410-397-5150

Reasons for a Pending Foreclosure.  Most homeowners face sudden extenuating circumstances that force them to stop making timely mortgage payments. Here are a few of those reasons:

  • Unemployment or Loss of a Job
  • Medical emergency
  • Death or Illness in the family
  • Divorce resulting in loss of a 2nd income
  • Inability to pay an adjustable interest rate that increases
  • Unexpected major home maintenance expense
  • Balloon payments due for various reasons

Stop Foreclosure & Avoid Bankruptcy on your Home. Sell Your House Fast with Homes for Cash Pikesville in Baltimore, Maryland (MD)

The best way to stop a foreclosure is to sell your house.  There are plenty of investor/cash buyers that can move quickly. They can help you stop foreclosure and forgo bankruptcy.   When you miss several mortgage payments the lender files a Notice of Default. You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure, and stop the foreclosure. We help clients all over Maryland including Towson, Parkville, Pikesville, Owings Mills, Baltimore, Glen Burnie, Dundalk, and more. This process is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

  • Sell your home: There are many investors that will make you a cash offer. You must have equity in your home for an investor to buy it. They can typically close in 3 weeks and get you an all cash as-is offer.
  • Consider a short sale: If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it’s not as bad as a foreclosure.  This works to stop foreclosure but takes a long time.
  • Sign a deed in lieu of foreclosure: This is called deeding the home back to the lender. The homeowner gives the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Lenders tell me that deeds in lieu of foreclosure affect credit the same as a foreclosure.​3

Consider bankruptcy: A legal action such a bankruptcy can stop all foreclosure action. Call a lawyer who specializes in filing for bankruptcy and ask for a thorough explanation of all your options, costs and the time frame involved. It won’t permanently stop a foreclosure action but it can postpone it.

Call Homes for Cash Pikesville for a free no obligation cash offer at 410-397-5150. We can help you stop foreclosure and avoid bankruptcy.