Free Guide: 5 Ways to Stop Foreclosure In Today’s Market
Learn how to stop foreclosure, halt the foreclosure process, and your 5 main foreclosure avoidance options with this free guide.
After reading this easy to follow 6-page guide you’ll know:
- How to save your credit and stop foreclosure
- The 5 ways banks work with borrowers to lower or eliminate payments
- How a “Notice of Default” limits your options
- The 5 options to stop a foreclosure that’s already underway
Foreclosure is not a fun experience for anyone. Oftentimes, it doesn’t end well. There are several ways you can avoid foreclosure, though. One option is to sell your house to a team like ours. At Cash 4 Real Estate Now, we work directly with homeowners in “sell my house fast” situations.
When you arm yourself with the right information, you can examine your options and make a thorough plan. This free guide will help you avoid foreclosure and the long-term damage it can do.
Get Your Free Guide
Download the Free Foreclosure Guide by entering your information in the form. When you do, we email you the pdf of the guide. Peruse it at your leisure, and feel free to contact us with any questions. You’ll also receive other tips and help from our Foreclosure Avoidance team to help you make a well-informed decision.
What Is Foreclosure?
Foreclosure is the legal process where a lender attempts to recover the money owed by a borrower. Typically, lenders begin this process when a borrower stops making payments. They attempt to recover losses by forcing the sale of the asset – your house.
After foreclosure, the lender tries to sell the property and keep any proceeds to pay off the mortgage and legal costs. Oftentimes, it is said here that “the lender has foreclosed its mortgage or lien.”
Implications After Foreclosure
After foreclosure, you must start to rebuild your credit profile. A credit report will show the foreclosure for seven years from the date of entry, weighing down your credit score the entire time. As this entry ages over these 7 years, it will affect your credit score less.
However, you may find that you experience denials of credit or mortgage applications for several years after the foreclosure. This may even continue up until you establish a good credit history once again.
Traditional mortgage lenders might deny you for the full seven years, until the foreclosure disappears from your record. For government-back mortgage loans, you must wait three-five years after the foreclosure for approval.