Avoid it at all costs.
The absolute worst way to lose a home is through foreclosure.
Foreclosure is a process in which a homeowner’s rights to their property are taken away because they have failed to pay their lender as agreed. The mortgage lender will repossess the house and attempt to sell it at auction. If they are unable to sell it at auction, it becomes the property of the lender – at this time the property becomes known as Real Estate Owned (REO) property.
Foreclosure should be avoided at all costs. A foreclosure lowers a homeowner’s credit score drastically for up to 10 years! During this time, it will be extremely difficult to buy another house, obtain credit, get a car loan, rent a home, and can even prevent the homeowner from getting hired at certain government jobs.
Some homeowners become so financially stressed that they will walk away from the house. They think foreclosure will be the end of their financial problems. But in reality, this is just the beginning of more complex problems.
In some cases, the lender will sue the homeowner for a deficiency judgement; this means the lender will expect you to pay for the gap between the total amount owed to them (principal, late fees, attorney fees, etc) and what they were able to sell the house for.
The foreclosure nightmare begins when a homeowner gets evicted from their house by the sheriff. This is a terrible, embarrassing moment for the homeowner and their family to go through in front of the entire neighborhood. It is followed by years of battling creditors, deficiency judgements, and lawsuits.
In some cases the homeowner’s wages are even garnished in the years to come in order to settle the debts associated with the foreclosure. It is the absolute worst thing that a homeowner can go through.
If you have received a foreclosure notice, or if your lender has stopped accepting your payments – call us immediately! The sooner you allow us to help you resolve this issue, the better chances you have of succeeding. Don’t ignore the problem until the last minute. We are here to help, but call us before it’s too late!
They helped me take the existing equity of my old house to buy a new house. I retired to a new house with no mortgage!
When my mom passed, they helped by forwarding me a portion of the sale for expenses.
My husband and I were out of work, Sold ASAP helped us move and even advanced our deposit for our new place.
The house needed a ton of work, but they still offered me a very competitive price for it!
They advised us to wait 6 months for the market to go up. The wait helped us earn $10k more. We did not expect that level of honesty.
They bough my mom's house. We used the money to pay her medical bills and best of all, they allowed her to stay until her passing. Thank you.
I was due to be foreclosed on in 3 days. I called them up and they were able to get me out of it and made a significant amount from the sale!
We inherited a house with an underwater mortgage, they helped us with the sale and even managed to help us make a profit.
Selling a house with no equity is hard, I'm lucky I found you guys!
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