Debunked: Common Misconceptions About Home Foreclosure

cash home buyers in Milford

Foreclosure is hard for homeowners. It is a situation in which the owner lives under the fear of losing a home at any time. After all, they do not have funds to pay off their debts. Besides this, foreclosure can take a toll on people emotionally. It is not easy to give up on a place where you have a lifetime of memories.

Foreclosure is indeed scar, but some misconceptions only unnecessarily add to people’s fears. Are you going through foreclosure or are on the verge of doing so? Then, this post will bring you peace of mind. Our experts at Detroit Cash For Homes will bust some common foreclosure myths. We are the leading cash home buyers in Milford, assisting homeowners for more than 30 years. Thus, our professionals are the best people to guide you. If you want to sell a Milford home fast in foreclosure, we can help with that too. Here are the top misconceptions you should know.

  • Foreclosure is an instant process

A lot of people live with the misconception that foreclosure happens instantly. But this is not true. Instead, foreclosure is a process that occurs when the person fails to pay their mortgage for a long time (at least three months). So, the lender sells the house in an auction to recover the amount the owner owes. The process can take months or years to complete. The good thing is you can prevent or even stop the foreclosure by selling your property to real estate cash buyers in Milford.

  • Immediate eviction from your home

Most people fear foreclosure because they assume the lender will kick them out of the house if they miss the first payment. With this mindset, they do not even attempt to stop foreclosure. As we mentioned, the lender actually waits for some months before sending a foreclosure letter. Moreover, even during the process, homeowners still possess certain rights.

Despite eviction, owners can stay in their house until the auction. This may take years. Meanwhile, they can sell the property directly to Detroit Cash For Homes and use the selling price to pay off their debts and save their home. 

  • There is no escape from foreclosure

Usually, people panic as soon as they receive a notice of default. They start believing this is the end and there is no escape from foreclosure. Luckily, homeowners have a chance to save their house until the auction. If you are in the same boat, you can still get your home back.

A bonus tip: Banks or other financial institutes have no right to seize your personal belongings other than your home. You can pack up all your things before moving out.

The bottom line

Foreclosure is a nightmare for homeowners. It is draining, both mentally and physically. However, a notice of default is not the end. You can certainly stop the foreclosure by selling your house to Detroit Cash For Homes. We buy houses for cash in Milford in all conditions, whether there are foreclosure issues or other legal issues.

Our selling process does not entail time-consuming processes like repairs, staging, listing, and marketing. Thus, you can sell a property fast and hassle-free.

If you want to discuss your property, call us today!