You will be surprised how many times a homeowner in foreclosure will give up, perhaps they don't understand the process or feel like they no longer care or have a choice.  Does this sound like you or someone you know?  Please consider the following reasons why you should avoid foreclosure.

1. You will always have to disclose that you had a foreclosure on any mortgage application and many job applications you submit in the future and this can have an adverse affect on your future mortgage rates.  This is the only credit item that is asked specifically and does not rely on what is on an individual's credit report.

2.  Your credit score will be lowered by 300+ points and a foreclosure is the most devastating credit issue you can have in relation to future credit availability.

3.  A foreclosure is the one credit report item that is almost impossible to have "repaired".

4.  Your lender can seek a deficiency judgment against you and collect for any amount they do not recuperate at bank sale.

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 jepardy.

6.  Many current employers run credit checks and a foreclosure can put a current poosition in jepardy.

7.  Security clearance and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.

8.  You may be responsible for any deficiencies after foreclosure for an indeterminate period of time depending on state guidelines.  This can place you in a never ending collection situation.

As your Certified Distressed Property Expert Agent, I will explore with you and work towards a resolution.

I know it may not seem like it now, but there will come a time where your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid the devastating financial consequences so many people are facing today.

Please, if you or someone you know is facing or potentially facing default in the mortgage. If you or they are late in their mortgage payments, don't wait.  Contact Carol Daniels for a private consultation.  There is no charge for this consultation.

Ok, everyone is hearing more and more about buying HUD homes.  Is it done the same way as buying any other home?  NO.  Let's talk about placing an offer on a HUD home.  As you may know, a HUD home is a foreclosed property and the HUD stands for Housing and Urban Development.  These homes are bid via an electronic bidding system.  Electronic bidding allows brokers, like myself, the ability to submit bids for buyers electronically viaa computer or touch tone phone. The electronic bids are stored in the computer and at the appropriate time, the computer will automatically perform the calculations to determinethe apparent highest NET OFFER. HUD's Management and Marketing Contractors will confirm the winning bid and notify the Selling Broker to submit a signed sales contract.  

Now that is the technical terms and format for submitting an offer.  Of course there are tasks you, as a buyer, need to do to prepare yourself to place an offer.  You need to be pre-qualified by a HUD qualified lender.  Not all lenders are accepted by HUD so you need to work with a qualified lender according to HUD guidelines.  You need to place your offer through a HUD broker.  Not all realtors are HUD  brokers so it is best to find a HUD  broker you are comfortable working with.  Make certain that the professional you work with also can assist you should you decide not to buy through the HUD process. HUD homes allow you to have inspections however they are for your information only. So be prepared NOT to have repairs or adjustments negotiated.  Remember, we are submitting an offer to a computer so there is no negotiating. 

If you would like more information on HUD Properties or are interested in buying a HUD home or Bank owned property, I am a HUD Broker and am available to assist you. HUD Homes and bank owned properties are homes definitely worth considering when buying a home.  You can reach Carol at 302-684-5904.