Even though Nevada’s foreclosure rate is much lower than it was during the housing crisis, it still ranks among the top states in the nation for distressed activity. And now, the pandemic is forcing more people out of work and unable to pay their mortgages. What happens if you are one of them?
If your home is in pre-foreclosure or foreclosure, know that you have options. You do not have to let your home go into foreclosure. We buy houses for cash in Las Vegas – even those in foreclosure. Our simple, fast home buying process may be just what you need to get out of a bad situation.
What Happens During Foreclosure in Nevada?
A property foreclosure occurs when you stop paying on your mortgage. By doing this, you forfeit all rights to your home. This is why it’s always best to reach out to your lender, as you may be able to work out an arrangement. However, if you feel that you can’t catch back up on your mortgage payments, it’s probably best to explore other options.
A common question we hear from customers is, “Can I sell my home if it’s in foreclosure?” The answer – absolutely! This will allow you to sell the property, avoid foreclosure and protect your credit so that you can rent or buy in the future.
Pre-foreclosure is the first step in the process and usually starts when you’re more than 90 days late on your mortgage. You’re still the owner of the property at this point, which is why you can sell the house fast in Nevada. Once the lender takes back the property, you’ll no longer be able to sell it.
Be sure to speak with your lender, as you may have an outstanding balance on your mortgage. You’re still legally responsible for paying off this debt. The good news is that when you speak to your lender, they may be willing to work out something where they forgive some or all of this debt.
How Can I Sell My Home During Foreclosure?
When you’re in the foreclosure process, time isn’t on your side. It could take a couple of months just to get your home ready to list. From there, it could take several more months to hire a realtor, do the showings and find a buyer. This is why a better option may be to sell your house for cash in Las Vegas.
We Buy Any Vegas House buys homes for cash no matter what condition they are in. Because we don’t use traditional financing, the process moves quickly. Most of the time, we’re able to close within a week. This is a fast way to sell your home, receive quick payment and pay off the majority of what’s owed before being foreclosed on.
To learn more about selling your home for quick cash in Las Vegas, contact We Buy Any Vegas House today. We look forward to speaking with you and helping you determine the best course of action for your foreclosed property.