Over TEN MILLION Americans filed new unemployment claims in the past three weeks. Ten million! (UPDATE: it’s up to 22 million in four weeks) There is no question that we are already in a recession, and it will likely end up being a depression. Quite possibly another Great Depression.
There is so much about our situation that is out of our control. It’s frustrating and scary. But you can’t let fear paralyze you. Our country and our community will get through this, and planning ahead now can help protect you in the future.
Are you worried about losing your job, or facing a significant reduction in your income? Are you going to have trouble making your mortgage payments? Or do you have a Salem, Oregon house that’s already in foreclosure?
The sooner you start to address your problem, the more options you have. If you’re not yet in foreclosure, you may have time to list your house with an agent and get the best price you can for it. But be aware that finding a buyer this way takes time, and real estate prices are likely to drop as more people go into foreclosure.
Selling to a cash buyer is usually the fastest way to get out from under a problem property, which mitigates the risk of the value dropping further. Just make sure you work with a reputable buyer that keeps their promises!
If you are already going through the Oregon foreclosure process, you’re probably wondering if you can still sell the house in foreclosure before the banks takes possession. The short answer is yes. The long answer is it’s a little more complicated, but usually you can sell your property prior to foreclosure.
Can I Sell My House in Foreclosure in Salem? – How it works
There are a lot of folks in Salem, Lebanon, and throughout the Willamette Valley who are likely going to be facing foreclosure in the next few months. Last time foreclosures increased, banks have been shifted the way that they deal with foreclosures.
Remember, the bank that carries your mortgage doesn’t want to see your home abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid foreclosure by selling your property.
The problem with dealing with banks during any part of the foreclosure process is the bureaucracy. It’s often hard to get through to a real person, and if you do talk to a person they never seem to have the authority to help you or make any decisions about your situation.
Here are a few tricks that can help you in working through the foreclosure process.
Working With Banks During The Foreclosure Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold. Try to get a single person to be the point of contact that you talk to each time.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made. In Oregon it is legal to record your phone calls so there is no question about what was said.
- Explore all your options, including short sale, loan modifications, and bankruptcy. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. Each bank has its own policies to help borrowers avoid foreclosure.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
We specialize in helping homeowners in situations including foreclosure around Salem and the whole state of Oregon get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash. We pride ourselves on finding creative solutions to real estate problems. We may even be able to find a way to keep you in your house.
If you need to sell a property near Salem, we can help you.
We buy properties like yours from people who need to sell fast. And if selling your house to us isn’t the best solution to your problem, we’ll help you figure out what is.