
So what is a pre-foreclosure in Wilmington anyway?
With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.
Many homeowners across America and Wilmington are facing difficulties making their monthly mortgage payments.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”
Banks and mortgage lenders typically provide three months for the homeowner to become current. Of course this number can vary by bank and situation sometimes.
If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.
Pre-foreclosure Options for Borrowers
If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.
This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.
You have options that can delay or even prevent losing your home:
- If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments. Conversely, you can check with your local Wilmington mortgage broker or contact us at (910) 538-7737 and we can help you connect with a reputable one.
- You may be able to quickly sell your home to a real estate investor that’s reputable in Wilmington like us at Jonathan Swanson, Broker @ RE/MAX Essential, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments. We can buy your Wilmington NC area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
- You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off. In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
- You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.
Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.
If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.
A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.
But if you’re not able to 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 – Submit your info on this website so we can evaluate your situation to see if we can help. Here’s the link wherein you can learn more about us and the houses we sold or brought.
- We can buy your Wilmington area house – We buy houses in Wilmington and would love to make you an all-cash offer on your house too.
- You can ask us questions about your property in Wilmington, NC, and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation!
If you’re in the pre-foreclosure stage, don’t worry! You’ve still got time to fix this situation.
You cap tap into our free foreclosure resources to learn more about the process.
Want To Discuss Your Pre-Foreclosure Options?
We understand that facing foreclosure can feel overwhelming and you have a lot of questions about your house, but there are solutions available to help you keep your home or ease the transition.
Whether you’re considering options like loan modification, refinancing, or a quick cash sale, we’re here to help you find the best path forward. Give us a call at (910) 538-7737 to speak with an experienced team member who can walk you through your options and answer your questions.
If you’re interested in selling quickly, you can also submit your information here for a no-obligation cash offer on your home. We’ll review your property details and get back to you with a fair cash offer, giving you the chance to move forward with confidence. Don’t face foreclosure alone—reach out today and let us support you in making the best decision for your future.