Federal and state laws govern foreclosure proceedings, but it is standard that you must be 120 days in arrears on mortgage payments before foreclosure can be considered.
Should you sell your home before this action? Yes, you should, and here are the reasons why you should. It’s easy to just walk away from the whole situation but that is certainly not going to add any bonus points for you.
Foreclosure and your future
Foreclosure is a frightening prospect and could leave you with no asset (your house) and a huge black mark against your credit rating. In other words, you will be unable to get credit for around seven years.
If you are in this position, it would be best to get together with Time Worthy Property Solutions and work out how you can come to another arrangement than a foreclosure. These experts have had many years of dealing with problems such as this and are more than equipped to handle yours.
Short sale solution
This solution from the bank allows you to, together with the property experts, sell your home for less than what you owe on the property. You can then put your house on the market and sell the house before foreclosure, cutting out all the time, money, and effort required to sell a foreclosed home at a vastly reduced price.
Very often than not, the situation carries a stigma that is hard to erase, and you may not be able to sell the house at all. The best thing is not to get yourself into a panic or such a state of fear that it leaves you immobilized. Don’t get yourself in a long litigation action.
Avoid legal action
A short sale will not cancel the debts owed on the mortgage, but it will prevent you from accumulating more debt and leave you more debilitated. A foreclosure period is long and energy-consuming, and if you speak to anyone that’s gone through it, you will realize that this is not the route you want to go.
A short sale will also give you the opportunity to catch up on your debt and provide hope for you that you can start rebuilding your life and provide for a better future.
Don’t hold out for more
When facing foreclosure, the point is not to hold out for more when selling your home. In today’s depressed conditions, you must take what you can get and if you are with property experts who are on hand to advise you, they will walk you through how you can get the best deal on your home.
The major factor is that you sell your home before foreclosure. Remember, you’re not a highflyer playing for the best odds in Las Vegas. You’re facing a desperate situation and you need all the help and common sense that you can get.
Scan the options wisely
There are options open to the buyer with judicial and non-judicial options, which, as the first option intimates, involves court procedures. The property experts will advise you on all options at your disposal when you are facing foreclosure, but the best option will be to sell your home quickly.
There is no way, unless you win the lottery or come into a vast inheritance, that you will suddenly be able to come up with arrears while simultaneously facing a future after being made redundant. During the COVID-19 period, people are literally fighting for their lives. If you are facing foreclosure, consider it as one of those moments and act accordingly.