YOU NEED/WANT TO SELL BUT
YOU THINK YOU OWE MORE THAN YOUR HOUSE IS WORTH?
Here you have valuable information that will help you make an informed decision.
Custom strategies are available case by case. Terms and processes will be explained in detail when we get together.
It’s important to know your options and understand all the potential solutions that may be available to help you avoid foreclosure. It’s also important to understand what can happen if you fail to take action and foreclosure becomes unavoidable. The process can be stressful, embarrassing, and it can have long-lasting consequences.
Keep in mind, your mortgage company doesn’t want to foreclose on your home. Just like there are consequences for you, the foreclosure process is time-consuming and expensive for them. They want to work with you to resolve the situation. However, some homeowners simply don’t take advantage of the help available and foreclosure becomes the only option.
What are the consequences of a Foreclosure?
- Eviction from your home—you’ll lose your home and any equity that you may have established
- Stress and uncertainty of not knowing exactly when you will have to leave your home
- Damage to your credit—impacting your ability to get new housing, credit, and maybe even potential employment, for many years
- May owe a deficiency balance after the foreclosure sale
- Lose any relocation assistance or leasing opportunities that may be available with other options
- Forfeit ability to get a Fannie Mae mortgage to purchase another home for at least 7 years (Fannie Mae guidelines)
How Do You Avoid Foreclosure?
The most important thing—take action now. You have nothing to lose (and everything to gain) by working with your mortgage company to avoid foreclosure.
If foreclosure is imminent, other options may no longer be available. However, you may still be able to leave your home without having to go through foreclosure. This means you won’t have a foreclosure on your credit history and you may qualify for relocation assistance to ease your transition to new housing.