Can Selling Your Home Successfully Stop Foreclosure?
Selling a home in foreclosure can
be a desirable answer to stopping foreclosure. If the homeowner
is successful at getting the property sold prior to foreclosure there
are several possible rewards in an otherwise bleak circumstance:
- Opportunity to avoid a Foreclosure Judgment on your credit
report
- An opportunity to get out of an otherwise 'bad deal'
- An opportunity to recoup some equity which would, of course,
be jeopardized by foreclosure
- An opportunity to resolve the problem in a more upstanding
way
- Avoid eviction -- the ultimate consequence of foreclosure
- By selling the residence and correcting budget deficiencies,
borrower may be able to continue on as a homeowner rather than
having to face what is typically an 18 month minimum period
as a tenant
Choosing a realtor that will help rather than
hinder is critical. Bear the following factors in mind before you choose:
- Must be experienced and popular within the
board of realtors
- Emphasis in realtor's history should be indicate
broker is a "selling" broker rather than a "listing
broker"
- Broker selected should be with the highest
producing office in the area
- Broker should be the first or second Top
Selling Broker in that office
- Broker must be sympathetic with sellers problem
and goals and remain loyal to seller throughout until property
is sold. There is a danger that broker will actively participate
in or allow a feeding frenzy to develop with a foreclosure property.
Borrower must act with wisdom/speed and with
the right approach may even get their lender to help. The wrong
approach to the lender at this juncture can definitely backfire!
Looking for an alternative to selling your home? There is another way. Stopping foreclosure first requires a complete
income analysis, and usually increasing income is the answer. Except where the foreclosure is being caused by lender error or
some surprise such as an unexpected court judgment or major required
home repairs, you must take a look at your income and expenses.
When analyzing your financial situation, the following factors should
be reviewed:
- How much of an increase in income is needed?
- How much time remains to meet the goal?
- Is over spending a factor? How about debt load?
Once these issues are determined, the borrower
should know what kind of changes will be necessary, which in turn
should give the borrower some ideas of where to turn when seeking
to increase income or get relief from debts. BackOnTracNow provides comprehensive budget analysis tools and knows what the lenders are looking for. Let BackOnTracNow coach you step-by-step to successful foreclosure resolution and avoid selling your home or losing it in foreclosure.
BackOnTracNOW will walk you through
saving your home from foreclosure!
