Give My House Back to the Bank in Charles Village Maryland

Giving My House Back To The Bank In Charles Village MD

We buy houses in Maryland and are legitimate homebuyers in Charles Village. “I can’t pay my mortgage… do I have to loose my house in Charles Village MD?”

Giving my House Back to the Bank in Maryland

Everyone wants to keep their home. Unfortunately, sometimes due to financial hardships or other life circumstances, paying your mortgage payments becomes impossible.
 
If your situation gets worse, you may have to give your house back to the bank in Charles Village MD, leaving you without a place to stay for a while. There could also be long-term consequences, like a big and lasting effect on your credit (and your ability to get a house in the future).
 
No one wants to have debt they can’t afford. Being in debt is not a desirable situation to be in. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get your finances back on track.

Quick Rundown of the Foreclosure Process

The foreclosure process can differ depending on where you live and what type of mortgage you have.

 

Generally, if you miss a few mortgage payments, your loan company will begin sending you notifications and then warnings. With time, if you are unsuccessful in repaying the mortgage payments you missed, the loan company may put your home up for public auction.

 

The time frame for how long you can stay in your house after it is sold in auction varies depending on the state you reside. However, eventually you will need to find alternative housing.

Fortunately, You Can Avoid Foreclosure

If you let your home go into foreclosure, it will have a terrible effect on your credit rating.

"Deed in Lieu of Foreclosure" to Save Your Credit

One way to prevent this is to make an arrangement with the loan company called a “deed in lieu of foreclosure”.
 

In this situation, you give ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit report.

Sell Your House in MD to Avoid Giving Your House to the Bank

Selling your house is another option available to those who fear they may lose their home to a foreclosure auction. If the loan is paid off in full, then there will be no more penalties and your credit rating remains intact.

 
Here’s an example: Let’s say you owed $50,000 on your home and you sold your home to us for $70,000. You would give that money to the loan company, and keep the rest for yourself, after closing expenses.
 
At Creo Home Buyers, we’re professional real estate investors. Give us a call today at (410) 870-9228 to find out what we can offer you for your house — even if it needs repairs. Or fill in the form below to get a fair cash offer.

I want to avoid giving my house back to the bank in Charles Village MD!

Why do people choose to sell their home instead of going through foreclosure?
 
Well, selling your 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.
 
Going through foreclosure could negatively 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.

Sell My House In Charles Village MD

We are local Maryland home buyers and we’re happy to help you find answers to your toughest questions about your Charles Village real estate, so please feel free to call us at (410) 870-9228 and chat with us anytime. We will make the process simple so you can quickly sell your house in MD and move on.

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

We buy 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.