The Differences Between Foreclosure and Pre-Foreclosure and What You Can Do To Save Your Credit As a Lawton Homeowner

As a homeowner in Lawton, one of the worst things that can happen is facing foreclosure or pre-foreclosure. These situations can be incredibly stressful and can significantly impact your credit score and financial future. It is essential to understand the differences between foreclosure and pre-foreclosure and what you can do to stop the foreclosure process altogether and save your credit as a homeowner.

What Exactly is Foreclosure?

Foreclosure is a legal process that a lender initiates to recover the outstanding balance of a mortgage loan. When a homeowner falls behind on their mortgage payments, the lender has the right to foreclose on the property and sell it to recover the outstanding balance.

Foreclosure is a very severe situation that can have long-term consequences on your credit score and financial future. In addition to losing your home, foreclosure can also impact your ability to get loans, credit cards, and even employment opportunities in the future or buy another home. Our goal at DHS Realty Group is to help as many Lawton homeowners avoid this altogether by offering a fair, fast, and honest way to sell. 

Then What is Pre-Foreclosure?

Pre-foreclosure is the period before foreclosure when the homeowner has fallen behind on their mortgage payments but has not yet gone through the foreclosure process. During this period, the homeowner has the chance to catch up on their mortgage payments and avoid foreclosure. We’ve met many home owners who have every intent to catch up on payments and stay in their home. They intend to get a new job, or get money from a relative or plan to sell “something”. Many times this doesn’t happen or that money is used to fix the AC or repair an automobile. This becomes a very difficult time for home owners and many tend to try and ignore the situation thinking… hoping that it will go away or just “work itself out”.

Pre-foreclosure is also a stressful time for homeowners, but it provides them with an opportunity to save their home and their credit score. If you are in pre-foreclosure, there are several things you can do to save your credit and avoid foreclosure.

What Can You Do to Save Your Credit in Pre-Foreclosure?

1. Contact Your Lender

The first thing you should do if you are in pre-foreclosure is to contact your lender. Explain your situation in detail and see if they can work with you on a repayment plan or loan modification. Talk about what has gotten you into this situation and if, any, plans to get back on track. Lenders want to avoid foreclosure just as much as you do, so they may be willing to work with you to find a solution or have suggestions.

2. Sell Your House

If you are unable to catch up on your mortgage payments, you may want to consider selling your house. Selling your house can help you avoid foreclosure and save your credit score. If you property is in good condition and you have been in it for some time you should be able to sell quickly. If the property is not in good condition this may be more difficult. You can use the proceeds from the sale to pay off your mortgage and any other debts you may have.

3. Work with a Real Estate Investor

Another option you may want to consider is working with a real estate investor like DHS Realty Group. Real estate investors can buy your house directly from you, even if you are in pre-foreclosure. This can help you avoid foreclosure and the negative impact it can have on your credit score. This option also has more benefits including extending the time you can stay in the house, helping you move, allowing you to leave the property in an as is condition including old furnishing or belonging you no longer want.

At DHS Realty Group, we understand the stress and uncertainty that comes with pre-foreclosure and foreclosure. We can help you sell your house quickly, even if it needs repairs or updates. We buy houses in Lawton directly from homeowners, which means you can avoid the hassle and expense of listing your house on the market.

Why Choose DHS Realty Group?

If you are in pre-foreclosure or foreclosure, selling your house to DHS Realty Group can help you avoid the negative impact it can have on your credit score. Here are some reasons why you should choose DHS Realty Group:

1. We Buy Houses As-Is in Lawton 

At DHS Realty Group, we buy houses as-is, which means you don’t have to spend money on repairs or updates before selling your house. Check out our article on the costs to sell a home. We will buy your house in its current condition, saving you time and money.

2. We Offer a Fair Price No Matter the Situation

We understand that you want to get a fair price for your house, which is why we offer a fair price based on the condition of your house and the current market conditions. We can walk you through the repairs that need to be made and how we are calculating our offer. If you have the ability to make some of those repairs. You also have to consider the savings without using realtor. We want you to feel confident that you are getting a fair price for your house.

3. We Can Close Quickly On Your Property

We know that time is of the essence when you are in pre-foreclosure or foreclosure, which is why we close quickly. In most cases, we can close on your house in just a few short days, giving you the cash you need to avoid foreclosure and move on with your life without all of the unneeded stress.  We close at a local title company making everything smooth and easy for your family.

Facing foreclosure or pre-foreclosure can be a scary and stressful time for homeowners. However, there are options available to you to save your credit score and avoid foreclosure not to mention your piece of mind. If you are in pre-foreclosure or foreclosure, contact your lender, consider selling your house, or work with a real estate investor like DHS Realty Group to help you avoid the banks and all the inspections and appraisals that come with that. Check out this article for how to prep for an appraisal. We can help you sell your house quickly, allowing you to move on with your life and avoid the negative impact of foreclosure on your credit score. Give us a call today to learn more! 940-249-5752

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