Foreclosure/Mortgage FAQ – Boise House Buyers

Foreclosure/Mortgage FAQ - Boise House Buyers

How To Avoid Mortgage Payment Problems for Boise Investors?

As a real estate investor or landlord, there may be times when it’s hard to pay the mortgage on your end as well. Here are some things you can do to avoid mortgage payment problems each month.

1) Keep your properties full.

2) Do your best to find quality tenants.

3) Look for longterm tenants.

4) Keep the property well maintained.

To get more detailed information, please visit the full blog post version.

Can I sell my house before foreclosure in Boise?

Working with banks during the foreclosure process.

Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.

Don’t miss deadlines. If anything will be late, call with advance notice.

Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.

Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.

Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.

Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.

So if you’re asking yourself can I sell my house before foreclosure and want to sell it fast, call us now.

To get more detailed information, please visit the full blog post version.

Understanding the Foreclosure Process in Boise

Foreclosure is the legal process that lenders use to take back property securing a loan, generally, after the borrower stops making payments. Foreclosure is no fun. But just know that it’s not the end of the world.

There are a few stages that are important to any foreclosure process. Foreclosure works differently in different states around the country. The two ways different states use to foreclose upon a property are judicial sale or power of sale.

In either scenario, foreclosure typically doesn’t go to court until 3-6 months of missed payments have elapsed. Usually (but not always), a lender will send out many notices that you are in arrears – overdue or behind in your payment.

To get more detailed information, please visit the full blog post version.

How to Avoid Foreclosure in Boise?

This can be a stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years. While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender.- Banks and other financial institutions are well aware that citizens of Boise are struggling.

• Ask for help from Uncle Sam.- Over the last five years, the federal government has implemented a number of programs to help struggling homeowners.

To get more detailed information, please visit the full blog post version.

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