6 Things to Stop Foreclosure of Your Catonsville MD House

We buy houses in Catonsville Maryland. If you’re a homeowner in Catonsville who’s looking to stop foreclosure, the future may seem bleak. We are legitimate homebuyers in Maryland and in our latest post, we offer 6 ways homeowners can stop foreclosure of their homes in the Catonsville area.

6 Options You Have to Stop Foreclosure of Your House in Catonsville MD

It can be tough to make your mortgage payments each month. Are you struggling to keep up with the bills, with no end in sight? If you don’t want the bank to foreclose on your home, you need to find a solution.

 

If you want to learn more about what you can do to stop the foreclosure of your house in Catonsville, keep reading. Creo Home Buyers can help you with this process.

Sell Immediately

If you are facing foreclosure on your home in Catonsville, selling it directly and quickly is often the best option. Creo Home Buyers is a professional home buyer in Catonsville that can help you sell your home fast and prevent damage to your credit score.

 

Buyers come in all different shapes and sizes and Creo Home Buyers is here to help. If you’re facing difficulty selling your home, we will provide a solution that is beneficial for everyone involved. You may not get the full retail value of your home, but you will be able to sell it quickly and without having to spend money on things like repairs or commissions. It’s not easy making the decision to let go of your home, but it’s better to do so by choice than have the bank come in and take it away from you.

Borrow Money

Some homeowners may borrow money from a family member to halt the bank, but this is not a longterm solution to their financial struggles. If the mortgage is difficult to pay now, it will most likely be difficult to pay in the future.
 

Continuously borrowing money will only lead to more debt with multiple creditors. Borrowing money from loved ones can also strain relationships and make a difficult situation feel worse.

Ask For Forgiveness

If you cannot make your mortgage payments, you may be able to contact your lender and arrange a deferment or repayment plan. However, you will still need to eventually pay what you owe.
 

Delaying the problem will make it worse, it will never get you caught up or get rid of your mortgage debt. A pardon is a onetime thing, to manage an unforeseen circumstance… not something to save you in the long run.

Loan forbearance is when a lender agrees to let a borrower postpone making payments on their loan, usually because of financial hardship.

Refinance Your Mortgage

If you are looking to lower your monthly mortgage payment, refinancing may be an option for you. However, it is important to be aware that there can be costs associated with refinancing, such as closing costs. If you choose to refinance with a hard money loan, your interest rates may be higher than with a traditional loan. 

 

While this may help you to save your house from the bank in the short-term, it will ultimately cost you more money in the long run. You can also work with your current lender to refinance your current loan, however, you need to prove that you will not have trouble making your payments going forward.

Rent the Property

If you cannot afford the mortgage on your own, perhaps someone else can. This would mean that you would need to find another place to live quickly, at a price you can more easily afford. To find the best tenants, look for those who have a history of paying rent on time.
 
If you have the option, another choice would be to rent out a room in your house to make some additional money, while still living in the home. Just be sure to establish boundaries with the person you’re renting to so that everyone is content with the living situation. 

If the wrong person moves in, it could cause you to not being able to make mortgage payments, resulting in losing your Catonsville house through foreclosure.

Declare Bankruptcy

No one is excited about the idea of declaring bankruptcy, but if it’s the only way to avoid foreclosure, it may be worth considering. Bankruptcy will allow you to restructure your debt and create a payment plan that will help get you back on track. Although this may make it more difficult to get approved for loans in the future, it can be a way to keep your current home and stop the bank from taking it away.
 
At Creo Home Buyers, we are dedicated to helping you avoid foreclosure on your Catonsville property. Our experienced team can help you review your options and make a no-obligation offer to buy your property quickly. We can help you handle any difficult situation or property efficiently and quickly.

 

Sell My House Catonsville MD

We are Maryland home buyers and we offer cash for houses in Catonsville in any situation. 


If you have any questions whatsoever about how to sell your house in Catonsville and the surrounding areas, don’t hesitate to reach out to our team! 


We will make the process simple so you can quickly sell your house in MD and move on!

Fill Out The Form To Get Your FREE, No-Obligation Cash Offer

We buy houses in Essex, Maryland houses AS-IS and can close fast! 

 

You pay no commissions, no closing costs, and do not have make any repairs.

Leave a Comment

Your email address will not be published.