GET STARTED | Get Your Fair Cash Offer Today

What is a Pre-Foreclosure in Metro Detroit?

Millions of homes are going into foreclosure across the country, so it’s important for buyers and mortgage holders to understand.

So what is a pre-foreclosure in Metro Detroit anyway?

Homeowners across America and Metro Detroit are having trouble making their mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will send a warning, telling them to pay or lose their home.

In most cases, banks and mortgage lenders give homeowners three months to become current.

If a homeowner fails to make the necessary payments, the bank will foreclose on the house, assuming ownership, and evict the homeowner. In this stage of the foreclosure process, mortgage holders have several options to keep their house from going through.

Pre-foreclosure Options for Borrowers

You’ll get a “notice of default” if you’re behind on your mortgage payments.

You’ll see this document stating you haven’t paid your mortgage in 90-180 days. Don’t panic.

You can delay or even prevent losing your house:

  • If you have equity in your house, you may be able to refinance your mortgage to get lower payments. Check with your local Metro Detroit mortgage broker… or contact us and we can help.
  • Our company, a reputable real estate investor in Metro Detroit, may be able to help you quickly sell your home and use the cash to pay off the months of back payments due (or we may be able to negotiate with your lender so that all or part of your back payments are relieved) . Your Metro Detroit MI home can be purchased quickly, often in just a week or two, and in cash.
  • Alternatively, you can ask the bank for a short sale. In a short sale, you sell your home for less than it’s worth, and the bank takes the loss off your taxes.  In some cases if the house doesn’t sell for what is owed on the loan, you may still have to pay the bank the difference.
  • You may be able to declare bankruptcy, You can file bankruptcy to buy yourself time to pay your debts. Bankruptcy will stay on your credit report for years.

Many lenders are willing to work with borrowers despite the widespread financial troubles across the country.

It’s often possible to save your credit rating if you’re honest and communicate with your lender.

You can lose 200-400 points on your credit score and may not be able to get a loan of any kind for 5-7 years if you get a Notice of Default.

Connect with us if you can’t find a solution with your lender. We may be able to help.

Ways We Can Help If You’re In Pre-Foreclosure

  • We can potentially help with a short sale – Let’s see if we can help by submitting your info on this website.
  • We can buy your Metro Detroit area house – Just fill out the form here and we’ll make you an all-cash offer on your house.
  • Feel free to ask us questions and we can give you FREE guidance and resources so you can make a well-informed decision. It’s free, there’s no pressure, no obligation… just free guidance.

You still have time to fix this if you’re in pre-foreclosure.

Let your bank know if they’re willing to work with you… or contact us to find out what we can buy your house for or to access our free foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us at (313) 513-8824
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get An Offer Today, Sell In A Matter Of Days...

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *