Behind on the mortgage? You have more options than you think
Selling is one way out of a foreclosure, but not the only one. Here is how the timing works in Tennessee and Mississippi, and what to look at first.
- No repairs or cleaning
- No agent commissions
- You pick the closing date
- No obligation, ever
How fast it moves
- Tennessee: most foreclosures happen outside of court. The trustee advertises the sale in a county newspaper and mails a copy to the borrower, and the sale can be held a few weeks after the first notice is published.
- Mississippi: also usually outside of court. The notice runs in the newspaper for three consecutive weeks and is posted at the courthouse, and the lender has to mail a notice at least 45 days before the auction.
Options to look at before you sell
- Call your servicer and ask about reinstatement, a repayment plan or a loan modification.
- Talk to a HUD-approved housing counselor. It's free. HUD's line is 800-569-4287.
- Sell before the sale date. If the house has equity, selling pays off the loan and you keep what's left. A cash buyer can close in time when a regular listing can't.
Watch out for "foreclosure rescue" scams
Be wary of anyone who asks for an upfront fee, tells you to stop talking to your lender, or wants you to sign the deed over before you get paid. A real buyer pays you at a title company closing, and you never pay to get an offer.
How it works
Tell us about the house
Two minutes, no photos needed. With your OK, we share it with one local cash buyer, not a list of strangers.
Hear from the buyer
If the buyer is interested, they look at the property, usually walk it with you, and any offer comes in writing.
Close when you want
Say yes and close at a local title company on your date, or say no. You never pay us anything.
Questions
Can I sell if the sale date is already set?
Often, yes, if the closing can happen before the sale date. Tell the buyer the date up front.
What if I owe more than the house is worth?
Then a regular cash sale won't pay off the loan. Ask your servicer about a short sale or other options, and talk to a housing counselor.
Who actually buys my house?
Cotton Row Home Offers doesn't buy houses. We introduce you to one local cash buyer, who decides whether to make an offer and, if you accept, closes with you at a title company. We may be paid by that buyer for the introduction. You never pay us.
Is there any obligation?
No. Getting an offer costs nothing and commits you to nothing.
Will I get a lot of calls?
No. Your details go to one local cash buyer, not a list. Our AI assistant calls you to go over the property, between 10 a.m. and 6:45 p.m. Central, Monday to Saturday. If you miss the call, it tries again later, at most three calls in all. It says it is an AI, and you can tell it to stop calling at any time. In some cases, such as a home or a phone number in Mississippi, a person from our team calls you instead.
Why does an AI assistant call me?
So you get answers fast, usually within minutes of your request. It asks a few questions about the house, may give you a rough idea of what cash buyers pay for similar homes nearby, and, with your OK, passes your answers to the buyer. A buyer who is interested usually follows up within 24 hours. The call is recorded and transcribed, and the assistant never makes an offer.