If you’re facing the possibility or likelihood of foreclosure on your San Francisco property in the future, perhaps you are curious if you can get your house in San Francisco back after foreclosure. After all, you need a roof over your head!
Unfortunately, after the court proceeds to rule in favor of your bank or lender and agrees with the lender to proceed with foreclosure, it is very hard for you to get your house back.
Instead of wondering whether you get your house in San Francisco back after foreclosure, here’s a better option…
The good news is, if you’re not facing foreclosure yet, you still have some options, so keep reading because education is your greatest asset…..
The first and best option is to pay off your mortgage(s) 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. These options are sometimes called a loan modification or a forbearance, where the bank will try to work out a mutually agreeable solution that avoids them having to foreclose on you (secret: the bank really does not want to have to take back your house).
If that’s not an option for you – and for many it simply is not – then you may decide to do what a lot of homeowners facing foreclosure opt to do: Sell your home before the home is foreclosed upon and pay the lender the total debt owed to them.
While not the ideal option (because you’ll have to give up your house), it’s still better than being foreclosed upon because you’ll have moved on from the debt to the bank and you won’t have the long-term impact to your credit score that a foreclosure would have. That’s something you really don’t want following you around for years.
This is a very proactive option because you’re taking control of the situation – while not what anyone wants to do, you’re selling your house instead of giving it back to the bank. In the short term you’re better able to manage the process while in the long term, you’re avoid the lengthy implications of a foreclosure.
Here’s the #1 secret to selling your San Francisco area home fast so the bank can’t take it instead…
You could try and find a personal buyer for your home. Perhaps you have an uncle or friend who may be interested – it happens sometimes. However, a much faster and easier option is to find a company in San Francisco that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to find a buyer on your own, there are a few companies that can do this for you. Companies like San Francisco Home Buyers will buy the house from you at a reduced price, and very quickly – and for free – to help you move on from the current situation.