8 Ways You Can Avoid Foreclosure
The worst way to lose a house is through a foreclosure. We call foreclosure “the atomic bomb of credit scars.” It cuts the deepest and lasts the longest. When something affects your credit negatively, it lowers your credit score, and the effects last for varying periods of time. Foreclosure lowers your score the most and for the longest period of time – up to seven or more years.
Some distressed homeowners reach the end of their patience and decide they simply want to “walk away” from a house believing that foreclosure will be the end of their problems. The truth is that foreclosure is the beginning of an 8- to 10-year nightmare that can involve everything from an eviction by the sheriff, embarrassment, battling creditors for years, deficiency judgments and lawsuits, possible tax ramifications that can even lead to garnished wages, and difficulty getting credit cards, car loans, or even many types of employment for up to a decade.
Homeowners facing foreclosure have many options in today’s market. Individual Realtors, attorneys, and financial planners do not know ALL of the options available, so we have created a comprehensive list of strategies for your reference:
- Sell your house
- Short sale
- Catch-up payments
- Loan modification
- Deed-in-lieu of foreclosure
- Temporary restraining orders
- Forbearance plans
If you are facing foreclosure or in a house that you cannot afford to keep and want to sell, please give us a call so that we can contact you and give you all of your options for selling your house and avoiding foreclosure.
Note: We are house buyers. We do not offer for-fee foreclosure avoidance services, such as loan modification services. Please be warned that these services can be very expensive and, based on our observed experience, rarely work.