Foreclosure
Some Reasons for Foreclosure
- Obtained a sub-prime loan
- Increased property taxes and insurance
- Adjustable rate mortgage (ARM) and Zero down loans
- Death of family member
- Loss of income
- Unexpected medical,divorce,home repair bills
- Market shift/owe more than home is worth
- Re-finance and pulled out equity
What is a Foreclosure?
It is a legal process in which a lender takes the title or forces the sale of a property as a net result of the borrower's failure to comply with the terms and conditions of the mortgage. A foreclosure will take a tremendous toll on your personal well being along with a huge hit against your credit rating; affecting your ability for future homeownership for years ahead. Foreclosure is a heavy hit to your credit rating and stays on the report for 7-10 years.
Do you think that Lenders want to own Real Estate?
No, they do not. They are not in the business of owning Real Estate. They would much rather work with you to avoid foreclosure. So talk with them to see what your options are and when a Loan modification doesn't work out, find a Realtor, such as myself, who specializes in Short Sales and sell your home as a Short Sale.
Disclosure
Keller Williams Partners Realty is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale. You can stop doing business for your Short Sale with Keller Williams Partners Realty at any time. You may accept or reject the Short Sale offer that we obtain from your Lender {or servicer} If you reject the Short Sale offer from your Lender {or servicer} you do not have to pay Keller Williams Partners Realty real estate commission as stated in the Listing Agreement. If you accept the offer than you will have to pay the real estate commission. With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
