When your home goes into Pre-Foreclosure status, you have three different
options available.
Foreclosure
If you take no action, the bank will foreclose your home. You will lose
your home, lose all of your equity in your home and will devastate your
credit score that means you won’t be able to buy another house. You
should try to avoid foreclosure at all costs. We will help but you must
contact us as soon as possible.
Forbearance Plan
If you are behind in your mortgage payments due to a temporary setback
such as a job loss or a medical issue, we can help you negotiate with your
bank to work out a forbearance (repayment) plan. Each bank will handle a
prospective forbearance differently. We work with banks all day long and
can provide invaluable assistance in knowing how to successfully negotiate.
Sell Your Home
Often, the best option available if you are facing foreclosure is to quickly
sell the home and preserve as much equity as possible. Selling your home
also helps you avoid a foreclosure and bankruptcy on your credit report.
Having a foreclosure on your credit report will severely impact your ability
to borrow money for many years to come. In addition, selling your home
will allow you to move forward with your life with a fresh start.
