This past few weeks, I learned that many families are behind their mortgage payments and are facing foreclosure on their homes. I worry for them, because of the pain I know that these folks will have to go through.
You can be doing all the right things financially and still find yourself in a financial mess. Regardless of the cause of the disaster requiring foreclosure, you’re still in a mess! Often this season of life is like a pruning process.
If you are in a similar situation where you are unable to pay bills due to loss of income or increase in unexpected bills and you want to sell your house but are unable because you owe more than it’s worth, you have better options than foreclosure!
Employ a real estate professional who focuses on helping distressed homeowners. A qualified real estate professional will able to do the following:
• Negotiate with the banks on your behalf
• Purchase the property in AS-IS condition
• Work with dozens of cash buyers who are able to buy your house quickly
• Provide proof that they are members of the Better Business Bureau
Most importantly, a legitimate real estate professional will not charge you for their services.
A successful real estate professional will negotiate the satisfaction of the loan with a bank. The satisfaction of the loan means that the bank will accept this negotiated price and will agree not to sue the homeowner for deficiencies.
Finally, working with a real estate professional to avoid foreclosures will allow you to rebuild your credit much quicker, and with most conventional and Federal Loan programs, you may be able to purchase a home again within 2 short years.
In summary, due to the unprecedented economic turmoil, many distressed homeowners are turning to foreclosure. However, given the negative tax consequences, the potential for bank lawsuits and the damage to one credit, foreclosure is not the best alternative.
Working with a real estate professional who negotiates with the bank for the satisfaction of the loan will allow the homeowner to move on with his or her life much quicker, without the negative side effects that a foreclosure has.
If you are in a similar situation where you are unable to pay bills due to loss of income or increase in unexpected bills and you want to sell your house but are unable because you owe more than it’s worth, you have better options than foreclosure! Make a call now for help before it’s too late.