Thursday, November 26, 2020
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Foreclosure & Short Sell Resources

Avoiding Foreclosure

Much of America, as well as local Orlando real estate owners, are feeling the pinch of the national mortgage crisis. The ever-increasing cost of living expenses coupled with job loss, no salary raises to meet inflation, an income incapable of keeping up with adjustable rate mortgages, mounting medical expenses, divorce, death, or homes not appreciating as high as expected are some of the reasons for the slumping housing market and increasing number of foreclosures. Any one of the reasons could lead to unbelievable stress when worrying about making your house payment. If you are one of the 1 in 10 people who is in default on home mortgage payments and you do not know where to turn, I am here to offer assistance. You don’t have to be one of the 7 in 10 people who lose their home to bank foreclosure without first seeking any professional intervention. The long term ramifications of your Orlando home sold in a bank foreclosure is devastating and can be avoided.

If you are in a financial strain trying to make your mortgage payment, the last thing you want is to lose your home to foreclosure. I am a CDPE, Certified Distressed Property Expert, a REO Specialist (Foreclosure Specialist) and an Orlando REALTOR with the expertise necessary to help you save your credit, alleviate some of the stress and uncertainty and guide you through every step of the process.

A foreclosure will leave you with the absolute worst possible credit rating. The biggest way to damage your future and credit standing is to undergo a foreclosure. A foreclosure will:

• Reduce you credit score by approximately 300 basis points
• Remain on your credit report for 10 years or longer.
• Leave you with difficulty in getting approval for new credit to purchase a car, receive student loans or even be accepted to rent an apartment
• Possibly cause you to lose your present job
• Possibly keep you from a future employment opportunity (many job applications ask if you have ever had a foreclosure)
• Keep you from getting a decent rate to purchase another home (all mortgage applications ask about former foreclosures)
• Require you to answer YES to foreclosure on any form asking the question for the rest of your life
• Cause you to lose your security clearance immediately if your job requires it (such as military, police, airport, cashiers and banking)

There are options available to help protect you and your family from foreclosure.  Call me today to discuss your options.  I am here to help!