Foreclosure vs. Bankruptcy – SHORT SALE SPECIALIST - Richmond, Virginia - Henrico County VA - Chesterfield County VA

Foreclosure vs. Bankruptcy

Which is worse: foreclosure or bankruptcy?

Bankruptcy and foreclosure are both derogatory legal actions in the public record portion of a consumer's credit report. As such, they will each have a significant impact on any person's credit standing. How much either would impact your credit would depend on ALL the factors showing in your credit. You should consult with a knowledgeable attorney to discuss the implications prior to proceeding with either action.

Bankruptcy, being the last resort for many consumers, has a 10-year statute of limitation. It hopefully clears away all outstanding debt and can (in some states) preserves important assets, like a home.  Bankruptcy will likely cost a few thousand dollars with a competent attorney.

Foreclosure has a 7 year statute of limitation. But there would be a "double hit" to a consumer's credit score; once for the trade line and another hit (with it's own 7 year statute of limitation) for the legal entry. Any consumer having a foreclosure would find it extremely difficult to get mortgage financing for a large period of the time it shows. Obviously, to a mortgage lender, foreclosure is the worst indicator of risk when evaluating a potential borrower for a home loan.

So, all factors, including your future goals, would need to be taken into consideration before making a decision between these two actions.

The Short Sale Solution

A successful short sale negotiation may prevent the homeowner’s need for a foreclosure or bankruptcy. A short sale can satisfy a loan balance in full and have no adverse effects on a person’s credit file.  

Note:  A short sale does not change a customer’s credit history .When working with homeowners facing foreclosure encourage them to seek legal counsel.  Most won’t.The reason to encourage legal counsel is because you do not want to give them ANY advice because in our litigious society they could later sue you claiming as a result of following your advice they suffered monetary damages and losses. 

Facing Foreclosure?

Missed a couple of house payments?

NO EQUITY????

Whatever you do DO NOT GIVE UP and let the bank take back the house!!!

It does not matter if you are upside down on the home and have no equity!

We specialize in SHORT SALES where the bank will take a discounted settlement.

We are EXPERTS, and this will put you in a much better situation all around.

 FREE Consultation. We can only HELP you.

We have a 94% success rate and we do not outsource any of our Short Sales. All processing is done by an experienced Short Sale Specialist

Benefits include:
**** Your credit will not be as damaged,
**** You may be able to stay in your home longer,
**** Your lender will pay the commission and closing costs of the sale.
**** We handle ALL the paperwork that is required.
**** You sit back and relax.

WWW.RICHMONDVAHOME.COM for more info or call 804-247-8187