recover the loan balance.
Do you get any money if your home is foreclosed?
If your home is foreclosed, you generally will not receive any money from the sale because the primary goal is to repay the lender what is owed on the mortgage. If the foreclosure sale does not cover the full amount of the debt, you may still owe the remaining balance. However, if there is any surplus from the sale after paying off the mortgage and related fees, you may be entitled to receive that excess amount.
Can I sell my house while in foreclosure?
You can sell your house while in foreclosure through a process known as a short sale, where the house is sold for less than the balance owed on the mortgage with the lender’s approval. This can be a way to avoid the full impact of foreclosure on your credit report. You must act quickly and work with the lender, as they need to agree to the sale and accept the proceeds as settlement of the debt.
What happens if a foreclosed home is not sold?
If a foreclosed home doesn’t sell during a public auction, the lender will become the owner. These properties are often referred to as “bank-owned”. The lender can attempt to sell the property through a broker or with the assistance of a real estate-owned (REO) asset manager. If the home doesn’t sell for enough money to clear the debt, the homeowner might still owe the lender the deficiency.
Can I sell my house to avoid foreclosure?
If you want to avoid foreclosure and don’t want to keep your property, your best option is to sell your house as-is for cash. Klamen Real Estate Group can help you avoid foreclosure by paying cash for your house and closing in a few days. You can sell your house to avoid foreclosure in Missouri.