Take Care Of Your Family in Times of Need
10 Points to Check before Selling Your Inherited Property
Below is a timeline of the foreclosure process. Depending on where you are along in the process the faster you need to act to save your home from the sheriff sale and foreclosure auction.
How Does Foreclosure Work in Ohio?
Foreclosure begins when you have missed your first mortgage payment. The bank sees that you missed your scheduled payment and puts a notice on your account. At 16 days you are assessed late fees on your mortgage bill that will have to be paid to get your mortgage current.
If you do not make the payments, between days 45-60 you will receive a letter that is called a “demand” or “breach.” This basically states that in the loan documentation for your house, you agreed to make those payments. You have not made payments, and now have “breached the contract,” in which the bank has the right to take back the home.
After 90 days, the lender will file a complaint with the County Court and you will receive a summons, requesting you to appear in court. Your answer to the summons is due within 28 days, during which you can request mediation.
Once the foreclosure period is over, the lender can move quickly to the sheriff sale in which your house will be sold, and by law, you have to leave the premises. From the posting of the sheriff sale to eviction can be as little as three weeks.
How to Get Out of Foreclosure
There are few ways to get your home out of foreclosure. Some will work better than others, depending on your situation and if you qualify.
- Pay your bills current and any penalties
- Refinance and get a loan modification – Call Your Mortgage Lender
- Check for government assistance – HAMP, HARP, HAFFA
- Rent out your house to someone who can pay your mortgage payment
- Sell your Home and avoid Foreclosure.
Why Not to Sell with a Realtor
Selling your home on the open market is an option and we want you to be aware of that. But you also need to be aware of the drawbacks or things you may be required to do because of using a realtor.
- Fix up the property to get it into market condition
- Mutliple showings that inconveniences you, your family, and your life
- As a seller, YOU pay 6% in realtor commissions off the top of the sale
4. A home sold while in foreclosure goes on your credit history as a “CHARGE OFF”
A Charge off is NOT a foreclosure but has the same effects:
- Stays on your credit history for 3-5 years
- Lowers your credit score
- Causes higher interest rates on future loans
Why Sell to Us
The benefits of working with our company far outweigh that of selling on the MLS. While a realtor can educate you on typical proceedings, your foreclosure situation is far from regular and as a solutions company, we have more options we can provide you and benefits that go along with our services.
- No realtor fees – On a $200,00 house, that saves $12,000 off the top
- No Repairing Required – Fixing up is our specialty
- Retain Your Equity – Save the money you’ve invested in your home
4. We can bring your mortgage payments current and OUT OF DEFAULT.
Paying your mortgage current is a GREAT sign to a bank after being in foreclosure. This boosts your credit score and gets you into the good standing with the bank.
5. We Pay off the mortgage in YOUR NAME once the house is resold, boosting your credit.
When the banks see these green lights – paying your mortgage current and paying off the entire mortgage – they are comfortable with lending to you on another house.
This isn’t immediately but typically within a year or two, you can buy a new home.
If you foreclose on your house, it’ll be a minimum of 7 years before banks even think about lending to you.
So whats the Catch?
When you applied for a loan, the bank the allowed you to buy the home with 10-20% down. They trusted you to be responsible and pay your bills.
That’s what we need, is Your Trust.
We have thousands of dollars in costs to pay your mortgage current and potentially tens of thousands to fix up the property for future resale.
For us to do this work, we write up a contractual agreement that WE ARE REQUIRED TO PAY YOUR MORTGAGE when the deed is transferred over to us. This is the same agreement you had with the bank.
You will have to move out, we take over payments, complete construction, and then we resell the property.
Once that is complete, our agreement has been fulfilled, the mortgage is paid off in your name, you move on with your life and avoid foreclosure!
Recrafted Can Help You
We want this to be a win for YOU!
We want you to:
- Keep your equity
- Avoid foreclosure
- Be in the best financial situation possible
- Be able to afford a new home
- Avoid outrageous interest rates on future loans
If all of this means you have to sell right now, to be set up for a better future, that’s your decision to make.
We are a family company that helps families.
We will present you with all of your options and the different ways we can buy your home.
You have the choice to pick which option works best for you.