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Foreclosure Process

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Foreclosure Glossary

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Here are the most common options available to homeowners facing foreclosure 

 

As you review these options, keep in mind that once the foreclosure process starts… you only have a limited amount of time to take action.  Depending on your situation, some of these options may not be available to you.  

 

 

You May be Able to Refinance


If you have at least 40% equity in your home, you might be able to refinance, provided you or your significant other currently has a job.  Be advised that your late mortgage payments will already be reported on your credit report so your new mortgage could carry a higher rate which may result in a higher payment.  If you decide to take this route – make sure that you discuss this with your loan officer and get your future mortgage payment in writing.  Obviously, if your new mortgage payment is higher than your present payment, you may end up right back with the same problem in the near future.

 

 

You Can Try to Selling the House Yourself


You can try to sell your house yourself via "For Sale By Owner", commonly referred to as FSBO. There are websites that provide assistance to homeowners who are trying to sell their own homes.  However in today’s market, it takes much more than just putting a sign in front of your house and a small ad in the local newspaper.  Take a quick drive around the city and you will see thousands of “For Sale” signs.  This is who you will be competing against.  Again, unless you have enough equity to offer a below market price or other incentives it will be a very tough sell.  In today's market, buyers expect to pay less.
 


You Can Try to “Go Current”

 

If you can raise the money through private sources such family and friends you can try to go current on your present mortgage by simply paying everything that is past due - principle, interest and taxes.  However, don't get another loan and get deeper into debt. It will just make matters worse.

 

A friendly word of advice… Don’t borrow from friends and family unless you are absolutely sure that you can pay it back in a reasonable amount of time. When you don’t pay back a bank its just bad business.  When you don’t pay back your friends and family its personal and it can destroy relationships built over a lifetime!

 

You Can Deed Your House Over to an Investor or Lender

 

You may get offers from unscrupulous investors to deed your house over to them and keep the mortgage in your name.  They promise to rent or lease the house back to you and make the payments so that you can stay in your house; however these investors have nothing to lose, so if they can’t make payments for some reason, they won’t and guess whose credit will be affected?  Yours!

 

If you have some equity built up in your home, you may also get offers from predatory lenders for a "loan to get caught up" on the delinquent mortgage payments.  In exchange for the rescue, you are asked to deed the house over to them, and they promise that you may remain in the home while paying rent.  The predator then sells your house from under you to someone else to pocket your equity, and you get an eviction notice.

 

Beware of the wolf in sheep’s clothing!

 

The only safe way that you can save your home from foreclosure, and continue to live in it, is by paying your bank all the money that is owed.  Period!  You may not like this… but it’s the truth. 

 

Don't fall into these traps! These option should not even be considered. It's probably the worst thing that you could do.

 

 

Bankruptcy

 

Bankruptcy is expensive, a matter of public record, very unpleasant, and ranks as the worst thing possible on your credit report.  If you want to save what's left of your credit and move on with your life, this is not a good option and should be avoided.  Besides, if you had the money to pay attorney fees you probably would not be behind in your mortgage payments.


 

You Can Do Nothing

 

Many people needing help with stopping foreclosure become overwhelmed with the situation and simply do nothing, hoping for a miracle.  However, technically, by doing nothing you are actually making a choice.  And it’s a bad choice because while other options will leave you with “bruised” credit, this option will absolutely ruin your credit for the next 7 – 10 years.  For every day that passes, additional interest and penalties are piled on and your options dwindle.

 

 


 

 

If none of the previous options are appealing to you, there is one more option... You May Qualify to Sell Your House Using a Short Sale.  

That's where we can help you.

 

 

Fortunately, as a licensed broker we follow a strict code of ethics.  We have a solid track record of dealing with people in foreclosure and we will be upfront and honest with you...

 

We cannot save your home…  but we can:

  • Negotiate with the bank on your behalf for a lower mortgage payoff

  • Match you up with one of our buyers that wants to BUY YOUR HOUSE

  • Help you save what’s left of your credit so you can move on with your life…  and put this problem way behind you.

 

  

See if you qualify for a

free no obligation "Short Sale" consultation today.

 

We can discuss your particular options and answer all of your questions.

 

We will NOT try to sell you anything.  If there is no way that we can help you, we will simply tell you so.  If we think that referring you to a third party is best, then we will gladly refer you to someone that we feel is qualified to help with your situation. 

 

 

Please consult with a tax professional regarding the potential tax consequences for your particular situation. Our goal is to provide you with sufficient information to help you choose the right option based on your current situation. Nothing is represented as tax advise as every situation may result in different tax consequences.
 

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