We have all heard about how families are losing their homes to foreclosure in all areas of the United States. Losing your home to foreclosure due to not being able to keep up with your monthly mortgage payments is one of life's most unpleasant experiences to go through. Foreclosure is an event that keeps on affecting you long after you lose your home by devastating your credit score. Some foreclosure victims may see a huge drop in their credit score after foreclosure and an inability to borrow any money for several years. Many people think that if they just let their property go back to the bank in a foreclosure, all their troubles will be over. It won't stop there. That is only the beginning. In many cases that is only the beginning because the bank may continue to come after you again with a deficiency judgment for the difference of what the bank sells a property for, and what you previously owed. Don't just let it happen to you, do something about it. Be proactive, do something about it. If you are in trouble you should at least try to short sale your property. Do something about it; Stop Foreclosure, don't let it happen to you.
Foreclosure situations often end up in a depressing state, unpaid bills, collection calls, lawsuits, or worse. Even if you are not in the foreclosure situation you should still learn about what is best to do in this situation. Most people cannot be 100% sure that they will remain safe from foreclosure because no one can foresee the unexpected. Things like serious illness, a major accident, death in the family, divorce, or job loss can happen to anyone. So it is a good idea to understand the available alternatives should the worst occurs to you.
The result of a foreclosure is the lender taking your home and the lender can get a judgment against you for the arrearages you own plus his costs for a the foreclosure actions. Also, unless other arrangements were made, the bank may want you to immediately vacate the property and continue the eviction proceedings. That is why you need someone helping you. The bank won't help you. All they want to do is get their money. That is why you need an expert to navigate your way through.
Getting a loan after a foreclosure can be very difficult. You are required to answer the question: "Have you even had a property foreclosed upon or given a deed-in-lieu thereof in the past 7 years?" If the bank sees you answer yes your loan most likely will be denied. If you decide to lie you may be subject to investigation by the FBI for mortgage fraud. Even getting a good job can be affected. If an employer runs a credit check on you, your application can be denied. With all of this you should know that foreclosure should be avoided at all costs. Instead, consider short sale, before becoming more limited.
First, you should know what a short sale is. A short sale is a win-win solution for the home owner, the lender, and the buyer. The lender gets the highest price for a quick sale at the current market price. The borrower gets to get out of a property that is upside down in value. A Short sale occurs when a borrower sells their property for a sales price less than the amount owed to their lender after all sales expenses. In order for this to take place the lender must accept a discounted pay off. In a short sale, the home owners get complete relief from all of their mortgage debt. The end result of a short sale is that the property is sold, the mortgage is paid off and the sellers avoid a foreclosure or a bankruptcy. How does short sale affect your credit? A short sale is not a huge mark on your credit because credit bureaus do not show the word short sale on your credit report. It may say pay as agreed or paid as less than agreed. Also, loan applications do not ask questions about a short sale. You may report that you sold your home. The wait for short sale approval can be from 90 days to 3 months or longer which gives you the chance to look and move to another location. The best tip that can be given to you about short sale is not to attempt to do this alone. It's all about having someone who could work for you in your best interest. You want an expert with the short sale experience, knowledge, and negotiating skills to work for you. Don't just get any real estate agent to help you. You need an agent with short sale experience that knows how to talk to the bank, what to ask for, and how to handle all the paperwork. The paperwork must be all in order and correctly filled out. The best thing you can do if you are in this position, is to call Myrtle Beach Short Sale Team - The Jerry Pinkas Team at: (843) 222-1926. Search us on the web and you will see what we can do for you.