Foreclosure
Some Reasons for Foreclosure
- Obtained a sub-prime loan
- Increased property taxes and insurance
- Adjustable rate mortgage (ARM) and Zero down loans
- Death of family member
- Loss of income
- Unexpected medical,divorce,home repair bills
- Market shift/owe more than home is worth
- Re-finance and pulled out equity
What is a Foreclosure?
It is a legal process in which a lender takes the title or forces the sale of a property as a net result of the borrower's failure to comply with the terms and conditions of the mortgage. A foreclosure will take a tremendous toll on your personal well being along with a huge hit against your credit rating; affecting your ability for future homeownership for years ahead. Foreclosure is a heavy hit to your credit rating and stays on the report for 7-10 years.
Do you think that Lenders want to own Real Estate?
No, they do not. They are not in the business of owning Real Estate. They would much rather work with you to avoid foreclosure. So talk with them to see what your options are and when a Loan modification doesn't work out, find a Realtor, such as myself, who specializes in Short Sales and sell your home as a Short Sale.
