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To Lose or Keep Your Property
For a lot of individuals, foreclosure is a dirty word that has negative connotations. But there are times when a foreclosure is the only option for certain situations. I don't think anyone buys a home with the intention of ending up in foreclosure but life is unpredictable and unexpected things can happen.
Causes which can lead to foreclosure of one's property
Loss of Job
Loss of Income
Major Illness
Financial Hardship
Alternatives to avoid foreclosure: affordable home program, short sale, contact your elected representative and ask them if they can intevene on your behalf, call or visit your local city hall to find out what options what might be available to you and contact organizations that directly with lenders on your behalf such as NACA or better when they are visiting your city get there early to speak to a representative.
An alternative to a foreclosure is a short sale. In a short sale the bank or mortgage lender agrees to sell the property for less than it's worth. You the homeowner will experience a loss depending on the finalized price as will the bank. In my opinion, it is better to do a short sale than a foreclosure because then the property will not be your responsibility, along with property taxes. maintenance fees, etc.. although your credit will be affected to some degree. A short sale allows a homeowner to walk away from the financial obligations. A short sale might be a viable option for the homeowner.
If you are facing the possibility of a foreclosure or your mortgage lender is threatening to place a lien on your property, I know it's tough but it's not the end of the world. Maybe a foreclosure will afford you the ability to close a chapter in your life and start afresh.
Usually, it takes up to 18 months for a property to be foreclosed and nowadays banks, especially major banks have been unwilling to work with homeowners to find alternatives to foreclosure. Banks give homeowners the run around, they play phone tags and consistently lose paperwork and information and you get dizzy speaking to many representatives.
To lose or keep your property is entirely up to you depending on your own unique situation. The proces of avoiding foreclosure can be a nightmare but it can be done. You need to have lots of patience, understanding and hope that everything will work out in your favor. Each individual have to weigh the pros and cons then decide what is best for them.
