Work with your bank
If you get a foreclosure notice, it’s best that you speak to your bank immediately. Preferably, you’ll want to get a lawyer to help you navigate the foreclosure process properly and efficiently. These are the steps you can take:1. Call your bank regularly with updates
How are you going about paying your debt? Have you taken another job to pay this as soon as you can? Do you plan to sell your home to cover the debt? Is another party covering for you? Explain all of this to your bank regularly so they don’t take drastic action.2. Treat bankers like people
Calling once daily is fine, but calling multiple times daily will just get them thinking that you’re not in the best financial situation to pay off your debt. Always communicate with your bankers politely while not bothering them too much.3. Don’t miss payment deadlines
If you will be late, make sure to place a call and give a proper reason why this is so. Delaying anything could put you in a tight spot, so don’t wait either.4. Record conversations in writing
Take down notes while in conversation with your banker. Repeat your notes back to the banker to acknowledge what transpired.5. Ask your bank for options
Banks have a long list of options ready to present to clients who are facing foreclosure. Declaring bankruptcy, applying for a short sale, and loan modifications are just some of the options you can turn to.Try filing for bankruptcy
Filing for either chapter 7 or 13 bankruptcy could halt the foreclosure during a specific amount of time, and you can work more closely with your bank on payment periods to pay back your loan. This is called an automatic stay. Talk to your bank on how long this period will be.
You can reinstate your loan
To delay the foreclosure going forward one business day before it should, reinstating your loan could be an option you can explore. What this means is you essentially need to catch up on your defaulted payments while paying any overdue fees or expenses incurred. Once this is settled, you can then proceed to paying off your debt following the regular process as stated by your bank and/or lender. To successfully reinstate your loan, communicate regularly with your bank to settle expectations and payment periods. Ideally, they’d want to make payment as easy for you as possible, so exploring your options with them is ideal.Consider short selling your home
“Can I sell my house in Baltimore while going through foreclosure?” Yes, you can!
The pre-foreclosure phase is the best time to sell your home immediately to attempt to cover all or some of your debt. Foreclosure will reflect badly on your credit, so selling immediately to cover the debt is a great option for you to explore.
There is a period of time wherein you can acquire your property back after selling it, but we recommend selling it permanently so you won’t have to worry about shelling out more cash than needed.
Maryland properties are at a rate of 1.4% increase in appreciation according to analysts, and could see a 3.4% increase in the next few months, so your chances of selling at a good price are quite high.
Ready to sell your home?
“How can I sell my house fast in Baltimore, MD?” Solid Ground Property Group is here to help with fast, legitimate cash-only offers!
Contact us via our website to get your offer as soon as possible. No need to worry about extra fees, realtors, commissions, or even cleaning your property. We take care of all of this for you throughout the selling process. We at Solid Ground understand why you need to sell immediately, and are here to help right now.