There are all sorts of terrible things that can happen once the home gets auctioned, including that you might still be liable for part of the mortgage or legal fees even after you’ve lost the house.
Additionally, a foreclosure will go on your record and you’ll not be able to purchase another home for a number of years.
If you’re in this position, then you might be thinking the next logical step is bankruptcy, however…
Filing for bankruptcy is not free, and if you had the money to hire a lawyer, you’d have already paid back what you owe on the house to not get into this position in the first place.
And similar to foreclosure, bankruptcy is on your record for 7 years, which limits what you can do as far as credit is concerned.
Many homeowners think this is their last option often because their home is not in any sort of condition to be listed and sold (sometimes because of damage to the house like flooding).
Even if your home is in terrible condition, it’s worth talking to us because we have several methods available in real estate that allows us to save you from foreclosure and remove your liability for the mortgage and its payments.
The bank will allow you to be taken off the foreclosure list if you have a buyer lined up, and that’s often one way we are able to help homeowners in this type of situation.
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