Foreclosure is tough
and can cause a lot of stress
When you’ve got a foreclosure auction looming over your head, it’s definitely a stressful time.
We’ve worked with many homeowners that have fallen behind on payments for various reasons including income loss or medical bills.
And once you get into foreclosure, the bank becomes very unforgiving.
They’ll attempt to work with you at first but then slowly stop answering your calls or responding to your messages.
To make things worse, they’ll add several thousands of dollars on top of your past due balance, making it even more impossible to get back in good standing.
You might be backed into a wall thinking there are only two options…
You don’t want to let the home get auctioned off
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…
Bankruptcy is not your only option, nor is it the best one
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.