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How Does Foreclosure Work?

Foreclosure is a scary thing that can happen to the home that you love, and in which you’ve invested. Foreclosure happens when a homeowner defaults on their mortgage payment, and fails to respond to the bank’s numerous inquiries and warnings. Foreclosure is a difficult process for both the bank, and for the homeowner, as well as difficult for the neighbors of defaulting homeowners. However fair this may be, living near a foreclosed home, or near several foreclosed homes, can cause a decline in value for the surrounding properties. It hurts to consider that this is possible, but it is! Foreclosed properties could be nice homes in nice neighborhoods every bit as they could be older homes in run-down areas. Part of what controls the number of foreclosures in any country is the rate of full-time employment – more full-time workers means a stronger economy, and a peak number of people who are willing and able to afford to purchase a home.

how foreclosure works

The Financial Crisis of 2007 cost thousands of jobs, and whole industries went under as a result. Foreclosure peaked in 2010 with around a quarter of a million foreclosures, and by 2016, there were about ten million foreclosures, the highest in a decade and a half since the 1970s. Foreclosure costs money for both the bank, and for the homeowner, so during the recent Financial Crisis, many people who lost their jobs knew that their homes would soon be in danger of foreclosure. The other sad effect of foreclosure is the elevated number of abandoned pets – animal shelters also became busier than ever before. Whereas foreclosure could be the next step in a financially-difficult time, the step that follows foreclosure hurts even more: the long-lasting effects on your credit. It is possible to heal your credit from most anything, even something as devastating as a foreclosure, but this can take years, and in the meantime, you’ll need to be able buy things with credit, and have some for emergencies. Avoiding foreclosure is the best way to save yourself the stress and grief that foreclosure can bring.

How Does Foreclosure Work?

If you have recently purchased your home, chances are that everything in your life is stable, and you’re making your regular monthly payments for your mortgage, and for your home expenses, including your monthly utilities. This series of steady and full payments made on-time is what your bank or lending institution will ask of you, and this will also be spelled out in the contracts that you will have as proof of homeownership. It is always possible, however, that your circumstances will change, and a change in your circumstances can have ripple effect on every facet of your life. If you take a pay cut, or lose your job, your monthly income will drop, but you will still have to pay your bills. It’s not unusual for some to get behind in their bills, and this has a definite effect on your credit. Without great credit, it is difficult to get several types of financing that you may need for a new home, new vehicle, or even to make investments.

Foreclosure happens after you have failed to respond to your bank or lending institution’s notices. Foreclosure almost never happens after the first or second notice of a missed mortgage payment. Different banks will have different rules for the amount of time given to make up for delinquent payments.  If you continue to avoid making your payments, and aren’t paying your mortgage, your lending institution will eventually send you send you a notice of foreclosure on your property. This sends many people into an understandable panic, and fear for the future.

What many don’t know is the receipt of a Notice of Foreclosure is far from too late to save your home, or your credit. Contact your lending institution as soon as you see that you’re going to struggle to pay your mortgage. You may be surprised by the options available to you. Some banks are willing to refinance to help you lower your payments, and even after a foreclosure has been initiated, you may have up to three years to pay back your lender, including fees, and reclaim your home.

What You Should Know

When facing foreclosure, you have the option to try to sell your home to get away from the debt, and pay off as much as possible. To do this, make sure that you seek out a local experienced real estate agent to help you. Hiring a real estate agent when you need help selling your foreclosed home will take much of the burden of the sale off of you – including, possibly, working with your lending institution on the amount that you owe. If you’re not sure of what to do, or if you need a real estate agent to help you, contact one anyway. You’ll be able to make your own decision, but you should always have all of the information that you can get.

A home in foreclosure isn’t just a tedious undertaking for the homeowner, it is also tedious for the lending institution. When your lender forecloses on a home, the home belongs to the bank, and the bank doesn’t want to the cost of maintaining the property. What’s particularly bad for the bank is when a property has been foreclosed, but requires expensive and extensive updates and repairs, and is the case with old and/or poorly-maintained homes. This creates a huge expense for the bank, which becomes even worse because banks must also hire real estate professionals to network and sell the property for them.

Don’t Let Your Home Foreclose

Real estate agents are specially-trained to handle real estate questions and tough situations. If you’re in foreclosure, contacting a real estate professional will be helpful as you try to navigate the situation. Understand that banks can be understanding about personal situations that can affect the flow of a person’s income, but that it is imperative that you keep in touch with your lender throughout the foreclosure process. You may be able to escape terrible debt, a stain on your credit, the ire of your neighbors and uncertainty in your future.

Ricki Irwin
Ricki Irwin
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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