The joys of homeownership can not be overstated, but there are plenty of responsibilities and financial burdens that can come along with it. If you have recently lost your job, you are going through a divorce or costly medical procedure, your mortgage can seem like just another bill on the pile. It can be easy to fall behind on your payments, causing it to go into default and, eventually, foreclosure.
You will want to avoid foreclosure for a number of reasons, the largest and most obvious being the serious hit your credit score will take. Your buying power and potential to purchase a big-ticket item in the future will suffer, not to mention the potential tax implications and stress. If you find yourself behind on your payments and anywhere in the preforeclosure or foreclosure process, you still have plenty of options.
One option that could help to keep you afloat is what is known as a short sale. In it, you sell your home in Chicagoland and give the profits to your lender, typically a bank. If the profits do not cover your balance, you may be obliged to pay the difference to your lender. It is vital that you secure permission for a short sale before executing it. You can even insist on an agreement that forgives the remaining balance if the profits are insufficient to cover it. Even though this may seem like a less-than-ideal result for your lender, it is usually preferable to the foreclosure process.
If you have done the necessary legwork and persuaded your lender to collaborate with you on a short sale, you may want to list your home with a real estate agent. Not so fast! The process of listing your home may cost you time and resources that you simply may not have. You may even be dealing with cosmetic repairs, structural damages, or other issues that could prevent your home from being sold.
Instead, consider a hassle-free alternative that will not cost you a penny out of pocket! If you live in the Chicagoland area, Tony Buys Homes will buy your home for cash! The family owned and operated cash home buying experts at Tony Buys Homes have helped countless homeowners just like you to alleviate the financial burden and time investment of selling a foreclosed home. With just one phone call, we can dispatch our consultant to inspect your home and authorize them to give you the highest cash offer for your home. We will buy your Chicagoland & Naperville home no matter what condition or location. At Tony Buys Homes, we specialize in defaulted and distressed homes, so what are you waiting for?
Call 815-488-6373 for a free, no-obligation inspection and firm cash offer on your schedule! You can also fill out the brief form on this page and we will get in touch with you right away. If you find yourself in any stage of the foreclosure process, do not delay. We can approve your purchase agreement and close your sale in as little as seven days!
Foreclosure can be a huge financial setback that can take years to recover from. Call Tony Buys Homes today!
My wife Tiffany and I operate Tony Buys Homes, & are a family business. We love our local community & want to help improve it by improving the homes we purchase. We are not a wholesaler, we purchase & keep the homes we buy, unlike competitors who are looking to reassign your home for a profit. We pride ourselves in getting you the highest cash offer possible!
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