Can I Give My House Back To The Bank Indianapolis Without An Expensive Foreclosure?

Chris

Can I give my house in Indianapolis back to the bank without an expensive foreclosure?

Trying To Avoid Foreclosure in Indianapolis? You may be considering giving your house back to the bank.. is it a wise decision?

Can I give my house back to the bank in Indianapolis without an expensive foreclosure?

The answer is YES!  (but with caveats, read below for more details)

Can I Give My House Back To The Bank Indianapolis Without An Expensive Foreclosure?

There are many ways to avoid an expensive foreclosure in Indianapolis.

Your first step if you’re trying to avoid foreclosure in Indianapolis is to speak with your loan provider immediately to examine your choices to prevent home foreclosure.

You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution once you know you are likely to miss a home loan payment and inform them what is going on with your financial situation.

Your mortgage loan organization would rather work something out with you so they do not generate losses on your property by going through the actual foreclosure process.

You need to be open and honest with your mortgage company.

They may work something out with you that cuts down your rate of interest, which would reduce your monthly payment. In case you miss one or two payments but then are capable of start paying once again, they can usually add those repayments back to your home loan and consider you caught up on your mortgage. The financial institution will not accommodate you if you do not talk to them about what your situation is ahead of time is and asks for help.

Your mortgage loan bills or your card payments?

You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill you have. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to pay your mortgage.

Not paying your mortgage loan is the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they ought not to be a priority when you have to pay your monthly dues.

Is selling your house in Indianapolis IN a way to avoid foreclosure?

One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale.

You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off.  And sometimes you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your Indianapolis house and avoid a disaster on your credit score at the same time.

Another way to stop property foreclosure in Indianapolis is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share.

You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.

We Buy Local Indianapolis Houses… Can We Make You An Offer?

Here at Chris Buys Homes in Indianapolis, we buy houses in Indianapolis IN and surrounding areas and we may be able to help you get out of your house and avoid foreclosure.

The process is really simple:

  1. Fill out the form over here, or call us at (317) 526-4712 and we’ll make you an offer within 24 hours
  2. If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
  3. We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent

That’s it!

The Devastating Consequences Of Foreclosure In Indianapolis For House Sellers

Chris

The Devastating Consequences Of Foreclosure In Indianapolis For House Sellers

Going through foreclosure in IN? This article walks you through the affects foreclosure could have on you…

If you are trying to sell your house, you may be finding that it is more difficult than you had expected… especially if your house has any repairs needed that buyers just don’t want to deal with.

In this article we’ll dive into some of the devastating consequences of foreclosure in Indianapolis for house sellers. 

Local Indianapolis House Buyers Have Lots Of Options For Houses But Fewer Options For Financing

There are floods of homes on the market, and thanks to the economic turmoil in recent past (and still going on in some areas), some types of houses just aren’t selling as fast as they were 5 years ago… while the “sweet spot” type of house (3 bedroom 2 bath in the middle to lower-middle price range) are selling at a good clip.

Part of it is because lending guidelines have changed since the housing collapse so fewer buyers are out there for some homes… there are still stockpiles of foreclosed houses in Indianapolis that keep trickling into the market from banks… and buyers are more choosy than they were in years past because many of them have learned that you can no longer buy a house and bank on the fact that it will appreciate a 3%+ a year in value.

If you are a seller in this market, you may be becoming discouraged and wonder how you can just sell your Indianapolis house fast, right?

If it seems like you keep putting more money out to improve your home (or if you have repairs but don’t have the money to do those repairs), but are still having a hard time selling your Indianapolis house, you aren’t alone. A buyer’s market makes conditions hard for seller’s to swallow. No one likes to see their home picked apart, criticized, or devalued, but that is exactly what most sellers are dealing with.

Worse yet, due to the devastating consequences of foreclosure in Indianapolis, many sellers in the area who hold out for the price they want are getting little action and no offers at all… sometimes leaving the house on the market for months on end.

How Foreclosures Have Driven Local Housing Prices Down

When the housing market crashed and the foreclosures began to roll in, it flooded the real estate market in Indianapolis. That means that there is more inventory on the market. When that happens, that drives the price of everyone’s house down because there are more options (at lower prices) for buyers out there.

When there is more inventory than buyers, it devalues the homes for sale.

The jury is still out on whether we’ve climbed out of this foreclosure hole or not.  There are still lots of foreclosure houses in the Indianapolis area and the banks are still holding many many area homes in their own inventory that aren’t even for sale yet.

But, there are some things you can do in this market to reach your goals with selling your house.

Selling Your House In A High Foreclosure Market

If you’re wanting (or needing) to sell your house you’ve got a couple options you should look at.

  1. If you don’t need to sell your house fast and can wait the market out… Get A Great Real Estate Agent On Your Side:  If you don’t need to sell your house fast and you can pay the real estate agent commissions… it may be best for you to just wait the market out and give it some time for that perfect buyer to come your way and pay the price you’re looking for.The market is improving and if you can sell your house next year rather than now… it may mean a few extra bucks in your pocket on the sale at a higher value.A great real estate agent can help you list the house and market it for you. If you don’t have a god local agent, just reach out to us and we can connect you with some great real estate agents we know in town who have shown they can sell a house fast. Email us over here for a Indianapolis area real estate agent referral.
  2. If you DO need to sell your house fast… look for quick sale options like selling your house to us:Selling your house fast in a market like this can be difficult if you go the traditional real estate agent route… unless you discount your house in a big way. Then on top of that discount you’ll be paying the real estate agent commissions… which takes even more cash out of your pocket in the end.Another option you should look at is selling your house to a real estate investment firm like Chris Buys Homes in Indianapolis.We buy Indianapolis houses and can make you a cash offer within 24 hours for a fair price.We’re not looking to list your house… we’re actually looking to buy the house from you… we’ll take care of any repair costs after we buy it from you, then we either keep it as a rental property or we’ll turn around and invest our time, money, and expertise into selling the house to another home owner.It can be a win-win-win situation.If you’re looking for full-retail value of your house, we can’t pay that. We do need a discount so we can make a profit on our end, but you won’t ever pay us any fees or commissions.

Reach Out To Us To Sell Your Indianapolis IN House Fast… Even In A Market Like Today’s

If you have any questions about our local Indianapolis house buying service just reach out to us anytime.

You can call us at (317) 526-4712 or reach out to us over on our Contact Page.

Or, if you’re ready to get a fair cash offer on your house today, just click the link below to go to our “Fast Offer” form… then fill out some basic info on your house and we’ll be on our way!

Get A Fair Cash Offer On Your Indianapolis House Today >>

Foreclosure Prevention Measures In Indianapolis and the rest of IN

Chris

Local IN homeowners who are facing a financial challenge may find themselves in foreclosure.

Foreclosure is when the mortgage loan doesn’t get paid back and the bank begins the process to take ownership of the property to recoup its losses.

If you find yourself entering the foreclosure process, you might wonder if there is anything you can do about it.

In this blog post, you’ll read about a few foreclosure prevention measures in Indianapolis that you can take to keep your home from foreclosure.

Foreclosure prevention measures in Indianapolis IN

These foreclosure prevention measures might not all work in your situation but we’re telling you about them so you can make the decision for yourself:

1. Pay off your mortgage / sell your property. The quickest and easiest way to end the foreclosure process is to pay off your mortgage. After all, this is all the banks wanted in the first place so they would be happy to let you stay in your home and they get their money back. Admittedly, this is not always possible, which is perhaps the reason that you’re in foreclosure in the first place.

2. Work out a deal with your bank. Sometimes you can work out a deal with your bank where you sit down with a mortgage or foreclosure specialist and talk to them about changing the structure of your mortgage. Perhaps your payments get spread out so they are lower each month, for example. Just make sure that the deal works for you — you don’t want to just repeat the process.

3. Do a short sale. A short sale is when you sell the property and use the proceeds of the sale to pay down or pay off your outstanding amount with the bank. This keeps a foreclosure from impacting your credit score and it gets the bank off your back!

4. Give your deed in lieu. Another option would be a deed-in-lieu-of-foreclosure, which basically means that you will hand over the deed to your house to the bank and they agree not to put you through foreclosure. This will often only work if your house is worth approximately the amount owing on the mortgage. If not, the bank may pursue the difference.

5. File for bankruptcy. In some ways, a bankruptcy is far more dramatic than a foreclosure because it impacts your whole life. However, once you file for bankruptcy, the foreclosure process has to stop so it’s still a foreclosure prevention measure.

If you’re not sure which one to do, consider this: If you can afford payments and you want to stay in the house then a foreclosure workout arrangement (#2) is probably your best option.

If you want to put everything behind you and move on with your life then consider selling your home and paying off your mortgage with that money.

Considering selling your IN house?

We buy houses in IN for cash and would love to see if we can help you during your short sale. Contact us by filling out the form on this page and we’ll see if we can work with you.

 

Help For Foreclosure In Indianapolis – 3 Ways To Avoid Foreclosure

Chris

Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.

For local IN families facing foreclosure, the stress can be almost unbearable. Worse yet, the foreclosure process can take months or even years, stretching out the pain for longer than anyone wants.

Fortunately, you have options available to you here in IN — perhaps more options than you realize. There are many strategies that help for foreclosure in Indianapolis; these are legal foreclosure avoidance strategies you can implement to help you resolve your foreclosure issue so you can get on with your life.

In this blog post, you’ll read about 3 ways that you can avoid foreclosure (there are other ways to avoid foreclosure as well). The goal of these strategies is to help you legally and ethically avoid foreclosure and reducing the pain and frustration that you’re facing, while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation but you’ll probably be able to find at least one of the three ways that will work for you.

Strategy #1: Work out a deal with your lender

The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and tell them that you don’t think you can pay your current mortgage obligation but you’d like to figure something out so you can stay in your house and continue to pay your mortgage.

Contrary to popular belief, lenders don’t want to foreclose! They want happy customers who pay their mortgages, so lenders are often willing to work with homeowners to figure out a deal. This might include a temporary reprieve on your mortgage payments, or it might include a catch-up strategy where your outstanding mortgage payments are spread out so you can catch-up and pay them off, or it might include a restructuring of the outstanding amounts that you owe.

Strategy #2. Bankruptcy

Filing for bankruptcy may seem like an extreme measure but it is one of the “tools” in your foreclosure avoidance toolbelt. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all creditors must stop the collection process.

Filing for bankruptcy, though, is a little extreme: it may require you to sell off some of your assets in order to pay off your creditors. And, a bankruptcy will remain on your credit score for many years, which could impact everything from getting a loan to getting a car… even getting a job. So this shouldn’t be your first line of defense!

Strategy #3. Short sale help for a foreclosure in Indianapolis

A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.

  • It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
  • It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in Indianapolis since organizations like Chris Buys Homes in Indianapolis help people going through short sales.
  • It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

With a short sale, you still end up with the reality of having to leave your home but there is a bright side: The impact to your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term play to give yourself some options.

If you find that you’d love to sell your house to get out from under your IN foreclosure…

Give us a call today at (317) 526-4712 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.

Can You Get Your House In Indianapolis Back After Foreclosure?

Chris

If you’re facing the possibility of foreclosure in the future, perhaps you are wondering can you get your house in Indianapolis back after foreclosure. After all, you need a place to live!

Unfortunately, after the court rules in the favor of your lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.

Instead of wondering can you get your house in Indianapolis back after foreclosure, here’s another option…

The good news is, if you’re not in foreclosure yet, you have options.

The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.

If that’s not an option for you at this time then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.

While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have.

This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.

Here’s a secret to selling your Indianapolis area home fast so the bank can’t take it

You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Chris Buys Homes in Indianapolis will buy the house from you at a reduced price, and very quickly.

Simply fill out our form and tell us about your house, or just call us at (317) 526-4712 and let us know that you want to sell fast.

Foreclosure notice of default in IN- what is it?

Chris

live in Indianapolis and get a foreclosure notice of default?

If you’ve gotten a foreclosure notice of default and want to know what the heck is going on, keep reading.

Basically, a foreclosure notice of default is a document that has to be filed by a lender to start the process of foreclosure.

The foreclosure notice of default must be sent to anyone who has an interest in the property (any other loans, lenders, or even contractors who are owed money for work done to a property will get a copy).

The foreclosure notice of default must also be published in a newspaper and physically posted in a prominent place on the property itself.

Although this can be really embarrassing to someone going through foreclosure, it’s actually a very important protection for consumers.

Back before US law required a notice of default, people were sometimes foreclosed on without any warning.

In fact, it’s happened even in the past few years – at least one bank has accidentally foreclosed on the wrong property and kicked people out of their house without due process or warning. It’s even happened around Greenwood.

The notice of default is a very important step within the foreclosure process that gives people with an interest in the property to step forward and claim their rights – before it’s too late.

If you’ve received a notice of default, don’t wait. Time is definitely of the essence, and you should take action.

Here are a few key steps you should take:

1) Stay calm and don’t panic.

This may sound obvious, but it’s probably the most important. Anyone in foreclosure is dealing with a lot of stress beyond just the property. These situations don’t happen overnight, and they take a while to solve. You’ll get through it by practicing good coping techniques and taking good care of yourself and your family. Panic leads to bad decisions, so stay cool.

2) Educate yourself.

Learn everything you can about the foreclosure process in your state so that you know what’s happening and what’s coming up next.

3) Gather your resources.

There’s also many non-profit and government resources available out there. You’ll want good legal and tax advice along the way. Definitely don’t try to do it all yourself. This stuff is super complicated with lots of rules.

4) Learn your options.

We’re here to help you avoid foreclosure. We buy houses with cash. We can help you with short sales and even rent-back situations so you (potentially) may be able to keep living in your home. There are many more options than you think.

5) Communicate.

The banks involved don’t want your property. They want money, and what you say matters a lot. You can slow down or stop the foreclosure process if you take the appropriate action.

Want to know more?

Call us anytime (317) 526-4712 or connect with us on our website
and we’ll lay out all of your options for your specific situation.

What is a Pre-Foreclosure in Indianapolis?

Chris

With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.

So what is a pre-foreclosure in Indianapolis anyway?

Many homeowners across America and Indianapolis are facing difficulties making their monthly mortgage payments.

When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. This period is known as “pre-foreclosure.”

Banks and mortgage lenders typically provide three months for the homeowner to become current.  Of course this number can vary by bank and situation sometimes.

If a homeowner fails to make the necessary payments, the bank will foreclose on the home, assuming ownership, and evict the homeowner. Thankfully, during this stage of the foreclosure process, a mortgage holder has the opportunity to take advantage of several options to prevent losing their home.

Pre-foreclosure Options for Borrowers

If you’re behind on mortgage payments, you’re likely to receive a “notice of default” from your mortgage lender.

This document will state that you have not made mortgage payments for the last 90-180 days. It’s important not to panic.

You have options that can delay or even prevent losing your home:

  • If your mortgage is “above water,” (meaning you have equity in your house) you may be able to refinance your mortgage, receiving lower monthly payments.  Check with your local Indianapolis mortgage broker… or contact us and we can connect you with a reputable one.
  • You may be able to quickly sell your home to a real estate investor that’s reputable in Indianapolis like us at Chris Buys Homes in Indianapolis, using the cash acquired to pay the months of back-payments owed (or we *may* be able to work out something with the lender that relieves all or part of your back payments.We can buy your Indianapolis IN area home quickly, often in just a week or two, will pay in cash, and takes the stress out of trying to find a buyer.
  • You can contact the bank and ask them to permit a short sale. In a short sale, you’ll sell your home for less than it’s worth, and the bank will take the loss as a tax write-off.  In some short sales you may still be required to pay the difference to the bank if the house doesn’t sell for what is owed on the loan.
  • You may be able to declare bankruptcy, which can buy you time to pay your debt. Bankruptcy will remain on your credit report for years, and can cause significant damage.

Lenders are very much aware of the widespread financial troubles across the country and they’re willing to work with borrowers a lot of the time.

If you’re honest and communicate with your lender, you’ll often find that there are options that will allow you to remain in your home, or at least salvage your credit rating.

A foreclosure can often negatively affect your credit score by 200-400 points and can prevent you from obtaining a loan of any sort for 5-7 years, so be very dutiful if you’ve received a Notice of Default from your lender.

But if you’re not able to find a solution with your lender working directly with them… connect with us. We may be able to help.

Ways We Can Help If You’re In Pre-Foreclosure

  • We can potentially help with a short sale – Submit your info on this website so we can evaluate your situation to see if we can help.
  • We can buy your Indianapolis area house – We buy houses in Indianapolis and would love to make you an all-cash offer on your house too. Just fill out the form here to get started >>
  • You can ask us questions and we can provide you FREE guidance and resources so you can make a well educated decision. This costs you nothing, there’s absolutely no pressure, no obligation… just free guidance without a catch.

If you’re in the pre-foreclosure stage… you’ve still got time to fix this situation.

Just connect with your bank to see if they’re willing to work with you… or contact us if you’d like to see what we can buy your house for or to tap into our free foreclosure foreclosure resources.

Want To Discuss Your Pre-Foreclosure Options? Call Us at (317) 526-4712
Or, Submit Your Info Here To Get A Cash Offer On Your House >>

How to Avoid Foreclosure in Indianapolis

Chris

While the housing market is rebounding, many people in [market_city IN] are still struggling to make their mortgage payments.

If you’re underwater on your home, or having trouble keeping up with your monthly mortgage payments, you could be fearful that your mortgage provider is going to foreclose.

Thankfully, there are a number of things that you can do to avoid foreclosure in Indianapolis. It’s important to remember that moving quickly is absolutely paramount, and could save your credit rating and your home.

So lets dive in on a couple quick tips on possibly how to avoid foreclosure in Indianapolis with your home.

The Keys of How To Avoid Foreclosure in Indianapolis Don’t Abandon Ship

Many people simply give up and walk away from their home. There are even areas of Indianapolis have begun to resemble ghost towns, as the economy has impacted residents significantly.

Detroit is a prime example of what can happen when people abandon their homes.

This can be stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against your for the unpaid portion.

While it’s extremely stressful, you do have options:

• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Indianapolis are struggling. If you haven’t missed a payment yet, you may have some leverage to renegotiate the terms of your loan. Banks don’t like foreclosing on homes, and many will work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.

• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.

We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Indianapolis are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.

We may be able to help you avoid foreclosure… connect with us today and lets discuss your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.

Give us a call anytime at (317) 526-4712 or
fill out the form on this website today! >>