Repossession is a frightening proposition for any homeowner. Unfortunately, it’s a reality that thousands of Americans face every day. However, there are several things you can do to get caught up on your payments and free from the burden of a bloated mortgage bill. Continue reading below as the experts here at Highest Cash Offer explain how to avoid repossession of your home.
Facts About Home Repossession in the U.S.
Before delving into the steps you can take to avoid losing your home, here are some stats about home foreclosure repossession in the U.S.:
- New Jersey has the highest foreclosure rate in the country
- Delaware, Maryland, Illinois and Connecticut round out the top 5 highest foreclosure rates
- Atlantic City NJ, Trenton NJ, Philadelphia PA, Fayetteville NC and Rockford IL are among the metro areas with the highest foreclosure rates
- Over 6 million homes have been lost to foreclosure since September 2008
The most common reasons for foreclosure and repossession include:
- Medical Expenses
- Divorce
- Unemployment
- Substance/Gambling Addiction
- Fraud
- Sub-Prime Mortgages
- High Interest Rates
- Negative Equity
As you can see, foreclosure and repossession are problems more common than many people realize, and it’s important to remember as you face these challenges that you are not alone.
Ways You May Be Able to Avoid Repossession of Your Home
If your home is already on the verge of repossession, here are some things you can do to potentially save it:
- Keep Communication Lines Open
It’s crucial to keep the lines of communication open when facing repossession. In fact, there’s nothing worse you can do than ignoring the problem in the hopes that it will go away. Speaking to your mortgage lender is imperative. In most cases, your lender will be more than happy to provide advice as well as regular updates on your situation.
Keeping the lines of communication open also greatly improves your chances of negotiating a payment agreement that will allow you to stay in the home.
- Examine All of Your Options
If you’ve still got time before foreclosure, there are a variety of rescue options available at your disposal, including lease options. Lease options can give you the opportunity to keep the property while renting it out to another tenant. This way, you can keep the property, get out of debt, and potentially even turn a profit.
Another option you may have is mortgage protection insurance. Mortgage protection insurance is designed to cover some, if not all, of your payments in the event something has happened that precludes you from doing so. If you have mortgage protection insurance, review your policy to see if it may help you avoid repossession.
- Sell Your Home
If you’ve spoken to your mortgage lender and exhausted all of your other options, it may be time to consider selling your home. While it certainly won’t be easy to leave the property, it’s the fastest and most stress-free way to avoid repossession.
By selling your home fast for cash, you can pay off your existing mortgage debts and start with a clean slate.
Highest Cash Offer Can Help You Avoid Repossession of Your Home!
If you’re at the risk of repossession, Highest Cash Offer can help RIGHT NOW!
Unlike the traditional sale process, there are NO LISTINGS to create, NO REALTORS to haggle with and NO HASSLES to endure.
You don’t have to make ANY REPAIRS to the property and we will buy it “AS-IS”!
If you are in a desperate situation, no problem. We’ll make an offer and you’ll get the CASH you need FAST, in as little 7 DAYS in most cases.
If you need to avoid repossession, call us at (888) 387-5750 or get a FREE, NO-OBLIGATION offer by clicking here now!
Highest Cash Offer is a real estate solutions company. Our team of experts specialize in assisting homeowners with a wide variety of solutions to any real estate problem. Whether we buy your house for cash or not, our goal is to help you get the desired outcome you deserve.