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Foreclosures are Going Wild!
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Believe it, or not you are not the only one facing a foreclosure, just last month there was over a million foreclosure filings nationwide. This growing epidemic is forcing people to throw in the towel, by handing over the house keys to the lender which is called a deed- in- lieu, or letting the house go to the court house steps. What a lot of home owners do not know is that a foreclosure will follow them around for up to ten years on their credit report, which can be almost impossible to qualify for any other type of loan. Don’t give up just yet, there is such an animal called a short sale, which is the sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor/borrower. This negotiation is all done through communication with a bank’s loss mitigation or workout department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. Good news for the homeowner is that a short sale will only be on their credit report for two years, and technically when filling out a loan dock you can leave the foreclosure box unchecked. WHAT IF YOU DECIDE TO PURSUE A SHORT SALE? Here at WeBuyHousesAnyAreaCondition.com we specialize in working with banks to get your house sold! So feel free to go one line, and fill out a seller questioner, so we can asset you further in the sale of your home. |
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