IMPORTANT UPDATE: CARES Act Mortgage Forbearance Period Ending

How to Avoid Foreclosures in Wichita

A foreclosure can derail your finances, destroy your credit, and make it difficult for you to get approved for a mortgage any time in the near future. However, if you are unable to make your mortgage payments, a foreclosure may seem inevitable. If you are trying to sell your house fast, you may not be able to find a buyer in time to avoid foreclosures in Wichita, Kansas.

However, there is a possible solution that can help you avoid foreclosure, short sale, or bankruptcy. You can sell your house as-is for cash to a local home buyer. A cash sale can put money in your pocket so that you can pay offer your mortgage and stop the foreclosure before your house goes auction. Below, we take a closer look at how to avoid foreclosures in Wichita.

Understanding the Foreclosure Process

Foreclosure is the process in which a lender (usually a bank or mortgage company) attempts to reposses your house due to nonpayment. A distressed house is property that is going through the foreclosure process. A real estate owned property (REO) is a property that has already been repossessed by the lender. How does the foreclosure process work? There are essentially five stages of a foreclosure.

Stage 1: Missed Payments

Once you miss one or more mortgage payments, it is difficult to catch up. If you lost your job or are going through a financial crisis, it is almost impossible. The lender may be willing to work with you through options such as forbearance, refinancing, or loan modification. However, if the payments stop coming, the bank will have no choice but to repossess the house. Keep in mind, that the bank wants to avoid foreclosure as much as you do. Foreclosures are expensive and look bad in bank records. Plus, the bank does want the responsibility of reselling your house.

Stage 2: Public Notice

Once you miss three to six months of mortgage payments, the lender either submits a public notice to the County Recorder’s Office or files a lawsuit against you. This is known as a Notice of Default (NOD). The bank must inform you that they are taking legal action against you if you do not bring your payments current.

Stage 3: Pre-Foreclosure

Once the lender records the public notice and informs you of their intent to take legal action, they have 90 days to repossess the house. During the 90-day period, the lender may present multiple options for you to either pay off the loan or catch up with your payment. One option may be to enter into a short sale with a potential buyer.

Stage 4: Auction

At the end of the 90-day period, it becomes clear that you either cannot or do not want to make further mortgage payments. At this point the lender or an appointed trustee will put the home up for auction. The auction is open to the public and usually occurs at the steps of the county courthouse. Kansas law does impose a Right of Redemption, which allows you to reclaim the property 30 days after the auction.

Stage 5: Post-Foreclosure

If a buyer purchases the home at auction, you will be evicted from the home immediately. If the lender does not sell the home at auction, they will attempt to sell the home to recoup the loan balance. They may sell the house directly from their website or a hire a realtor or broker to sell the house on their behalf.

Can I Sell My House During Foreclosure?

The answer is yes, you can sell your house during foreclosure as long as you sell it before it goes to auction or during the Right of Redemption period. The biggest issue you will face is not whether you can sell your house, but whether you can sell it fast enough to pay off your mortgage before the house goes into foreclosure.

If you are considering a traditional sale, then your chances of a quick sale are slim. On average, it can take 60 to 90 days to find a buyer. It can take several months to renovate the house, and another 30 to 45 days to close the sale. You may not have that kind of time when trying to avoid foreclosure or a short sale.

Sell Your House Fast to Avoid Foreclosure

A smart option to a traditional sale is to sell your house as-is for cash to a local home buyer in Wichita, Kansas. There are several benefits to a cash sale.

  • Sell your house when you want on your timeline.
  • Work with a pre-qualified local buyer - not a national chain.
  • Make no repairs or renovations to the property.
  • Avoid pay closing costs or realtor commissions.
  • Sell your house for any reason regardless of your situation.
  • Close in as little as seven to 21 days.

How to Sell Your House in Three Easy Steps

When you are in a situation where you need to sell your house fast and cannot wait for a buyer, Blue Sky Properties can help you unload your property quickly. We offer a simple three step process for selling your house:

Step 1: Contact Our Buyers

The first step in selling your house is simply giving us a call and scheduling a walkthrough of the property. Our buyers will arrive onsite, look at your house, and decide if we want to move forward with an offer. Don’t worry about renovating or even cleaning your house. We buy houses as-is.

Step 2: Get a Cash Offer

If we are interested in buying your house, we will make a fast cash offer. In most cases, we can make a cash offer within 24 to 48 hours of looking at the property. Our offers come in just under the current market value of your home. So, you get a fair cash offer and not a bottom-dollar offer.

Step 3: Get a Cash Payment

If you accept our offer, then you can schedule a convenient closing day with our buyers. During closing, you simply sign the paperwork and walk away from the house free and clear. We pay all closing costs. You get cash for your house. It’s the easiest way to sell your house during forbearance.

Sell Your House As-Is to Blue Sky Properties

Don’t let your financial hardship destroy your credit or ability to buy another house in the future. Sell your house fast to Blue Sky Properties. We are here to help you get out from underneath your mortgage. Call 316-202-4249 to schedule a quick walkthrough and get a fast cash offer.