It is a frightening experience to have suffered a financial setback and now your Bank wants to take your home. What do you do to stop power of sale from occurring?
Where do you turn? Who can help?
When you go online to search help with Foreclosure or Stop Power of Sale, the most common result will be:
- a real estate company wanting you to sell your home;
- a private lender who is willing to lend you money to save your home at excessive interest rates;
- companies who want to buy your home at a discount as they sense your desperation to sell your home;
If you want to sell your home and move, contact your favorite realtor asap because time is not your ally when facing Power of Sale or Foreclosure.
Don’t want to Sell? Want to save your home and keep your family in the house they have come to call home?
If so, you have to pay off the Bank. Seems simple enough but the reality is most people do not have the resources to pay their mortgage out of pocket.
If they did there would be no Power of Sale or Foreclosure.
Given you are in financial distress, the ONLY viable options available besides paying your mortgage up to date or in full by cash are:
- Private Mortgages
- Lease Buy Back
Option 1: Private Mortgages
We would recommend a Private Mortgage ONLY if there is a clear exit strategy when the Private Mortgage Term ends. If not, you are back to where you started. You have a Mortgage and the Lender wants their money.
Private Mortgages work best for client who have the Credit Profile, Credit Score and Equity in their home to consolidate all mortgages into one. Remember, the current Mortgage rules only allow consumers to refinance their home to 80% of the Value. Some Credit Unions may go higher with Loan to Value so check Credit Unions in your area.
If you are trying to find a solution to escape Power of Sale or Foreclosure, it is very likely that your Credit Score and Credit Profile have taken a hit, so you MUST be VERY careful when committing yourself to a Private Mortgage as it may just a Band Aide on a large cut.
The financial bleeding will not stop!
The Private Mortgage must have a guaranteed exit, or you will be trapped. Most Private mortgages do NOT give people time to recover from financial setbacks and Credit damage. Time to recover is critical!
Option 2: Lease Buy Back
In many cases, a Lease Buy Back will give you what you need to recover from a severe financial setback.
Our Lease Buy Back program:
- Allows you and your Family to stay in your “home”. No selling your home!
- Allows you to protect your equity. No Realtor Fees to pay!
- Allows you time to restructure your finances. You need time and you get it!
- Allows you time to get your Credit Score and Profile to a level acceptable by a Bank or Credit Union. You need a good Credit Profile and Score for future success!
How does the Lease Buy Back program work?
In the beginning, it is imperative that we have the proper information to assess your financial situation. The more we know the better plan we can put together to save your home!
Once we assess your Application and ensure there is an Exit at the end of the term, we will offer you a quote with financial terms to accept.
Once you accept the terms we will match you with a funder (Investor) who will enter into an agreement to purchase your Home at “Market Value”. On the day you sign the agreement to sell your home to an Investor, you sign an agreement to buy your home back at a pre-determined price and time in the future.
During the Lease Buy Back term, you work with our team and network of professionals to recover from the financial setback and rebuild your Credit Score and Profile.
As we mentioned, when you have a setback, time to recover is what you need most!
Like the Mr. Sub commercial from a couple years back. “Bad things happen to Good people”.
If you find yourself in a situation where your home is at risk for foreclosure or power of sale DO NOT DELAY, call us as soon as possible. We are an alternate Solutions company and if there is a solution to keep you in your home, there is a very high probability we can find that solution.
To get answers to some of the more common questions on how to stop power of sale or foreclosure, visit our foreclosure FAQ page. Or if you are ready to take the next step, consider completing our online application. Our program has helped families escape power of sale and foreclosure for over 15 years.