Are You Facing Foreclosure?
You May Have a Better Way Out!
There are countless hardships that can turn home ownership from a joy into a burden. The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable. But ignoring the bills will not make them go away, it will only make things worse.
There is a huge difference between life after foreclosure and life without foreclosure. Here are five big reasons to avoid foreclosure:
1 The homeowner will always have to disclose they have had a foreclosure on any mortgage application.
2 Credit scores will be lowered by 300+ points affecting the ability to get a car, apartment, credit cards, etc.
3 A foreclosure is the one credit report item that is almost impossible to be “repaired”.
4 Military and government security clearance could be at risk with foreclosure.
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.
What can be done to stop a foreclosure? Once foreclosure has started it is a race against the clock. Is it possible to avoid foreclosure – YES - but it takes work. Here are nine ways to avoid foreclosure:
1 Reinstatement - Bring the loan current
2 Forbearance - Temporary repayment plan
3 Refinance - New loan with reduction in monthly payments
4 Loan Modification - Modify original loan terms
5 Sell the Property - Use equity to payoff or pay difference
6 Rent the Property - Must make loan current
7 Short Sale - Negotiate with bank to accept sale under loan amount
8 Deed-in-Lieu of Foreclosure - friendly foreclosure
9 Bankruptcy - Will stall foreclosure but not prevent it
As a Certified Distressed Property Expert, I can give you the expertise necessary to save your credit, relieve the uncertainty and most of all, help your family. Contact me, Scott Orich, and let’s get started towards the path of recovery. Don’t let the worries of tomorrow ruin the happiness of today.
If you would like to explore the possibility avoiding foreclosure please call me at 317.513.6488 or complete the form below.