We buy houses in West Columbia South Carolina. With millions of properties across the country going into foreclosure, it’s important for both mortgage holders and homebuyers in SC to understand the process.
So, What Is A Pre-Foreclosure In West Columbia SC Anyway?
Many homeowners across America and West Columbia SC are facing difficulties making their monthly mortgage payments.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their property. This period is known as “pre-foreclosure.”
Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course, this number can vary by bank and situation sometimes.
If a homeowner fails to make the necessary payments, the bank will foreclose on the property, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.
Pre-Foreclosure Options For Borrowers In West Columbia SC
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender. This document will state that you have not made mortgage payments for the last 90-180 days.
It’s important not to panic. You have options that can delay or even prevent losing your home:
- If your mortgage is “above water” (meaning you have equity in your house), you may be able to refinance your mortgage, receiving lower monthly payments. Check with your local West Columbia SC mortgage broker, or contact us and we can connect you with a reputable one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in West Columbia SC like us at Pearl Properties using the cash acquired to pay the months of back payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your West Columbia SC area home quickly, often in just a week or two. We will pay in cash and take the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales, you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years and can cause significant damage.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time. If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home or at least salvage your credit rating.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender. If you’re not able to find a solution in working directly with your lender, connect with us. We may be able to help.
Sell My House In West Columbia SC
If you’re in the pre-foreclosure stage, you’ve still got time to fix this situation. Just connect with your bank to see if they’re willing to work with you, or contact our team of professional SC home buyers at Pearl Properties to see what we can acquire your property for or to tap into our free foreclosure resources.
Here are some of the ways we can help if you’re in pre-foreclosure:
- We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
- We can purchase your West Columbia SC area house – We buy properties in West Columbia SC and would love to make you an all-cash offer on your home, too. Just fill out the form here to get started.
- You can ask us questions and we can provide you FREE guidance and resources so you can make a well-educated decision. This costs you nothing, and there’s absolutely no pressure and no obligation. Just free guidance without a catch.
Whether you wish to sell your house in South Carolina or learn more about how to stop foreclosure before it happens, feel free to get in touch with us. We offer cash for houses in West Columbia and the rest of SC, and we provide excellent services for our growing list of happy clients!