Time matters most. The earlier you call, the more options you have. If you already have a sale date, tell us right away. We'll tell you honestly whether a sale can close in time.
What happens if you do nothing
Once a mortgage falls far enough behind, the lender starts the foreclosure process. Depending on your state, that runs through the courts or through a trustee sale outside of court, and the timeline can be a few months or more than a year. At the end, the home is sold at auction, often for far less than it's worth.
Auction buyers bid on what's owed, not on what your house is worth. Any equity you had can shrink or disappear once legal fees, late charges and interest are added. A completed foreclosure also stays on your credit report for years and can make renting or buying again harder.
Your options before the sale date
You may have more choices than the letters from your lender suggest. Common ones include:
- Reinstatement: paying the past-due amount plus fees to bring the loan current.
- Loan modification or repayment plan: negotiating new terms with your servicer.
- Selling the home: paying the loan off in full from the sale proceeds and keeping what's left.
- Short sale: if you owe more than the home is worth, asking the lender to accept less than the full payoff.
- Deed in lieu: handing the property back to the lender by agreement.
A HUD-approved housing counselor can walk you through these for free, and a real estate or bankruptcy attorney can tell you how your state's rules affect your timeline. If selling turns out to be the right path, that's where we come in.
How selling to us works when you're behind
Speed and certainty are what matter here. A traditional buyer needs a mortgage approval, an appraisal and an inspection, and any of those can push closing past your sale date. A cash offer removes all three.
- Call or send the form with your address and, if you have it, the sale date from your notices.
- We review the payoff. We look at what's owed (principal, arrears, fees) against what the home is worth as-is.
- You get a written offer with the math explained, and a frank answer on whether we can close in time.
- Title takes over. The title company or attorney orders the payoff from your lender, coordinates with the foreclosing attorney where needed, and pays the lender directly at closing.
- You receive the remaining equity by wire at closing. It never passes through us.
If you have equity and a little more time, our Retail Buyer Program can net more by selling to an owner-occupant buyer, usually in 30–45 days. We'll show you both numbers if both are realistic.
What if you owe more than the house is worth?
Then a straightforward sale won't cover the loan, and the lender would need to approve a short sale. These take longer and depend on the lender's response, so starting early is critical. Tell us upfront. We'll be honest about whether we can help or whether you're better served by a counselor or attorney first.
Protect yourself from foreclosure scams
People in foreclosure are targeted by schemes that promise to "save" the house. Walk away from anyone who:
- Asks for an upfront fee before doing anything
- Tells you to stop talking to your lender or make payments to them instead
- Asks you to sign over the deed so they can "fix" the loan
- Won't close through a title company or licensed closing attorney
With us, every dollar moves through title or a closing attorney, there are no upfront fees, and you're encouraged to have your own attorney review the agreement.