Giving My House Back To The Bank In Portland

“I’m behind in payments…will I be giving my house back to the bank in Portland?”

Nobody wants to lose their home. But sometimes financial circumstances turn against you and those financial commitments become simply too much to manage.

If your situation progresses too far, you may be forced into the unfortunate situation of having to give your house back to the bank in Portland OR, leaving you temporarily without a place to stay. In addition, there may be long-term consequences, including a dramatic and long-lasting impact to your credit (and your ability to get a house in the future).

No one wants that. That’s not an ideal outcome. Fortunately, there is a strategy you can take today to help you proactively protect yourself and get back on track to financial solvency.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on location and the type of mortgage you have.

Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.

How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.

Fortunately, you have options!

If you wait until your home is foreclosed, it can have a devastating effect on your credit rating. One option to protect yourself is to work out an arrangement with the loan company called a “deed in lieu of foreclosure”.

This is when you hand over ownership of the house to the loan company so that they save the money they would spend on foreclosure proceedings, which can be significant. And you get to avoid having a foreclosure listed on your credit rating.

You can also avoid foreclosure by selling your house before it’s lost at the auction. If your loan is paid in full then there will be no more penalties against you and your credit rating. (If your loan isn’t paid in full you will need to make up the shortfall).

Here’s an example: Let’s say you owed $100,000 on your home and you sold your home to us for $90,000. You would give that money to the loan company, along with $10,000 to make up the short-fall, and your loan would be paid off. (If you contact a real estate attorney, you may be able to negotiate a deed in lieu of foreclosure deal in which the loan company agrees not to go after the difference in exchange for the deed to the house.

At Better Off Home Buyers, we’re professional real estate investors. Contact us today at 503-809-4855 to find out what we can offer you for your house — even if it needs repairs.

I want to avoid giving my house back to the bank in Portland!

The first thing you should know about selling your Portland home before it goes into foreclosure is that this tends to happen more often in certain situations: when someone hasn’t made payments in a while or doesn’t have the funds to do so anymore. In most cases, it happens when someone is underwater on their mortgage. In other words, if they owe more on their home than what it’s worth in today’s market.

Since you don’t want your credit rating affected by going through foreclosure, then selling your Portland house before it goes into foreclosure is a great option.

Interested in learning more about a proactive option besides giving your house back to the bank in Portland? Call us at 503-809-4855 or fill out the form to get more information

Scott

Hi, I'm Scott Dalinger a real estate investor in Portland, Oregon. I focus on helping homeowners and rental property owners out of negative situations by offering cash for their property. I research and write about real estate on my business website.

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