We buy houses in Columbus, Ohio. We are local homebuyers in Columbus OH, and with millions of homes across the country going into foreclosure, we know it’s important for both buyers and mortgage holders to understand the process.
So, What Is a Pre-Foreclosure in Columbus OH Anyway?
Many homeowners across America and Central Ohio are facing difficulties making their monthly mortgage payments and need to be aware of what they can do if they want to stop or avoid foreclosure in the future.
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, assume 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 in Ohio
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 Columbus 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 Columbus like us at Homesmith 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 purchase your Columbus area home quickly, often in just a week or two. We pay in cash, taking 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 in Columbus OH
- 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 Columbus OH area house – We purchase homes in Columbus OH and would love to make you an all-cash offer on your property 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.
Sell My House in Columbus OH
If you’re in the pre-foreclosure stage, you’ve still got time to avoid foreclosure and fix this situation.
Just connect with your bank to see if they’re willing to work with you, or contact us at Homesmith if you’d like to see what we can purchase your home for or to tap into our free foreclosure foreclosure resources. We are your local Columbus home buyers and we offer cash for houses in Ohio. We can help you sell your house in Ohio fast.
Want to Discuss Your Pre-Foreclosure Options? Call Us at (614) 401-3651 or (877) HOMESMITH or Submit Your Info Here to Get a Cash Offer on Your House >>
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Foreclosure Auction Location in Franklin County: https://www.homesmith.com/locations/franklin-county-courthouse-foreclosure-auction-location-columbus-oh/