If you are late on your mortgage payments by more than 120 days, the mortgage lender may decide to repossess the house and evict you or your family. From there, they will attempt to make a short sale or sell your house at auction and recoup as much of the mortgage as possible. That grim reality may make you feel that you are out of options. Even worse, you may fear that a foreclosure may prevent you from buying another home any time soon.
However, even if you cannot catch up on your mortgage payments and losing the house is likely, there is still an option. You can sell your house fast for cash to a local home buyer here in Kansas City. An investor can look at your house, make a fast cash offer, and close the sale in as little as seven days. You pay off the mortgage, walk away with no strings attached, and avoid foreclosure.
Foreclosure is a legal process in which the bank attempts to recover what you owe on a mortgage loan that has gone into default due to late payments. Instead of forcing you to catch up on the payments, the lender may attempt to take ownership of the property and sell it. The terms of the foreclosure are typically outlined in your loan contract.
The laws in Kansas give lenders the right to take ownership of a house for late payments or breaching other terms of the contract. Foreclosure can affect your life and your family in the following ways:
You can sell your home up until it is sold at auction or the bank takes possession of your house. During this period, the property is in pre-foreclosure. If you sell your house fast, you can try to settle your debts with the lender. You can avoid foreclosure by selling your house and net enough to pay off everything you owe the lender, including back mortgage payments, penalties, and fees. You won’t own your house anymore. However, you will avoid a foreclosure showing up on your credit report.
Currently, no laws are preventing you from selling your house during foreclosure. However, you will need to inform the lender you plan to sell the house and how much you plan to sell it for. Keep in mind that the lender may try to get a deficiency judgment against you. The lender may take legal action against you for the balance of the mortgage. However, this will happen regardless of what method you use to sell the house.
You may be looking at options that help you avoid foreclosure, such as loan reinstatement, debt restructuring, bankruptcy, or forbearance. However, these options can only make matters worse. They require long, drawn-out processes in which you may have to hire a lawyer to challenge the bank. Plus, they may not solve the underlying problem: your inability to make the payments on your house.
A better solution may be to sell your house for cash to a local house buyer in Wichita, Kansas. There are several benefits to selling your house for cash, such as:
When you work with a local buyer, you can unload your property quickly without incurring hundreds of dollars in selling costs. You can also get rid of your property before the bank takes over your house.
When you go the traditional route for selling your house, the process can be complicated. You must meet with a realtor multiple times, list your house on the market through various platforms, and find creative ways to make your house more attractive. Plus, there are no guarantees if or when you’ll find a qualified buyer. Our process of buying your house is fast and easy.
Feel free to call one of our local buyers to schedule a quick house visit. We can answer your questions, discuss your options, and do a quick run-through of the property. Don’t worry about making any preparations. We are happy to view your house as-is.
If we like what we see, then we’ll make an offer on your house without delay. We typically make offers at just under the house’s value. Our cash offers are fair and consistent with no changes once the proposal is submitted.
If you accept our offer, then schedule a close date that is convenient for you. We show up and sign the paperwork, pay all the closing costs, and seal the deal. We can pay you cash for your house in as little as seven days from closing.
At Rex Buys KC, our investors work with house sellers throughout key areas in Missouri and Kansas. Many of our sellers come from the following locations:
|Kansas City, KS
|Kansas City, MO
At Rex Buys KC, we buy houses for cash. We pay all closing costs and do not charge any fees. Our company purchases property as-is and puts cash in your hands in as little as 30 days. Call one of our local cash home buyers today at 816-895-2999 and schedule a quick walkthrough with one of our house buyers in Kansas City, Missouri.