When your Milwaukee house goes into foreclosure, it can present a lot of problems and create so many questions, especially if you’ve never had to deal with that situation before. That’s especially the case if you find yourself in the process of attempting to sell your house and suddenly now have to concern yourself with whether or not foreclosure proceedings will scare away all the buyers. The good news is that you do have options if you’re going through foreclosure in Milwaukee. While a foreclosure can be an emotionally draining and frustrating situation, you have options worth exploring before the bank makes any kind of decision for you.
If you’re trying to figure out how to sell foreclosed homes in Milwaukee, Wisconsin, this helpful guide should be able to put your mind at ease.
Learn How To Sell A Milwaukee Foreclosure
Before you understand how to sell a Milwaukee foreclosure, you’re going to want to understand what that term actually means. Foreclosure is the term for when your bank or lender takes over control of your house or property so that they can sell it to recoup the money that you were unable or unwilling to pay to satisfy the outstanding balance on the mortgage. So if you miss enough mortgage payments, or just stop making them altogether, your lender will put your house in foreclosure. It doesn’t happen right away after the first missed payment, but the process usually begins after the 3rd missed one.
Lenders will usually give borrowers a grace period of around two weeks to make monthly payments. In most cases, on the first day after that grace period, the lender will issue a late charge. You may receive a formal notice of foreclosure and court filings will be made. Foreclosure happens in Wisconsin by judicial action, which means lenders must go through the courts in order to foreclose on your Milwaukee house.
Try to Sell Before Foreclosure Is Complete
If you can see foreclosure looming on the horizon for your Milwaukee house and know you won’t be able to satisfy the outstanding loan payments, you may want to consider trying to sell it on the open market quickly while you still can. Up until the house is sold at auction or the bank takes ownership away, it is still your right to sell your house.
If you want to do this, you’re likely going to want to work with a real estate agent who understands the situation and has experience dealing with the market in an ASAP sale. They’ll work with you to determine the right price in order to pay off your outstanding loan debts, which can include back payments, penalties, and fees at this point.
Make sure you tell your lender what your plan is and how you intend to pay off the mortgage. There is a possibility the lender or bank will work with you on it because they want to avoid foreclosure as well. Ask them to postpone any auction plans and to give you a timeline where you can find a buyer yourself. The amount of time you have will affect how you sell your Milwaukee house, what you price the house at, and how you negotiate the final sale.
Consider a Short Sale
Lenders would prefer not to foreclose on your Milwaukee, Wisconsin house if they don’t have to. The process brings with it plenty of legal and financial headaches, not to mention the bad PR that can often come with a series of foreclosures in a specific town or county. So while a short sale probably won’t net them the most money they could get, they might agree to it because it’s easier than the alternative.
A short sale happens when you offer a house for sale at a price below the amount currently owed on a mortgage or lien. Once the lender signs off on a short sale, the homeowner must negotiate a payoff amount with the lender and then seek approval on the home purchase from the lender. Ultimately, the lender is the one in charge of a short sale in Milwaukee or elsewhere.
You may still have to satisfy some number on the loan, but it won’t be nearly as massive as it would have been. Plus, a short sale allows you to avoid a negative mark on your credit score that comes with foreclosure.
Keep Paying If You Can
Even though we are talking about selling your Milwaukee house in foreclosure, we should consider that it’s possible to work with your lender and avoid losing your house to them. Don’t be afraid to call your lender and ask them how you might be able to restructure your loan. They might be agreeable to creating a scenario that is more feasible for you to catch up and get back in their good graces.
You might also ask them for forbearance. This is when a lender reduces or suspends your payments for a temporary period. They might agree to this because your circumstances require you to sort out a short-term change to your finances, like losing a job or having a sudden change in income.
Another way to keep making payments on your house is to do an inventory of everything you own and find out what its value is. If you really don’t want to lose your house, sell your expensive items quickly and then use those profits to make payments. If you own a boat, car, jewelry, or other items that could be sold for money, you might be able to turn them into mortgage payments. Of course, no one wants to have to do this, but if the situation feels desperate it’s a consideration.
Sell As-Is to a Cash Home Buyer
If you’re in a position where you’re likely going into foreclosure and you don’t want to deal with your lender or hire a real estate agent, you can sell your house as-is to a cash home buyer or real estate solutions company like Cream City Home Buyers. Not only will we work with you on a solution to buy your Milwaukee house in foreclosure or any other financial situation (tax lien, water damage, inheritance), but we will pay you cash for your house quickly. That’s cash you can then turnaround and pay to the lender to satisfy your loan and move forward with your life.
The easy process begins as soon as you contact us. Tell us about the current situation with your Milwaukee house in foreclosure that you want to sell fast. We will ask for all of the important information and we may come to visit the property and assess it. We’ll want to get as much info as possible in order to make you the best offer we can. We will not lowball you. We’ll present you with a fair offer for you to consider on your own terms. There is no obligation to accept the other.
If you decide you want to move forward, you decide when you want to close and sell the house on your own terms. We’ll put cash in your hands and we’ll handle the Milwaukee house in foreclosure from here. You get to settle your financial situation and move forward with your life. It’s a great deal for both sides that makes your life a whole lot easier.