“I’m falling behind on my mortgage payments…am I at risk of losing my home to foreclosure in Columbia?”
No homeowner ever plans to lose their property. But sometimes life throws unexpected challenges your way, and those monthly mortgage payments that once seemed manageable can quickly become overwhelming.
If your financial difficulties continue unchecked, you might face the distressing reality of foreclosure in Columbia South Carolina, leaving you and your family searching for new housing. Beyond the immediate stress of displacement, foreclosure can severely damage your credit score for years to come, making it extremely difficult to qualify for home financing in the future.
No one deserves to go through that hardship. Thankfully, as a locally owned, family-run business with over a decade of experience helping South Carolina homeowners, we offer a proactive solution that can help you avoid foreclosure, protect your credit, and create a fresh financial start.
Here’s a brief overview of the foreclosure process
The foreclosure process can vary depending on location and the type of mortgage you have.
Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.
How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.
Fortunately, you have options!
When your home faces foreclosure, it can severely damage your credit score for years to come. One protective measure worth considering is negotiating with your lender for a “deed in lieu of foreclosure” arrangement.
This approach involves voluntarily transferring your property’s ownership to the lender, saving them substantial foreclosure processing costs. In return, you avoid having a foreclosure permanently marked on your credit history, which can help preserve your financial future.
Another effective strategy is selling your house before it reaches auction. If the sale covers your loan balance, you’ll eliminate all penalties and protect your credit rating. This proactive approach gives you more control over the outcome of your situation.
Here’s a practical example: If you owed $100,000 on your mortgage and sold your home to us for $90,000, you would provide that amount to your lender along with $10,000 to cover the difference, satisfying the loan. (Consider consulting with a real estate attorney who might help negotiate a deed in lieu arrangement where the lender agrees to forgive the shortfall in exchange for the property deed.)
At Columbia Cash Home Buyers, LLC, we’re a locally owned, family-run real estate investment team with over a decade of experience helping Columbia homeowners. Contact us today at 803-592-2353 to receive a fair cash offer for your house – even if it needs extensive repairs. We’re committed to providing stress-free solutions with no fees, commissions, or renovation requirements.
I want to avoid giving my house back to the bank in Columbia!
Why do people choose to sell their home instead of going through foreclosure? (After all, they still don’t live in their home anymore.)
Well, losing a home can be difficult but the impact on your financial situation and your credit is considerably less than if you simply wait out the foreclosure process. In fact, going through foreclosure could impact your credit score by as much as 100 to 150 points. So the short-term challenge of selling your house is still a better choice than the long-term pain of giving your house back to the bank.
Interested in learning more about a proactive option besides giving your house back to the bank in Columbia? Call us at 803-592-2353 or fill out the form to get more information