Until recently, I wasn’t overly familiar with foreclosure, but i had a basic understanding of the term however wasn’t fully aware of the ins plus outs, but foreclosure is a legal process where a lender takes over a condo because of the homeowner’s failure to make mortgage payments.
- In my situation, the process was stressful plus overwhelming.
It created both financial upheaval plus emotional strain. I had fallen behind on mortgage payments because of illness, losing my job plus identity theft, all of these major problems occurred simultaneously, making it really tough to manage weekly payments. I also was faced with a sudden increase in my payments due to an stretchy-rate mortgage. As I scrambled to spend money medical bills, credit card debt plus official expenses, the apartment began to deteriorate! The foreclosure process began after my first missed payment. There was really little grace period before I received notice. After several missed payments, I received a Notice of Default. At this point, I had the opportunity to sell the condo to avoid foreclosure, then one of the most straightforward plus stress-free chances to avoid foreclosure is to sell the apartment abruptly to a cash condo buyer. This was a opportunity to spend money off the mortgage plus get around the long-term consequences of foreclosure on my credit. I found a business that is local to Lewisville plus buys properties in Fort Worth, Dallas, Denton, Little Elm plus the surrounding areas. They specialize in assisting homeowners in foreclosure. They make cash offers on houses in as-is condition. I received a cash offer that same day plus was able to close really abruptly. There were no repairs, updates or clean up necessary. There were no realtor commissions or closing fees. The cash condo buyer really helped me out of a bind.