How To Stop a Preforeclosure
How To Stop a Preforeclosure
With today's times and people losing jobs and taking pay cuts to stay employed, many people are coming home from work, or kids are coming home from school, or even you opened your front door to a Notice of Trustee Sale. What is a notice of trustee sale? In real estate, a trustee sale means the sale of real property through public auction. A trustee sale usually occurs when the homeowner is in default on their mortgage, or even HOA fees resulting in a foreclosure.... In this case, after the auction is over, ownership of the property will be transferred to the highest bidder. A foreclosure is a significant negative event in your credit history that can lower your credit score considerably and limit your ability to qualify for credit or new loans for several years afterward.
How Do Lenders See a Foreclosure?
Arguably more significant than its effect on credit scores is the negative light in which many lenders view foreclosures. Every lender sets its own lending criteria, and there's no universal rule about how a lender will treat a foreclosure in terms of this criteria. But it's safe to say all lenders consider foreclosure a serious derogatory event in your credit history, second only to bankruptcy in terms of severity. Many creditors won't even consider applicants with foreclosures on their credit reports, while others may disregard foreclosures that are several years old, if the applicant meets the rest of their lending criteria.
The Bottom Line On Pre-foreclosures..
The good news is that pre-foreclosure properties can be resolved. Homeowners have several options to get out of home debt, and often without a huge hit to their credit score. If you’re a homeowner in pre-foreclosure we’ll be able to walk you through the intricacies of your situation and help you through the process. What are the several option's to get out of pre-foreclosure? Email us, or call us so our specialists can help walk you through these options and help find the best solution that fits your individual needs one on one free of charge.
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Phone: (602) 737-1818
We are a Real Estate services company. We can assist you with anything Real Estate related. We are unlike any other company you have spoken with. We actually make offers, pay cash, and have other solutions. We will analyze your situation and determine what is the best possible solution. It may be listings on the market, selling as is, or renting the property out. Regardless of the situation we would love to sit down with you for a complimentary consultation.