Our Hearts Go Out To All Affected
Although some of the information in this article can be applied to other circumstances, today I wanted to talk to you about what’s going on in the current environment right now in 2020 with the Novel Coronavirus or COVID-19. First and foremost, although all of us are affected in some way, shape, or form from this, I want to say how sorry I am to those of you are affected by this situation more than others. I hope you the best and I hope you get through this trying time. Maybe it’s because you lost a job, or a family member lost a job, or you or a family member is even sick. This is where we can lend a hand, use our talents for good and hopefully help out, even if it’s just one person. I can’t emphasize enough that in this situation we want to do everything in our power to help. And the way our company knows how to help is to help someone out of a problem house situation where they might feel like their back is against the wall.
**Please watch the video at Bottom of the Page to Hear About How We Can Help**
Again in this situation we want to do everything in our power to help, and the way we can do that is by buying houses for cash in Detroit Michigan that someone really can’t afford anymore. Maybe it is due to a job loss because of this or maybe you have to relocate out of Metro Detroit to take care of a sick family member. Maybe you had to take a new job out of state because you lost your current job. Below, we also have some information on pre-foreclosure and your options if it comes to that point.
Please call us. We are here to help and we can help you by purchasing that Detroit house for cash or in a surrounding Michigan city that you just can’t afford anymore. Maybe you had a renter that lost their job and they can’t afford to pay and you’re just a tired landlord in Michigan that just wants to sell fast. Please give us a call or fill out our form.
In Times Like This, We Can Make An Offer Without Seeing The House
Even in this challenging time of social distancing, we can still buy the Detroit house for cash using creative ways. Because we are doing our best not to spread the virus, we will now talk to you over the phone and gather as much information over the phone that we can so we don’t have to go to the Michigan house initially. We may even ask you for pictures or a video entire property especially the repairs in the Detroit houses that need repairs.
We’re here to help you out of this problem situation in Metro Detroit. Even if you just want to ask some questions about real estate or anything, please call us.
With what’s occurring right now in the market, it’s important for both buyers and those that have a mortgage on these houses to understand the process of a foreclosure.
So what is a pre-foreclosure in Detroit anyway?
Many homeowners across America and Detroit may begin facing difficulties making their monthly mortgage payments.
When an owner misses three to six months of payments on their mortgage, the bank will send a letter, notifying the owner that they must pay or lose their home. During this time, this is commonly called “pre-foreclosure.”
Banks and lenders typically will give three months for the homeowner to pay the balance to get current on payments. Of course this number can change depending on the bank and situation sometimes.
If the person fails to make these payments, the bank will foreclose on the house, taking the house and evicting the homeowner from their own home. Luckily, during this point within the foreclosure process, a mortgage holder can pursue one of several options to try to keep their home.
Pre-foreclosure Options for Borrowers
If you are backed up on mortgage payments, you might be soon receiving a “notice of default” from your bank or lender.
This document will notify you of the missed mortgage payments for the previous three to six months. It’s important not to panic.
You do have some options that can delay or even stop the loss of your home:
- If your mortgage is “above water,” (you have equity in your house meaning the mortgage balance is less than the current value) you could try to refinance your mortgage, which may result in lower monthly payments. Check with your local Detroit mortgage broker… or contact us and we can connect you with a reputable one.
- Another option for you is to quickly sell your home to a real estate investor that is reputable in Detroit like us at Amaze Properties LLC. And from the sale, you can use any cash received to pay what you owe to the lender (or we *may* be able to work out something through discussion with the lender to relieve all or part of your payments due).We can buy your Detroit MI area home quickly, even in only one or two weeks, will pay in cash, and take the stress out of trying to find a buyer.
- You can call the bank yourself and ask them to allow you to do a short sale. A short sale allows you to sell your home for less than what the value is, and the bank then takes the loss as a tax write-off. Sometimes you may still be required to pay the difference to the bank if the house does not sell for what you owe them.
- You could declare bankruptcy, which can buy you time to pay your debt. Unfortunately, bankruptcy will negatively affect your credit score and stay on your report for years, and can cause significant damage.
Lenders may be willing to work with borrowers, especially in today’s uncertain market.
If you are up-front, honest and communicate with your lender, you may a lot of times find that there may be options to allow you to stay in your home, or at least salvage your credit a bit.
Unfortunately, a foreclosure often negatively affects your credit score by 200-400 points and could prevent you from getting a loan of any sort for five to seven years. So if you want to avoid this, be ensure you’re taking the steps necessary after receiving a Notice of Default from your bank.
But if you are not able to come to an agreement with your lender through working directly with them… connect with us. We may be able to help.
Ways We Can Help If You’re Facing Pre-Foreclosure Or A Job Loss
- We can potentially get you in contact with someone to help with a short sale – Submit your info on our site so we can evaluate your situation to see if we can help.
- We can buy your Detroit area house – We buy houses in Detroit and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
- You can ask us your questions and we can provide you FREE guidance and resources so you can make a well educated decision. This won’t costs you a thing, there’s absolutely no pressure, no obligation… just free guidance without a catch.
If you’ve recently lost your job and may be in the early stages of pre-foreclosure or believe you may be soon… you still have time to fix this situation.
Just connect with your lender to see if they can work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free resources if you’re facing pre-foreclosure or job loss due to the unfortunate events going on right now.