If you are facing the stressful process of foreclosure and asking yourself is it too late in the foreclosure process to save my home? you may find that you actually have fewer options than you did a few months ago.
It is easy to believe that your home will appreciate significantly in value, that your lender or the government would be more willing to help you or that you would somehow discover some money that you didn’t have before. Consequently many homeowners delay taking any action or contacting their lender, which of course makes the situation worse.
Banks are beginning to speed up the foreclosure process now that the housing market is improving, although this doesn’t help you if you are behind with your payments and can’t afford to catch up.
Banks are acting quickly to get distressed homes back and resell it, whereas in the past they may have dragged their feet or held up the foreclosure sale for one of several reasons.
Selling your home and preventing that big hit on your credit score is nearly always preferable to foreclosure, and if you are days away from the foreclosure being finalized there are still steps you can take.
Although there is no guarantee they will halt the process, firstly try talking to your lender again.
It may be too late to refinance your home, although that can still be a last minute option. And the process of selling your home through a local realtor may just take too long, but is still something to be considered. Most homes still take several months to close, so even if your realtor finds a suitable buyer tomorrow, that still may not help you.
Selling your home quickly for cash through a reputable real estate investment company is another option that you may not have thought of. It can often take as little as a few days for an investment company to locate and buy a foreclosed property.