Money makes the world go round, and loans help us stay on the ride. Higher education, home improvements, medical emergencies – there are no limits to the important reasons someone might need a long-term loan. No surprise then that homeowners take out mortgages on their homes, which are often the largest sources of value they have.

There's also no shame in reaching the point of defaulting on your loan or wanting to get out of a mortgage that isn't helping you any longer. Perhaps you need to move into a smaller place or somewhere far away, and you don’t want to keep a mortgage for a home you won't be living in.

Whatever the case, did you know there's a way to stop sending mortgage payments and avoid foreclosure? Read on to find out how!

## Basics Of Mortgages And Foreclosures
When you take out a home mortgage, you are getting a loan. The collateral, or what you would lose if you couldn't pay back the loan, is your home. Your mortgage loan could have various different rules depending on the lender, so always read through the contract again for relevant information on their foreclosure process.

If you decide to stop paying back the loan for whatever reason, or can't meet some other requirement, your lender would naturally want that collateral. After a number of missed payments, they would send letters notifying you they didn't get the money. More letters would follow demanding the payments, after which their foreclosure department would take over.

[Notices of Default – the start of the foreclosure process](https://www.investopedia.com/terms/f/foreclosure.asp) – are generally sent about three months after the lender notices payments have stopped. From that point the borrower may have about one month to send the missing payments if possible, allowing them to keep the loan going without a foreclosure.

All of these pre-foreclosure steps can take a while, but after this, the lender can then legally take ownership of the home and evict any residents. They will then try to sell the home for whatever they can get, and use that money for the loan.

## The Many Reasons To Avoid Foreclosure
Let's say you, while owning a nice home, took out a mortgage to pay for expensive home improvements. Halfway through the renovations, you realized you needed to move across the country for some reason. You're not even close to paying back the mortgage, and the value of your home might be about the same as the remainder of your loan, so technically you could let the foreclosure happen and the lender takes the home. Sounds fair and simple, right?

Not so fast! All of those home improvements weren't assessed in the home's value, and there are many other ways you might still have equity tied up in the home. If you had time to finish the renovations and sell the home, you could pay back the loan and have extra left over, rather than giving the home up completely in a foreclosure. But you need to move now, so perhaps taking a loss is worth that?

Again, no. Foreclosures show on your credit statements for the next seven years, taking 100 points or more off your score! Will you be renting an apartment in your next destination? Making any large purchases? Applying for another loan? A bad credit score would give you trouble.

Worst of all, your home might not even be worth enough to pay back the full mortgage loan, and you could be left with a loan to pay despite losing all the value from the home. Some lenders sell seized property for much less than you would get by finding the right buyer, simply because the lender doesn't want to take much time. What you need is some sure method of ending the mortgage loan entirely without risking a foreclosure.

## Getting Cash Offers To Prevent Foreclosure
Many lenders have an option known as a Short Sale, in which they let someone buy the house from you for less than the remaining mortgage amount. If the majority of what was left on the loan is settled right away, the lender may even forgive the rest. You avoid the harm to your credit from foreclosure and any leftover loan, the lender is happy they don't have to go through the complex foreclosure process or keep a risky loan, and the buyer can take their time finding the home's next owner.

If you look into methods like this early enough, you'll also find buyers who pay cash for homes. The Short Sale process can take a long time, while cash buyers tend to be much faster, perfect for when you are moving. You may even be able to find several cash offers at once, allowing you to pick the best. If you’re lucky, you’ll find a cash buyer who can pay off the entire mortgage.

Consider all the added costs of selling the home normally, such as paying real estate agents, staging costs, or closing the sale. Cash sales give you more freedom and less stress. You can decide when you'll move out and let the cash buyers handle the rest, almost like hiring someone to sell your house and settle your mortgage at the same time. 

Do you need to avoid a potential foreclosure? Taida Corp makes cash offers on homes and works with you to get the best deal possible, all while ending your mortgage loan completely. [Contact our team soon to get started!
](https://www.taidacorp.com/contact)

Did you know there's a way to stop sending mortgage payments and avoid foreclosure? Read on to find out how!


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Can I Avoid Foreclosure With A Cash Offer? (Answer: Yes!)

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