74. What is a Pre-Foreclosure in Asheboro NC?

Sell your home in Asheboro NC

We Buy Houses In Asheboro North Carolina. Are you planning to sell your house in Asheboro NC? We know that with millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

This article will help you get your pre-foreclosure property sold. Remember, throughout this blog, you will find a lot more tips on selling your house in NC fast!

What is a Pre-Foreclosure in Asheboro NC?

Property buyer in Asheboro NC

Many homeowners across America and Asheboro NC 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 home. 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 home, 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 Asheboro NC

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 in NC:

 

  • 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 Asheboro mortgage broker… or contact us and we can connect you with a reputable one.We buy properties in Asheboro NC
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Asheboro like us at We Buy Houses In North Carolina, 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 Asheboro NC area home quickly, often in just a week or two, will pay in cash, and takes 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.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We are Asheboro NC home buyer and we may be able to help.

Asheboro NC house buyer

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 buy your Asheboro area house – We buy properties in Asheboro and would love to make you an all-cash offer on your house 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, there’s absolutely no pressure, no obligation… just free guidance without a catch.

Homebuyer in Asheboro NC

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 us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources. We offer cash for houses in Asheboro NC. Sell your house in NC area now!

Want To Discuss Your Pre-Foreclosure Options? Call Us at (336) 265-7414
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

Do you know how to determine the true value of your home in Asheboro NC? Check out our latest post!

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