Overcoming Foreclosure
Homes can go into foreclosure for various reasons. One of the main reasons why homes go into foreclosure is due to late or missed mortgage payments. If consecutive payments are missed for some months, the bank can foreclose on the house. Job loss, excessive bills, debt, or other major unexpected expenses may lead to mortgage payment issues.
Here are some options.
Don't want to sell?
Payoff
Borrower pays loan in full.
- requires on-hand cash
- must pay everything owed
Refinance
Take out a new loan to pay off the existing loan.
- frequently requires a good credit score, stable income, and equity
- resets "timer" until home is paid off
Reinstate
Pay off existing debts and missed payments. Catch up on fees and loans.
- catches you up on payments
- doesn't require the full loan to be paid off
Loan Modification
Lender changes the terms of the loan.
- does not replace the current mortgage
- higher interest payments
Sell
Traditional Sale
Listing on multiple listing services, through a real estate agent.
- can take a long time
- property needs to be in presentable condition
- often requires an open house to the public
Cash Offer
An offer in cash for your home.
- can be a very quick process
- sell house as-is (no repairs necessary)
Real Estate Contract
Agreement of purchase and sale, exchange, or transfer of equity held by the terms of the contract.
- monthly check to you
- time of process can depend on agreement
⭐️ The Safe Offer ⭐️
Our unique and convenient offer allows you to stop the foreclosure on the home, while still having the option to purchase the home back.
- for more information, please set up a meeting
- (505) 539-3306
Resources
Foreclosure Settlement Program
The Foreclosure Settlement Program is available to all homeowners in New Mexico that are currently going through a Judicial Foreclosure (If you don't know what this means then your case is likely Judicial). This program allows you to work closely with the bank and their attorney as well as gets a settlement facilitator appointed for your case to keep open lines of communication.
More Info:
Redemption Rights
In New Mexico there is a 9 month right of redemption that is usually cut down to 1 month by the mortgage.
This right allows homeowners to purchase the property for the price it sells for at auction OR you are able to assign the right to Safe Offer LLC or any other company or individual.
HAF Program
The HAF Program is a government funding program that provides homeowners with up to 30k to help with reinstating a loan. This program is available to all homeowners who have experienced financial hardship caused by covid 19 and are under certain income levels and loan limits.
More Info:
