Are You Behind on Payments and a Foreclosure is Pending?
Unfortunately this happens to many people and the sooner you act, the better the results will be. Most people want to keep their house and will try to get a loan, borrow from relatives, or something else. If you want to keep your house, we really can't help you. But some people realize that they are probably going to lose the house anyway, and they want to get something out of it. By selling the house, you can stop the foreclosure from ruining your credit and get a fresh start in life. Many things can cause a foreclosure to start, and once people get behind, it is very hard to catch up. If you have exhausted all your efforts to keep the house, then a quick sale can let you move on and continue with the rest of your life. Situations like job loss, loss of income, new expenses, or other issues in life can make keeping a house almost impossible.
If your situation is something that won't change, and you want to cut your losses and keep the negative activity to a minimum then taking action to sell your house sooner is better than waiting until its too late. When you are only a few payments behind you have many more options to get the burden of the house off of your back. The further the house gets behind, the less options you have. It can get to the point where a "short sale" is the only option left. A short sale is a last ditch effort to deal with the bank and sell the house. Many times short sales will fall apart leaving you back in foreclosure with noting to show for it
If you want to salvage something like money or credit then you need to act quickly before short sale is the only option left. A short sale is when the bank takes less money as a payoff than what is actually owed on the loan. That also means since they are losing money, you will not get any proceeds, profits, or any cash from the sale. You may also owe income taxes on the money that the bank forgives your debt on. The bank loaned you money and forgives the debt since you can't pay it back. The IRS considers that income to you. I am not trying to make it seem like short sales are bad, but they are a last resort, so take action before all you have left is the last resort. We do have a short sale specialist who handles only short sales.
But hopefully for your benefit, its not too late for other options. Contact us today if you are behind on payments because things will only get worse with the more time that goes by.
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