| Most of
the time when I receive a call from an owner facing foreclosure it is too
late to help them. On the bright side some owners have the knowledge of
this process and call me right away. In most of these situations we can
ease the pain by working together as a team. If you are facing this
problem call a good Realtor immediately, not after you receive the
foreclosure notice. If you are not in a position to catch up all your
payments and penalties it is best to sell your home now so you don't have
a foreclosure posted on your credit report.
This will greatly improve your chances of
purchasing another home by not having a foreclosure showing on your credit
profile. If you ignore this problem and foreclosure does happen, this will
have a devastating effect on your ability to purchase anything with the
interest rate and costs that are afforded to buyers with normal credit.
There are many reasons for foreclosure, loss of job, illness, raise in
monthly home payments caused by a ever increasing mortgage interest rate
that is triggered by a variable rate mortgages rather than a fixed rate
mortgage.
One of the most common problems that can lead to foreclosure is owing more
on your home than it will bring on sale. When you fall behind on your
house payment call a Realtor who is an expert in helping you resolve this
situation. While no one wants to sell their home when in financial trouble
in most cases it is the best solution, preventing
additional legal costs and even when your home is foreclosed you
can still owe a balance if it does not sell for what is owed on your
mortgage. Don't face foreclosure alone! There is help negotiating with
your mortgage company and most of the time can get you back on the right
track.
Dora Clifford, Clifford Realtors 614-501-1500 or 800-501-8663
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