Video Transcription
Hey guys, I’m John with Envy Property Solutions. And in this video, I’m going to be going over three ways you can completely avoid a foreclosure and the bank actually taking your house right here in the Reno area. So if you are already in foreclosure or you’ve gotten the notice of default or whatever, this video is absolutely right for you because if you just let the foreclosure happen, eventually the bank is going to take it and you’re going to be out on the street unless you have somewhere else to go. But in this case, you probably don’t, that’s probably why you’re watching this video and you’re trying to figure out how in the heck can you save your house from foreclosure? So like I said, here are three ways you can absolutely avoid foreclosure right here in the Reno area. So let’s just go ahead and jump right into it.
Work It Out With Your Lender
The first tip is to work out a deal with your lender. If the lender has already sent over a notice of default or you’re already starting the foreclosure process, chances are they may not want to work with you, but in other cases, they actually might want to work with you just because they want to help you stay in your home and essentially get money from you. So that way they’re happy and you’re happy because if they don’t get their money, obviously then they have to kick you out. But if you’re already in that stage where it might be a little too late, they might not want to work with you. But in any case, if you just call them and let them know and try and work something out, it actually might work out better for you. So just keep that in mind.
File Bankruptcy
The second strategy is file for bankruptcy. When you file for bankruptcy, usually chapter seven bankruptcy, it will stop the foreclosure process. And then when you talk with a lawyer, you’ll have to go through all the steps to actually file for bankruptcy. They’re going to work out a repayment plan with you. So just keep that in mind. If you have no way of repaying it, you’ve lost your job or whatever, then that might be a little harder to do. Or you’ve been out of work for several months or you can’t go back to work because of a disability or whatever. So that might not work for you. But if you are able to repay the loan and get back into an actual repayment program with your lawyer and your lender, filing bankruptcy is a good idea. Because like I said, it stops everything. It stops the foreclosure process and you don’t have to worry about the bank coming to snatch your house right now.
Short Sale
The third tip is to short sale your house to help you with foreclosure. It’s going to ding your credit, but overall, it’s going to be better for you if you do a short sale rather than just completely let the house go. It’s kind of like getting your car repossessed. If you do a voluntary repossession, it works out better for you rather than the repo man actually coming and taking your car back to the dealership or wherever, back to the bank. If you do a short sale, it’s going to be better for you, but it’s definitely not going to be short at all. It’s going to be a very long drawn-out process. So if you’re going to go that route, I would recommend talking with a short sale realtor. There’s a whole bunch of them in the Reno area. But just talk with them, see what your options are as far as a foreclosure.
Other Possible Way
You need another way to sell your house quickly because of foreclosure, you can definitely reach out to me at any time. My phone number is (775) 391-5236. And let me and my company, Envy Property Solutions, help you out with trying to figure out how to best tackle your foreclosure situation and either help you completely avoid it or help you get back on the right track so that you can make the steps back to getting back to normal life. In any case, you can give me a call at any time or you can head over to my website and learn more about me. And even while you’re there, you can get yourself a no-obligation cash offer for your house going into foreclosure. Then, of course, I’ll come to check it out and see what we can do for you.