|
If you feel you may no longer be able to afford your home and facing foreclosure, than you should avoid the negative effects of foreclosure. To prevent foreclosure, check the Home Affordable Foreclosure Alternative (HAFA) Program. This foreclosure prevention program offers homeowners, lenders, and investors an incentive for completing a home short sale or deed-in-lieu of foreclosure.
These qualification options are available for homeowners who: 1. do not qualify for a trial mortgage modification under the Making Home Affordable Program; 2. do not successfully complete the trial period for their modification; 3. miss at least two consecutive payments during their home loan modification period; or 4. request a home short sale or deed-in-lieu of foreclosure.
If you have equity on your home, and are unable to make your mortgage payments, you will become a defaulted owner. The lending institution will foreclose its mortgage. If this happens, you will lose your home and your home's equity when it goes back to the bank.
A foreclosure reduces your credit score by approximately 300+ points affecting the ability to get a car, apartment, credit card, etc. A foreclosure is the one credit report item that is almost impossible to remove, and may prevent you from borrowing again.
If you're unable to make your home's mortgage payments or you're unable to stop foreclosure, it is best if you sell your home. The more time you have to sell your home, the more likely you’ll walk away with a fair price. You may be able to retain some equity from the sale of your home, and you will definitely save your credit rating. This is important because a homeowner will have to disclose they have had a foreclosure on any future mortgage application.
Although there have been a lot of foreclosures lately, foreclosure should be prevented at all costs.
At Help-U-Sell Real Estate we understand the current distressed housing market and have an in-depth knowledge of the Treasury's Home Affordable Foreclosure Alternatives (HAFA) program. We are HAFA Specialists Certified by the California Association of Realtors®. Call (818) 997-1000 or e-mail for a free, professional, and confidential consultation. We will expain your rights, detail your options and provide you with solutions to stop foreclosure.
|