Top Ten Reasons to do Everything You Can to Avoid a Foreclosure

By
Real Estate Agent with RE/MAX PowerPro Realty

Here are our top ten reasons to do everything you can to avoid a foreclosure:

10.  Foreclosures are forever!  By simply mailing in your keys to the bank you will not stop the foreclosure process.  The bank will proceed with the foreclosure.

9.  Foreclosures will haunt you forever.  You will have to disclose that you have had a foreclosure in future mortgage applications, and job applications you fill out from today forward. 

8.  Your credit score will be lowered by up to 300 points and a foreclosure is the most devastating credit issue you can have in relation to scores. 

7.  A foreclosure is the most difficult credit item to "repair".

6.  A foreclosure will remain on public records for an indefinite amount of time, and on a person's credit score for 10 years or more.

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

4.  Avoiding foreclosure may be as easy as calling a licensed REALTOR with experience in distressed situations and getting an analysis and possible solutions.

3.  Many banks are accepting short sales - a process that if you hire the right REALTOR will allow you to avoid foreclosure at no cost to you, the bank will pay all commissions and closing costs. 

2.  You may be responsible for any defaults after foreclosure for an indeterminate period of time depending on the state you live in, this will land you in never ending collections. In a short sale, the debts are forgiven and are NOT reported on your credit report as a derogatory item.

1.  And number one - while it may not seem like it now there will come a time where your current financial troubles will pass and you will feel much better knowing that you did everything you can to avoid this devastating financial consequence so many people face today.  There is light on the other side of the tunnel.  Reclaim your life. 

Our advice - contact at least 3 REALTORs in your area and get an opinion of what can be done in order to help you avoid this harshest of consequences.  While not all foreclosures can be stopped many of them stand a very good chance of being avoided. There are options!

If you need assistance immediately and you are in South East Florida, please do not hesitate to email us @ www.Info@RealEstateWish.com or call (305) 970-9933. 

We welcome any and all questions

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