Century 21: Premier Realtors

I have not met anyone who wants a Foreclosure. They are becoming more common recently due to Covid-19 relief rolling back. Some folks may feel that they are so far behind that why even make more payments. Are you in a hole you feel is too deep to dig out of? Read on

A Short Sale is when a lender agrees to accept less than what you owe on the mortgage. This can only be approved by the lender. Do not go into Foreclosure if you have more equity in the house to try a Short Sale. You just need to sell the house by giving me a call. If you don't, a Short Sale can benefit the lender by receiving most of its loan back with out going through the Foreclosure process.

Many lenders prefer not to own property because they will still need to sell it. However, in some instances they will benefit more by using this option over a Foreclosure or short sale. Deed in Lieu of Foreclosure is when you voluntarily relinquish ownership of your home to your lender.

A Foreclosure typically remains on your Credit Report for seven years after your first missed payment. Many lenders will not lend when there is a Foreclosure on your Credit Report or if they do the fees and rates will be much higher. Keep in mind that renting usually consists of running your Credit Report. A Foreclosure can have a serious negative impact on your life.

If you believe Foreclosure is on the horizon, give me a call so we can look at what options might be taken to remedy that, save your credit and get you into another home.

Your promissory note to the lender makes your home collateral to receiving the mortgage. You need to consider your obligations. If it does go to Foreclosure, if the liens on your home are not fulfilled, you could be sued for a deficiency judgment that can be placed on personal property and your other assets. It is best to avoid foreclosure. I am not an attorney. For legal matters you will need to contact one.