If you’re facing foreclosure, you may be wondering if you can get your house back after the process is complete. Unfortunately, it is very difficult to regain ownership of your home once the foreclosure process has begun. Once the court rules in favor of your lender and agrees to proceed with foreclosure, your chances of getting your house back are slim. If you do manage to get your home back after foreclosure, you will likely have to pay much more for it than what it was worth before the foreclosure proceedings began. If you’re facing foreclosure, your best bet is to try to work with your lender to come up with a payment plan that will allow you to keep your home. If you’re unable to do so, you may want to consider selling your home before it goes into foreclosure. This way, you can at least recoup some of the money you’ve invested in it.
Instead of wondering can you get your house in Virginia Beach back after foreclosure, here’s another option…
The good news is, if you’re not in foreclosure yet, you have options.
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them.
If that’s not an option for you at this time then you may decide to do what a lot of homeowners facing foreclosure are choosing to do: Sell your home before the home is foreclosed upon and pay the lender what is owed to them.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to foreclosure because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have.
This option is proactive and long-term, which is why homeowners facing foreclosure love it: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating.
Here’s a secret to selling your Virginia Beach area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like Wise Choice Home Buyers will buy the house from you at a reduced price, and very quickly.