You May Have a Better Way Out!
The number of mortgage foreclosure filings continue to rise as hundreds of thousands of Americans struggle with monthly payments they can't keep up with. For many Americans, unexpected hardships have turned home ownership from a joy into a burden. The loss of a job, medical bills, or an unexpected hike in monthly payments can quickly make a mortgage unaffordable. But ignoring the bills will not make them go away, it will only make things worse.
If you need help, there are approaches that can help, but you may not be familiar with them. One of these is a "short sale."
In an approved short sale, the lender agrees to accept less than is owed for the property, and the homeowner is relieved of the debt. A lender may be willing to do this because it spares a lot of hassle and expense involved in executing a foreclosure.
Typically, a short sale does far less damage to the homeowner's credit than a foreclosure does. Having a foreclosure on your credit report is the worst strike, after bankruptcy, and can reduce your credit score by more than 250 points. Instead, short sales show up on a credit report as a "pre-foreclosure in redemption" status and can result in a credit score reduction of 100 points or less.
If you would like to explore the possibility of a short sale for your property, avoid foreclosure, and potentially save your credit rating, please contact me today. I work with professionals that assist you every step of the way.
Stop dwelling on the past and look towards the future!
Foreclosure is something that is happening to many people right now, so you are certainly not alone. There is no reason to keep yourself down or think that you did something wrong. You just need to make a fresh start and move on with your life.
Call me any time with questions - my advice is always free.
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