The Trusted Home Buyer Logo602-456-4440

Can I Give My House Back To The Bank Phoenix Without An Expensive Foreclosure?

a person smiling for the camera

Martin Boonzaayer

December 5, 2019

Can I give my house back to the bank in Phoenix without an expensive foreclosure?

The answer is YES!  (but with caveats, read below for more details)

Can I Give My House Back To The Bank Phoenix Without An Expensive Foreclosure?

There are many ways to avoid an expensive foreclosure in Phoenix.

Your first step if you’re trying to avoid foreclosure in Phoenix is to speak with your loan provider immediately to examine your choices to prevent home foreclosure.

You have to take action prior to getting too far behind on your mortgage payments in order to halt house foreclosure. You should contact your financial institution once you know you are likely to miss a home loan payment and inform them what is going on with your financial situation.

Your mortgage loan organization would rather work something out with you so they do not generate losses on your property by going through the actual foreclosure process.

You need to be open and honest with your mortgage company.

They may work something out with you that cuts down your rate of interest, which would reduce your monthly payment. In case you miss one or two payments but then are capable of start paying once again, they can usually add those repayments back to your home loan and consider you caught up on your mortgage. The financial institution will not accommodate you if you do not talk to them about what your situation is ahead of time is and asks for help.

Your mortgage loan bills or your card payments?

You’ll be able to prevent home foreclosure by ensuring you consistently pay your mortgage loan prior to any bills. Your house loan is an essential monthly bill you have. Credit cards should never take priority over your house loan repayment. You can deal with the consequences of not paying your cards a lot easier than you can the implications of failing to pay your mortgage.

Not paying your mortgage loan is the worst thing you can do with regard to your credit score. Getting behind on other sorts of debt like credit cards will never harm your credit as much as getting behind on your home loan. Not paying your mortgage loan could cause you difficulties with your credit cards in any case, so they ought not to be a priority when you have to pay your monthly dues.

Is selling your house in Phoenix AZ a way to avoid foreclosure?

One way to prevent home foreclosure is to try to pay your house loan off by putting up your property for sale.

You could probably be free from the financial hole you are in by selling your house for sufficient cash to pay the home loan off.  And sometimes you may be able to have money left to start over again. This is an excellent approach to prevent foreclosure of your Phoenix house and avoid a disaster on your credit score at the same time.

Another way to stop property foreclosure in Phoenix is to really cut your spending right down to the bare minimum. If you’re able to reduce your expenses adequately you could avoid having to offer to sell the house you love. For anyone who is self-employed, one method to spend less would be to stop renting an office and make a workplace at home. You could also think about selling a car and having just one that you share.

You can definitely proactively do something to stop your home from going into foreclosure and harming your credit and financial situation even further.

We Buy Local Phoenix Houses… Can We Make You An Offer?

Here at The Trusted Home Buyer, we buy houses in Phoenix AZ and surrounding areas and we may be able to help you get out of your house and avoid foreclosure.

The process is really simple:

  1. Fill out the form over here, or call us at 866-488-9923 and we’ll make you an offer within 24 hours
  2. If you accept the offer we’ll get the documents drawn up and come out and visit you in your home to go over the paperwork
  3. We buy your house when you want us to (in as little as 7 days) at a reputable local closing agent

That’s it!

Explore more

September 12, 2022
US Mortgage Lenders are Going Bankrupt

Inventory of resale homes is low, and the rising interest rates are making it harder for buyers to leap into home ownership, potentially causing a surge of failures comparable to 2008. We are now seeing a rise in mortgage lenders' bankruptcies, which is troubling news for an already uncertain market.  NQM and Bankruptcies  Now there […]

Read More
September 7, 2022
Community Focus: Annual Hotshots Charity and Memorial Event

Last weekend our CEO participated in the annual "Hotshots 19" charity and memorial event to honor the 19 members of the Granite Mountain Hotshots firefighting team who lost their lives in the Yarnell Arizona fires.  As part of the local CrossFit community, Martin and his family supported this event through donations and participating in their […]

Read More
August 11, 2022
What Opendoor's $62 Million Dollar Mistake Could Mean for Homeowners

It has been a little over a week since the FTC (Federal Trade Commission) finished its investigation into the "iBuyer" company, Opendoor. The FTC alleges that Opendoor Labs, Inc. used misleading information when pitching its service to homeowners. That alleged deception has now cost the company a cool $62 million. In the aftermath of the […]

Read More
August 5, 2022
Hoarding vs Clutter

If you or a family member have a cluttered house, you might find yourself questioning whether or not it is hoarding vs. clutter. Is there a difference between the two? And how can you fix the situation? First things first, understanding if you are, in fact, dealing with hoarding will help you develop an action […]

Read More
The Trusted Home Buyer Logo
Copyright © The Trusted Home Buyer
WE BUY HOUSES IN:

4.7 63 reviews