If you’re concerned about your property going into foreclosure due to circumstances beyond your control, the optimum scenario would be to work with your lender for a resolution before things go any further. However, going through the foreclosure process can be made easier when homeowners understand what lies ahead, so read on as we explore what homeowners in Myrtle Beach, SC can expect during the foreclosure process.
Default
Lenders understand that homeowners in Myrtle Beach, SC may experience temporary financial hardships, and they often provide a grace period to help navigate these situations. During this time, they may offer solutions such as forbearance or loan modifications to ease the burden. However, if you’ve fallen behind on your mortgage payments and don’t foresee a way out, it’s important to recognize that your lender will likely escalate their efforts to contact you as the foreclosure process begins. Expect calls, letters, and even home visits as they attempt to reach a resolution. While their primary goal is to avoid foreclosure, their focus will be on securing a payment arrangement or an alternative solution, such as a repayment plan or loan restructuring, to prevent further action. If you find yourself in this position, it’s crucial to engage in communication with your lender and explore all possible options, as ignoring the situation could lead to more severe consequences down the line.
Notice of Default
Lenders will issue a notice of default to homeowners in Myrtle Beach, SC, which gives you 90 days during the foreclosure process to pay the bill.
Mortgage Reinstatement
Homeowners in Myrtle Beach, SC who have entered the foreclosure process but can catch up on their past-due payments, including any interest and penalties, may have the opportunity to stop the foreclosure process and reinstate the mortgage. This means you can work with your lender to bring your mortgage current and avoid the legal consequences of foreclosure. However, this option typically requires a lump sum payment to cover the overdue amounts, and it’s important to be proactive in communicating with the lender to negotiate the terms. By reinstating your mortgage, you essentially erase the foreclosure proceedings, allowing you to continue making regular payments going forward. While this solution can offer relief and give you a fresh start, it’s vital to ensure that you can maintain these payments moving forward to prevent the foreclosure process from starting again.
Notice of Sale
Once 90 days have passed after the notice of default, the next step homeowners in Myrtle Beach, SC can expect during the foreclosure process is the notice of sale; within 21 days, the property will be put up for auction by the trustee (the lender).
Auction
During the foreclosure process, the final step for homeowners in Myrtle Beach, SC is the auction, where the winning bidder must pay for the property immediately, often in cash or through quick financing. If the home does not sell at auction, it becomes what is known as an REO (real estate owned) property, meaning it reverts back to the lender. At this stage, the lender assumes ownership of the home and will likely list it for resale. If you have not vacated the property by this time, you can expect the buyer to initiate an eviction process, which can be uncomfortable and may require you to leave sooner than expected. In some cases, the lender may offer assistance through a “cash for keys” program, where they provide you with financial compensation in exchange for you leaving the home in good condition and handing over the keys. This can help facilitate a smoother transition for homeowners who are facing eviction and looking to avoid further complications.
Another Option
For homeowners in Myrtle Beach, SC facing foreclosure, there’s another option: a direct sale to local professional buyers like those at Dynamic Home Buyers. First, the professional buyers at Dynamic Home Buyers will detail the expenses and what you’d profit by listing your property, advising you of the average days on the Myrtle Beach, SC real estate market. Then, professional buyers from Dynamic Home Buyers provide you with the numbers used to make their offer to buy your home directly, which we want you to agree is fair. And we’ll provide you with a guaranteed closing date, often within days. We do this at Dynamic Home Buyers for two reasons. First, we want you to make an educated decision about what is best for your situation. Secondly, at Dynamic Home Buyers, we are your neighbors here in Myrtle Beach, SC, living and working alongside you, a part of the community; we want you to feel good about the deal long after you’ve left the closing table.
Dynamic Home Buyers
Selling directly to Dynamic Home Buyers can turn everything around for homeowners in Myrtle Beach, SC facing foreclosure; our goal is to save you time and money. A direct sale means no commissions, closing costs, or hidden fees; our policy at Dynamic Home Buyers is complete transparency and no pressure. And, to save you even more money, at Dynamic Home Buyers, we buy houses as-is for cash in Myrtle Beach, SC, meaning you can keep your wallet in your pocket and forget about prepping, repairs or cleaning. You can even pick the date for your closing with a direct sale to a professional buyer from Dynamic Home Buyers, talk to us about the arrangements that would work best for you. Call Dynamic Home Buyers at (843) 256-8393.