Learn about foreclosure.
Understanding your options is vitally important in being able to make the right decision about foreclosure.
So, what are your options?
- Do nothing and let the property foreclose.
This involved MAJOR credit ramifications and was clearly to be avoided at all cost. It is commonly referred to just “Walking Away” from your house. - Turn the keys over to the bank.
Also called a deed in lieu of foreclosure. Although not technically a foreclosure, this would also do MAJOR damage to credit and likely carry hefty tax consequences. Another option to be avoided. - Declare bankruptcy.
Unfortunately, this would not prevent the house from foreclosing or the bank pursuing a deficiency judgment. It would only serve to stall the process until the bank foreclosed on the property. - Sell the house via Short Sale.
A short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy.
Learn about foreclosure.
Having a certified professional to help you make the right decisions is smart and comforting.
CEO Realty Group is positioned and certified to help you.
CEO Realty Group is positioned and certified to bring education and options to you and your home situation. The adverse state of our current economy has made victims out of many hopeful homeowners. Unscrupulous lenders have led many down a way ward path. Allow one of our professional specialists to mend an unfortunate situation.
Our Certified Distressed Property Expert (CDPE) agents are standing by to assist you deal with these difficult times. We understand that our current economy has put you in a place of financial hardship. Our goal is to educate you on your options and to show you there is HOPE. We are here to not only help you today, but also begin the planning process for tomorrow.
Know the facts!
Many home owners facing foreclosure aren't told the truth about what really happens during the process.
It's time to demystify foreclosure!
MYTH: A short sale or foreclosure will forever ruin my credit.
FACT: The short sale and foreclosure process will temporarily lower your credit score. What goes down will eventually go back up again. On average a foreclosure will lower your score about 250-300 points. However a Short Sale will only lower your score on average 100-200 points. In some circumstances even lower!
MYTH: A short sale or foreclosure will remain on my credit for 7 years and I will not be able to buy a house until the 7 years is up.
FACT: Under current FANNIE MAN loan guidelines you may purchase a home only 24 months of doing a short sale. The possibility of a Short Sale or Foreclosure remaining on your credit for 7 years is possible. However, you will be able to buy a home after 24 months of doing a short sale.
MYTH: It’s best to just “walk a away” from my property because I’m underwater.”
FACT: The best option is to do a Short Sale because it is hassle free for you the homeowner. When you walk away your house will go into foreclosure and your credit will take the maximum decrease in points.
MYTH: A short sale will show up as a foreclosure on my credit report.
FACT: A short sale is typically reported as “paid as agreed” just as a collection or closed account is. A short sale does not hurt your credit. It is the days late on your mortgage payment that will hurt your credit report.
MYTH: I can’t afford a Short Sale
FACT: You the homeowner have no fees associated with doing a Short Sale. All fees including commission will be paid for by the lender.
Don't face the banks alone!
Banks only care about their own pockets. That's why we've assembled a dream team to help you through.
We fight for the American Dream!
Our Certified Distressed Property Experts don't simply "assist" you through the process of stopping foreclosure. They immerse themselves in your situation and fight for you in the trenches; face-to-face with the banks. We have an entire department of highly experienced and knowledgable CDPEs ready and waiting to fight for you!
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