Giving My House Back To The Bank In Boise

“I’m behind in payments…will I be giving my house back to the bank in Boise?”

Nobody wants to lose their home. But sometimes financial pressures build up fast, and those monthly obligations can become impossible to keep up with.

If things go too far, you could find yourself in the painful position of surrendering your home to the bank in Boise, Idaho — leaving you without stable housing. On top of that, the long-term damage to your credit can follow you for years, making it much harder to get back into a home down the road.

Nobody should have to face that outcome. The good news is, there are steps you can take right now to get ahead of the situation — and with over 17 years of experience helping Idaho homeowners, Idaho House Buyer is here to help you find a smarter path forward.

Behind on payments but located outside of Boise? No worries — Idaho House Buyer buys houses in Twin Falls, Nampa, Payette, Jerome, and beyond. With almost two decades serving Idaho homeowners, we know how to find the right solution for your situation. Reach out today to explore your options.

Here’s a brief overview of the foreclosure process

The foreclosure process can vary depending on location and the type of mortgage you have.

Usually, if you miss a few mortgage payments, your loan company will start sending you notifications and then warnings. Over time, if you fail to pay back the mortgage payments you missed, the loan company may put your home up for public auction.

How long you can stay in your house after it is sold in auction depends on the state where you live. At some point, however, you will need to find a new place to stay.

Fortunately, you have options!

Waiting until your home is foreclosed can seriously damage your credit rating. One way to protect yourself is to work out an arrangement with your lender called a “deed in lieu of foreclosure”.

This means transferring ownership of the home to the lender so they can avoid the time and cost of formal foreclosure proceedings. In return, you get to keep a foreclosure off your credit report — a meaningful win for your financial future.

Another option is to sell your home before it reaches the auction. If your loan is paid in full, there will be no further penalties against you or your credit. (If there’s a remaining balance, you’ll need to cover the difference.)

Here’s a simple example: Say you owed $100,000 on your home and sold it to us for $90,000. You’d apply that money toward your loan and cover the remaining $10,000 to pay it off in full. (A real estate attorney may also help you negotiate a deed in lieu arrangement where the lender agrees to forgive the difference in exchange for the deed.)

At Idaho House Buyer, we’re experienced local real estate investors with over 17 years of serving Idaho homeowners. Contact us today at 208-581-5424 to find out what we can offer for your home — even if it needs repairs.

I want to avoid giving my house back to the bank in Boise!

So why do homeowners choose to sell rather than go through foreclosure? After all, they’re leaving their home either way.

Losing a home is never easy, but the financial impact of selling is far less severe than letting foreclosure run its course. Foreclosure can drop your credit score by 100 to 150 points. The short-term difficulty of selling is a much smarter move than the long-term damage of handing your home back to the bank.

Interested in learning more about a proactive option besides giving your house back to the bank in Boise? Call us at 208-581-5424 or fill out the form to get more information.

 

Behind on payments but located outside of Boise? No worries — Idaho House Buyer buys houses in Twin Falls, Nampa, Payette, Jerome, and beyond. With almost two decades serving Idaho homeowners, we know how to find the right solution for your situation. Reach out today to explore your options.