Get this in your head right now! You must do something now or your credit will be trashed. A foreclosure on your credit report is like the kiss of death. Start taking action as soon as you have finished reading this article. Most people in foreclosure are in denial. I can’t count how many people have called me the day before their home is to be sold at the court house steps. I have to tell them it is too late and they end up loosing their home.
Step One: Call your lender and talk to someone in the loan loss mitigation department. These people are trained to help people in foreclosure. The banks don’t want to have to put your home up for sale. The banks want you to pay them what you owe them. Ask the bank if there are any ways to stop the foreclosure. Typically there are several ways to stop foreclosure. You can ask for a special forbearance. The bank will sometimes lower your payment or even allow you to stop making payments for a short time. If you have had a sudden job loss or hardship then the banks are usually willing to work with you during the slow times.
You can ask if you qualify for a short sale. A short sale is when the bank sells the house for less than what is owed. For example, you might find a real estate investor willing to buy the home for $100,000 when you owe the bank $120,000. The house might be worth $110, 000 and the bank does not want to have to take the home back and try to sell it themselves. In order to do a short sale you will usually need a real estate investor to buy your home and help you with some of the paper work. If you successfully do a short sale then you will not have a foreclosure on your credit report. The best way to get investors to make an offer on your house is to click HERE and submit your information for free with no obligation. Many experienced investors know how to successfully negotiate a short sale with the banks.
Step Two: Get many investors interested in your home as soon as possible. Real estate investors are in the business of buying homes. They normally pay cash and cover most of the closing cost. They buy homes that need work and brand new homes. You don’t have much time before the bank sells your home and kicks you out so get busy. The best way to get investors to make an offer on your house is to click HERE and submit your information for free with no obligation.
Whatever you do make sure you do it fast. Don’t put off the problem.
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