Short Sales
Reasons to Avoid Foreclosure
1) You will always have to disclose that you have had a foreclosure on mortgage application and many job applications you submit in the future and this can have an adverse affect on your future mortgage rates. This is the only credit item that is asked specifically and does not rely on what is on an individual's credit report.
2) Credit scores will be lowered by 300+ points and a foreclosure is the most devestating credit issue you can have in relation to future credit availability.
3) A foreclosure is the one credit report item that is almost impossible to have repaired and will ultimately affects your credit for a minimum of 7 years!
4) Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at a trustee sale.
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.
6) Many current employers run credit checks and a foreclosure can put a current position in jeopardy.
7) Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.
Alternatives to Foreclosure
As a CDPE I will be able to quickly assess your situation and be able to suggest alternative strategies you could use to avoid foreclosure including, but not limited to loan modification and refinancing options. However, these options may require qualifications that may not work for your current financial situation.
Consequently, you may need to sell your home and not be able to sell it for what you owe. This is called a Short Sale. Getting the bank to agree to accept less than what is owed is a detailed and complicated process that requires an expert.
A Certified Distressed Property Expert is trained in helping you the homeowner put together the required hardship package the bank requires prior to and even considering looking at any offer. In addition a detailed market anaylsis of your properties value is compiled to determine current market value prior to listing your home.
A Short Sale, if accepted by the bank is a much better alternative than allowing your home to be foreclosed on.
If you are late on even one payment time is running out. Call now for a confidential appointment and stop the worry, stress and uncertainty and get you and your family on the road to recovery.
As your CDPE agent I will explore every option with you and work towards a resolution.
While it may not seem like it now there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence so many people face today.
Call 480-570-5203 mobile or email at msanders23@cox.net
