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AVOID FORECLOSURE & PRESERVE YOUR CREDIT

Avoid A Foreclosure

Most banks will wait 90 days after failure of payment to begin foreclosures proceedings. Foreclosures can be taxed as INCOME. The IRS states that any borrowed money that is not paid back is considered income and taxable.

The Foreclosure Process

The process typically begins with a notice of default, which is sent to the homeowner when they have missed several mortgage payments. After that, the lender will send a notice of sale, which sets a date for the trustee’s sale.

At the trustee’s sale, the property is sold to the highest bidder. If no one bids on the property, the lender can repossess it and evict the homeowner. It is important to note that homeowners have the right to cure their default by bringing their payments up to date at any point during the foreclosure process.

Save Your Equity

In the face of foreclosure, taking proactive steps is crucial to safeguarding your financial stability. One powerful option available to homeowners with equity is listing their home for sale. By listing your home now, you not only have the chance to capitalize on the equity you’ve built but also to preserve your credit standing.

Understand The

How will this affect your credit

The process typically begins with a notice of default, which is sent to the homeowner when they have missed several mortgage payments. After that, the lender will send a notice of sale, which sets a date for the trustee’s sale.

At the trustee’s sale, the property is sold to the highest bidder. If no one bids on the property, the lender can repossess it and evict the homeowner. It is important to note that homeowners have the right to cure their default by bringing their payments up to date at any point during the foreclosure process.

We Can Help

Remember, you’re not alone in this. We’re here to help you protect your equity and find the best possible solution for your situation. Contact us today to schedule a consultation and take the first step toward a brighter financial future.

Contact Us Today

With over 50 years of combined experience in Real Estate, we are top producers in our industry, backed with the knowledge and notoriety to successfully assist our clients and their needs.

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