Avoiding Foreclosure
Bad things can are happen to good people. If you are having a mortgage challenge and need to help in selling your home, contact me NOW. I am a Certified Distressed Property Expert. I am here to help any way I possibly can.
Unfortunately, there is a lot of incorrect information given to homeowners in this situation. Please be sure to consult with a professional certified to assist you.
9 Ways to Avoid Foreclosure:
REINSTATEMENT: Bring the loan current
FOREBEARANCE: Temporary repayment
REFINANCE: New loan with reduction in monthly
LOAN MODIFICATION: Modify original loan terms
SELL THE PROPERTY: Use equity to payoff or pay difference
RENT THE PROPERTY: Must make loan current
SHORT SALE: Negotiate with bank to accept sale under loan amount
DEED IN LIEU OF FORECLOSURE: “friendly foreclosure”
BANKRUPTCY: Will stall foreclosure but not prevent it
5 REASONS TO AVOID FORECLOSURE
1. The homeowner will always have to disclose they have had a foreclosure on any mortgage application.
2. Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.
3. A foreclosure is the one credit report item that is almost impossible to be “repaired”.
4. Military and government security clearance could be at risk with foreclosure.
5. Many employers run credit checks on prospective employees and foreclosure is one of the top items that will put a potential new hire in jeopardy.
THERE IS A HUGE DIFFERENCE BETWEEN LIFE AFTER FORECLOSURE AND LIFE WITHOUT FORECLOSURE!
Here is a link to possible agency assistance:
