Options

Save Your Home, Equity and Credit

Here are your options when faced with a Notice of Default:

1. Do nothing and file foreclosure
2. Hire a real estate agent
3. Short sale
4. Sell to an investor
5. Work with Home Equity Savers

Did you realized that it can be more difficult to get a loan with foreclosure on your credit than it is with a bankruptcy. After bankruptcy you can get a loan again in as little as two years.

After a foreclosure, it can take up to FOUR YEARS before you can qualify for a conforming loan again. Allowing a foreclosure action to happen should be the last thing in the world to consider. There are several better options available to you.

This happens all the time. A family gets in a tight spot, they have a “Notice of Default” filed against them and they try to find a solution to the problem on their own. They bring a Agent in and tell them they have to sell fast. Any good Agent will advise you to price your home“for a quick sale”.

Unfortunately, most homes that are listed during the Notice of Default period are sold at tremendous discounts. This leaves you with very little in the way of proceeds, because you sold your home below market value and the going rate for a Real Estate Agents’ service is 6% of the sales price.

When your home is sold, the Agent takes more money from your home than you do! The result; you just sold your home at a discount, have little or no money and no place to live. If you don't have any equity to work with, your house won't sell and you'll be foreclosed on.

With all the real estate guru's promoting programs about 'short sales' this has become one of the first options attempted during the Notice of Default period.

Experienced Real Estate and Mortgage Professionals will tell you that it is difficult to get a short sale approved with your bank, especially in an appreciating real estate market. Why would they take a discount on the outstanding mortgage balance when your home is increasing in value over time?

Furthermore, a short sale will affect your ability to maintain a similar standard of living and is considered by most mortgage lenders to be equal to a foreclosure.

A Short Sale can:

Affect your credit
Limit your future borrowing options
Leave you with no equity
Open you to the liability of a Deficiency Balance

We've all seen the signs at intersections and on bill boards that say, “In foreclosure call us” and “We pay cash for houses.”

They'll buy your house quick, at the right price, re-sell it at a higher price and keep the difference for themselves. They might save you from foreclosure and protect your credit, but you end up with no place to live and again, no equity. Some say they'll help you find something you can afford.

Bottom-line, most of these “Investors” don’t have any cash and don’t really have any solid solutions. They’ll tie you up in a one-sided contract and sell the house out from under you.

Working with Home Equity Savers is the best option. Learn more.

Options

Save Your Home, Equity and Credit

1. Do Nothing and File Foreclosure

2. Hire A Real Estate Agent

3. Short Sale

4. Sell To An Investor

5. Work with Home Equity Savers

Did you know?

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