3 Ways To Stop foreclosure In Eugene Oregon
Are you facing foreclosure in Eugene Oregon, or do you know somebody who potentially might be facing foreclosure in Eugene Oregon?
Foreclosure is a horrible thing and the financial impact is usually unexpected, like death, divorce, or loss of a job. Those are all situations that put people into foreclosure, and it’s unfortunate because a lot of time it just happens to really good people who don’t necessarily want to be put in this situation, but they’re forced into this situation due to their circumstances, which is always really rough.
Foreclosure is a very hard and challenging life event to go through. You may feel like your are all alone because its hard to even mention the fact that you are facing foreclosure to friends and family. Financial hardships effect lots of people each year. Often they don’t know the right course of action when facing foreclosure in Eugene Oregon.
If you are facing foreclosure and you keep asking yourself what are my options then this page is for you. Our goal is to demistify the foreclosure process in Oregon and help you make an informed decision on how to proceed.
Why avoid foreclosure?
So why would you want to avoid foreclosure in the first place? Why not just let your home go, and let the bank deal with it?
The main reason is the limitations when you want to buy a home in the future. You can’t get a loan on another house until you’ve waited out certain time frames. And with a conventional loan, that timeframe is seven years. With an FHA loan, that time frame is three years. And if you short-sell your house out, that time frame is two years. See this article for more detail.
How long does the foreclosure process take?
There are laws that have to be specifically followed in Oregon when facing foreclosure. If the process is done incorrectly then it has to start over again. In Oregon from start to finish, the process takes roughly 6 months to complete. What does this mean for you if you have just been served a notice of default? Typically it means you still have time to consider your options. There is no need to immediately start packing. It’s important to stay calm and assess all your options. Here is a direct link read further on the length of time a foreclosure takes in Oregon.
Top Three Ways to Stop A Foreclosure In Eugene Oregon
- Get your home sold with a Realtor. If you have just received a notice of default, or you know that you’re past due on your mortgage, and you haven’t been making your payments, getting your home listed on the market with a Realtor as fast as possible is the most important thing to do. If you can get your home listed, and you have more than 90 days before the foreclosure might take place, you typically can get your home sold, and be out of your home with only the past due payments affecting your credit. That’s much better than a whole foreclosure affecting your credit. Selling your home in MLS is the best way for you to capture that extra equity that you have left in your property. A lot of people don’t even realize the equity they potentially have, even if they are facing foreclosure. Selling will allow you to pay off that back due on the property and potentially walk away with some money in your pocket.
- No equity? Then do a short sale! You don’t have any equity in your home. That would be a situation where you would want to get your home listed on the market as a short sale. The key here is to use a short sale pro. Grand Real Estate Investments offers a short sale service, where we’ll come in, buy your home, and work the short sale all the way through to the end, where we end up purchasing it. We do both sides of real estate and we’re able to provide a unique opportunity where we can just go in, put it on the market and take it down immediately with our purchase, and then we start working on the short sale. The upside is it can totally eliminate that foreclosure from your record.
- Sell to a cash home buyer. You have some equity in your home, but you’re under a tight timeframe. You have less than 90 days, and you need to get your home sold because you’ve got this looming foreclosure date coming up. Now, you don’t have enough time to get it sold on the market. You got enough equity so a short sale doesn’t really make sense. Really you just need a cash buyer to come in and take that property from you and then alleviate the stress of having the foreclosure. The great thing with cash buyers is they can even take care of that default amount. Another great thing about selling to an investor is they’ll pay for all the closing costs. They won’t have any real estate fees, too. Grand Real Estate Investments can also help you with this scenario also.
Oregon Foreclosure Resources
There are a lot of resources out there to help you stop foreclosure in Eugene Oregon. the most important part of the foreclosure process is time. Time is on your side in the beginning but if you wait your options quickly diminish. My best advice is to reach out to help immediately and be willing to do some work to get the foreclosure handled appropriately. With a little help and time on your side, the negative impacts of a looming foreclosure can be limited to a minor blip in your life. By handling a foreclosure the right way you will be able to buy another house in the near future vs waiting multiple years to buy another house again.
If you need foreclosure assistance please reach out to us! We are the pros who understand that bad things happen to good people. We want to help figure out your situation and get you moving forward in a positive direction. Contact us at 541-249-5990 or fill out the webform below.