06 Jan Foreclosure, The Other F-Word
Foreclosure, The Other F-Word
If you find yourself reading this post there is a good chance you are in a situation where you feel that foreclosure may be your only option and are gathering all possible information. The possibility of foreclosure undoubtedly causes undue stress and comes with a lot of questions. We’re here to let you know that foreclosure is not NOT your only option, but before we get into that let’s discuss what foreclosure is and the consequences.
What is foreclosure?
Fore-clo-sure: the process of taking possession of a mortgaged property as a result of the mortgager’s failure to keep up with mortgage payments.
Sounds so impersonal doesn’t it? That mortgaged property is the home you bought to build a life in, raise your children, grow old and make memories. The mortgager is referring to you of course, and yes, you have a mortgage but chances are you didn’t plan on referring to the house as the “Lender’s House” over the course of your 30 year mortgage. You referred to it as your house. Your home. And now that home is being threatened.
Why do homes go into foreclosure?
The easy answer; people stop making mortgage payments as stated above, but that is far to simplistic. Homeowners find themselves unable to make mortgage payments for a variety of reasons, unemployment, a bad divorce, illness…essentially it’s a snowball effect. Homeowners find themselves in an unfortunate personal situation and fall behind on their bills suddenly one month turns into 3 or 6 months, before they know it they are receiving a Notice of Default from the lender. The prospect of losing their home suddenly becomes very real.
What are the negative effects of a foreclosure?
- The Fair Issac Corporation (FICO), states that foreclosures stay on your credit report for 7 years.
- Face higher interest rates during that time period.
- Denied new credit because you are deemed a credit risk.
- According to FHA and Fannie Mae eligibility requirements, you must wait an additional 3-7 years AFTER a foreclosure to qualify for another mortgage if it is a government backed loan.
- Foreclosures not only negatively affect you and your family but also the property values of your neighbors
- Perhaps most importantly, at least in the immediate sense, are the feelings of hopelessness and stress that losing your home can cause.
If the bank says my home is going into foreclosure then it must be my only option right?
WRONG! This is where Big Texas Home Buyers comes into the picture. We are local real estate investors who have gathered our combined decades of experience to specialize in assisting sellers with problem homes who need to sell quickly. Our team assesses your home and situation, presents you with the best offer possible, and closes in as little as 7 days. Goodbye to the stigma of the nasty F-word, goodbye to the stress and feelings of hopelessness and hello to the freedom of having that weight lifted. You deserve another option, Big Texas Home Buyers is that option.
To find out how we can help you call 214.444.9385 or simply fill out our fast response form!