Most foreclosure proceedings begin 30 days after the fourth payment is missed on a loan, according to SFGate.com. The homeowner then has two to three months to reinstate the loan by paying the full amount of the monthly obligation. This may be an impossible endeavor if you don’t have an adequate income or job. Fortunately, there are local house-buying companies that can help. Here’s how.
Quick Sale
To avoid foreclosure in Knoxville, a local house-buying company can complete the purchase of your house in one to three weeks. Whether this purchase occurs toward the beginning or latter stages of a foreclosure, it will enable you to avoid the situation all together.
Cash Upfront
If you still owe some money to the lender after you sell your house to a homebuying company, you’ll have the necessary funds to pay off the balance and avoid foreclosure in Knoxville. That’s because a house-buying company that purchases distressed homes will pay you in cash. However, even if you owe a little money after the cash deal, you’ll have at least reinstated your loan, which is a condition for dismissing the foreclosure.
Guaranteed Sale
A great thing about selling to a house-buying company that helps you avoid foreclosure in Knoxville is that the sale will actually occur. This is opposed to waiting for a traditional buyer who may get turned down for a loan.
The best benefit of using a Knoxville homebuyer company to avoid foreclosure is that your credit won’t be messed up. This keeps you credit score relatively high for future purchases.
Vol Homes, which you can reach at 865-321-8999 or https://www.volhomes.com, buys distressed properties all over Knoxville, TN, and will always give you a fair price for your property.
