Foreclosure

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!

Common questions about Bankruptcy

Can I still sell my house if there's a foreclosure date?

Yes! As long as the bank receives the final pay-off and has enough time to cancel the sale of the home.

Can we close the sale after the foreclosure auction date?

No, once the property is sold at auction, this is permanent and cannot be undone. If the lender agrees push the auction sale date back, then closing can still take place.

I was foreclosed on, when do I have to move out?

The new owner must file an eviction suit in the county courthouse. If the bank bought the house back, then they will be in charge of this. Once the suit is filed, a judge will set a date at trial. If you are not out by then, you will be removed forcibly.

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