the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments.
We are truly sorry if you have found yourself in the position of being late on your mortgage and are facing a possible foreclosure. We hope you find some useful information here to help you on this path.
1. Call your lender and explain what is happening. It’s tough to make that call but as soon as you do you will be one step closer to moving forward. Sometimes they can delay a payment and add it to the back of your loan. They may have other options available that will help you while you figure out your payment situation.
2. Talk to an attorney and ask them the best way to move forward for your specific situation. You could have divorce, death, illness, or natural disaster as part of your story. You should get legal advice on the best way for you to move forward.
3. Depending on the answer to the first two steps our advice will be to sell your house and FAST. Do it now before your get too far behind on the payments. We can sell it on the retail market through our affiliate realtor, or you can chose your own realtor. This is your best and possible most profitable option if you have any equity in your home.
4. Fireside can evaluate your balance due and home value and may be able to place an offer on your house and close in a timeline that can prevent additional damage to your credit. We can close in as little as 5 days if needed.
5. We can also combine steps 4 and 5 with our Emergent Home Sales approach. Our realtor will list your home on the retail market and sell it as aggressively as possible. If at a certain time, determined by you, it is not sold and your foreclosure is impending Fireside can purchase your home. This is only possible if certain criteria is met. ex. Fireside cannot purchase homes that have little to no equity.
Please feel free to call, text or email us. Fill out the contact info below. You will find a helpful non-judgemental team that is ready to help you find solutions to this dilemma.
Below are some links to help you research and make your decisions.