5 Tips for Stoppping Foreclosure Fast in Iowa

January 29, 2020 • Thomas

Just the term, foreclosure brings up feelings of fear and dread. No one wants to lose their house. You may have already heard the term, or you may fear hearing it soon as you’ve fallen behind on mortgage payments. If you’ve missed a mortgage payment or two, you’ve probably already received some communications from your lender. After you miss three or more, they’ve probably started sending you notices about foreclosing on the property Fortunately, there are some things you can do to stop the process. Here are five tips to stop foreclosure fast.

5 Tips to Stop Foreclosure Fast:

These tips to stop foreclosure fast will save your home and your financial situation. Don’t stress, it happens to a lot of people in Des Moines. These easy tips will make it simple for you to bounce back.

Tip 1: File for Bankruptcy

The first of five tips to stop foreclosure fast is to file for bankruptcy Filing bankruptcy is one of the ways to stop foreclosure immediately. Foreclosure is considered a collection activity and the federal government mandates that as soon as a petition or bankruptcy is filed, debt collectors must stop engaging in collection activities. The day lenders become aware you filed for a bankruptcy, the foreclosure process stops immediately. Bankruptcy doesn’t do anything but give you time to sort things out financially. Maybe you were behind on payments because you lost your job, or because you were unable to work due to a temporary disability. Filing gives you some time to get it all together. The law requires that your creditors, including the mortgage company, work in good faith with you to find a workable way to help you get back on track with your payments. Of course, filing for bankruptcy will have a negative impact on your credit and future borrowing abilities. Discuss this option with a knowledgeable attorney to see if it is a good strategy in your situation or not.

Tip 2: Sell Your House in Short Sale

The second of our five tips to stop foreclosure fast is to sell your house in a short sale. Once the lender files a Notice of Default (NOD), but before an auction is scheduled, if there is an offer to buy the property, the lender has to consider it. Lenders who foreclose on a property, are just going to sell

it to try and make up for their losses. If you have ask ed, My house is being auctioned, what do I do?

Or How can I save my house from auction? A short sale may be your answer. If you are able to present your lender with a reasonable offer from a short sale, they may take it. It would save them the trouble, effort and time it takes to try and find another buyer or schedule an auction.

Tip 3: Apply for a Loan Modification

stop foreclosure des moines loan modification

Our third of five tips to stop foreclosure fast is to apply for a loan modification

You can apply for a loan modification with your lender. Both federal and state laws prohibit lenders from continuing with the foreclosure process if a loan modification review is in process. When you apply for a loan modification, the lender will look at the terms of the loan. If there is a way to redo the loan so that your payments are lower, they may be able to modify the terms of the loan to accommodate you. Sometimes, they add more time to the loan, which lowers your payments into a range you can reach, but adds another year or more of payments you’ll need to make. They may be able to adjust the interest rates to the going rate if it’s lower. There are a few alternatives available with a loan modification. It may be one way how to stop a foreclosure sale date if you request it in time.

Tip 4: Offer a Deed in Lieu

stop foreclosure des moines deed in lieu

The fourth of our five tips to stop foreclosure fast is to offer a deed in lieu of foreclosure

That term basically describes exactly what it does. You offer the lender, or mortgage company the deed to your property voluntarily “in lieu” of them going through the foreclosure process. It can be a way to stop bankruptcy fast, but it does have a negative effect on your credit standing. The other problem is that lenders are not required to agree to take a home back. A deed in lieu can be declined for many reasons. For example, if you have numerous mortgages on the house, or the lender thinks you are not in as much financial stress as you claim, they may choose to not take the deed back and continue with the foreclosure process.

Tip 5: Sell to a Cash House Buyer

stop foreclosure des moines sell house cash to dm home buyers

Our fifth of five tips to stop foreclosure fast is to sell your house to a cash buyer. Investors will offer you a cash price on your property after an informal inspection. If you accept, they will pay you in full for your house, in cash. It’s fast, simple and done. You do not have to worry about making a lot of repairs or renovations to make the house ready for sale. Cash house buyers offer you cash for the house “as-is” meaning they will take it just like they see it. There’s no inspections needed or any other assessments. You don’t have to worry about a sale falling through, or another person not qualifying for a loan with their lender. Another great thing is that the cash buyer helps with all the paperwork. You don’t have to wait months for a closing date that gets scheduled and rescheduled. The entire transaction is completed in just a matter of days. You get to stop the foreclosure process and are relieved of all the stress.

These are our five tips to stop foreclosure fast. After you look at your situation and all the details, you can decide which way is going to work best for you.

Want to Stop Foreclosure Fast?

stop foreclosure des moines fast dmhomebuyers

We understand that facing foreclosure is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the foreclosure process. At DM Home Buyers, we’re here to help you. Ready to sell, or just have a question? Give us a call at 515-953-3535. We’ll give you a no obligations cash offer to help you sto p foreclosure in its tracks!

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How to Sell a House That Needs Repairs in Des Moines Without Fixing It

May 22, 2019 • Thomas

Many Des Moines home sellers ask themselves whether they should sell a house that needs repairs. Some feel that they will be able to sell for a higher price. That way they will get their money back from the repairs. Others just cannot fathom being able to sell an ugly house.

This is a question that can be answered in different ways and takes some thought before coming to a decision.

Can You Afford the Repairs?

Chances are if you want to sell an ugly house you are in a position where you can’t afford house repairs. This may create a frustrating situation for you. Some houses need minor repairs such as a few wall repairs and some painting. Then there are others that own a home that is in need of serious repairs. The roof may need to be done and perhaps the electrical components need updating. These, as well as other major repairs, can be really costly.

If you are wanting to sell a house that needs repairs, it could possibly mean that you are in need of some quick cash. Trying to sell your house as-is may not be an easy task if you are going to go through the traditional methods. This would be putting it on the market and listing it through an agent.

It May Not Be a Good Idea to Do the Repairs

If you are going to sell a house that needs repairs, then be prepared to make an investment. This may be one that you will not get back with the sale. A lot of buyers do so with the intention of doing their own renovations. If you have just completed some interior repairs these may not be of any advantage to a potential buyer.

Selling Your House As-Is

It may be a lot easier to sell a house that needs repairs than you may think. There are buyers out there who make a cash offer for ugly house transactions.

Disclosure

You are going to want to disclose the defects of the home as best you know them. It may be that you inherited the home and are not aware of all its faults. You may be compelled by law to disclose what you do know. Every home has its flaws. You want to point out the ones that are major and may not be readily seen by someone viewing the home.

Your Responsibilities

If you are going to sell a house that needs repairs, then you won’t have any obligations to do any of the repairs that are required. The potential buyer may have a home inspection done. Usually, if they are prepared to buy as is they won’t go that route. They are aware that a home inspector would find the repair issues that they are already aware of. There are some home buyers who really are looking for those who want to sell a house as is. This is because they are prepared to do a substantial amount of work not only for the repairs but for major remodeling. They feel they can get a buy like this at a better price. Then, with what they can save on the purchase they will use to re-do the home to their exact liking.

The Right Cash Offer For Ugly House Sale

While you may have decided to put the house on the market as is, you may have some issues with some buyers. There may be those that want to do the major repairs and renovations, but still need to finance the purchase. There can be some issues with this as a lot of lenders are not keen on loaning money for this type of purchase. The lender may ask for a home appraisal. You may be thinking of asking more than the house is appraised at. In this case, some buyers will not qualify for the purchase if they are borrowing.

Another option that will most likely be available to you is a buyer who can walk in and pay cash for the home. This way there are no concerns for the buyer having to arrange financing. If you are intent on going ahead to sell a house that needs repairs then this type of buyer is your best.

The Advantages To Decide To Sell A House As Is

By not selling in the traditional manner you are not going to have all the headaches of the repairs. Then also to consider with this of a cash offer for an ugly house contract is the time. It takes a lot of time to get all the repairs done. If you can’t afford house repairs and were planning on doing it yourself, this will be even more time consuming.

The “sell a house as-is” opportunity really is your best option. That is if you don’t want to go through the hassles of listing your home. Even if the housing market is hot you may not be able to sell quickly because of the need for repairs.

If you are in need of quick cash and want a deal that is going to close quickly a cash sale is ideal, and DM Homebuyers is Des Moines Best House Buyer. The decision to sell a house that needs repairs is really your best option. This is especially true if you are in need of quick cash. Plus, you want the deal to close quickly. If you accept a cash offer for ugly house sale then you are most likely going to save additional money. This means you won’t have to pay the regular listing fees.

Rather than put your house on the market with the intention to sell a house as is, do some research. You may find that there are potential buyers in your area that buy these types of houses regularly. These are professional investors that will make a fair deal with you based on the condition of your home. They are well aware of the prices of homes in your neighborhoods. They will take this into consideration when giving you a cash offer for your home.

If you really want to get rid of your home quickly selling for cash as is will be the quickest action you can take. It will probably be a decision that you won’t regret. This type of house selling comes with a lot less hassles.

Need to Sell a House That Needs Repairs?

Selling a house that needs repairs is a stressful situation to find yourself in if you don’t have the cash to afford it. Repairs can add up and keep your house from getting on the market. You don’t have that time, and we understand that. At DM Homebuyers, we specialize in quick home sales for cash.

No matter what condition your house is in, we’re here to help you out. We’ll get your house closed, and write you a check on the spot! Call us today to get a no obligations quote for your house, or just to get your questions answered. We’re always happy and ready to talk! Contact us at 515-953-3535.

The information presented in this article is for educational purposes only and should not be considered legal, financial, or as any other type of advice.

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