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Foreclosure Or Pre Foreclosure Sale? That Is The Question

April 09, 2012 | Comments: 0 | Views: 119

What Is A Pre Foreclosure And What Are The Options

Are you presently a home-owner who missed over 3 payments on your mortgage and finding yourself in pre foreclosure situation? If so, be aware that although foreclosure process will take place much later, it does not necessarily suggest that you should be sitting and waiting to reach that point. You should know that there are a number of different options, that you might be able to exercise. One of those options starts throughout an early pre foreclosure stages and is also referred to as a pre foreclosure sale.

In regards to what a pre closure sale is, it is whenever the residence is sold before foreclosure. Quite often, it really is immediately before foreclosures auction for the particular property is about to take place.

So "why would some homeowners wait for so long?" you may ask. The answer is very simple. These homeowners are seeking out the ways to "cure" the loan or simply waiting for a reprieve from their respective lenders, sometime applying for a loan modification and waiting for the lender to get it approved.

Unfortunately, a lot of people lost their respective jobs lately, due to the poor situation on the job market, which contributed to their less than attractive financial and credit score standing in the lender's eyes and therefore unlikely hood of receiving that mitigation. And that is the major reason, in our opinion, all homeowners should familiarize themselves with pre foreclosure sales.

Steps To Help Yourself With A Pre Foreclosure Sale

As previously stated, not every homeowner will be lucky enough to receive an assistance from his/her lender.

If you happen to find yourself in this unfortunate position, a pre foreclosure sale might be the only way to maintain your credit score in decent standing. Foreclosing on the property can negatively impact your credit for years to come. Consistent with credit, some attorneys will advise their clients to file for bankruptcy in order to stop foreclosure and hang on to their home. This might be a rather risky proposition.

In the event you made the decision to sell your own home, it's a wise to make arrangements together with your lender. A financial institution that realizes you're actively attempting to sell your home is almost certainly going to provide you with a reasonable time to allow this sale to occur. That sale could also be handled by your local Realtor. If you are upset or feeling really emotional relating to the potential loss of your home, you will find a help of a caring Realtor is mandatory. The reason for this is simply because often it is extremely tough dealing with prospective buyers who have no feelings and no regard for you and your troubles.

As I previously stated, certain buyers curious about pre foreclosure sales aren't always careful in the words they choose. You might need a help of a Realtor to take care of people that are looking down on you. Yes, usually those people are wrong in their opinions, but you must handle things calmly and that is where you might find the help of a concerned Realtor priceless. Unfortunately, there are numerous misconceptions that surround those facing foreclosure, vast majority of which are not true. Remember to always keep your mind held high. As painful as it might be to be dealing with a "jerk", that is trying to buy your home your ultimate goal is to avoid foreclosure and keep your decent credit rating.

If you decide to use the help and of a competent and caring Realtor in assisting you with the sale of your home, you could, quite possibly, clear out more money. Realtor might be able to make a correct assessment of the Market value, help you with staging your home and therefore netting more money on your sale. Although you should not expect much of a surplus, after paying off your mortgage as well as the Realtor commission, but this may be sufficient enough to make your new living arrangements. Purchasing another house is not a likely option at this point of your life but you might be able to clear enough money for a security deposit and first and last months rent.

Final Thoughts On A Pre Foreclosure Sale

Perhaps, the biggest downside to selling your residence, via a pre foreclosure sale, is the fact of actually losing "your home". The fact is, this is the main reason why many home owners delay until last minute to go ahead with the sale of their home. It is a decision that many homeowners are uncertain about and uncomfortable with. Please be aware that with the exception you could get your mortgage back to good standing or as they say "cure" it, you might lose your residence regardless. A pre foreclosure sale at the very least gives you the ability to retain a decent credit score, as the greater part of your mortgage will be paid off and let's hope in its entirety.

If you would like to get a more detailed consultation regarding a pre foreclosure sale or would like a help of a competent and caring Realtor, we will be privileged to serve.

Source: EzineArticles
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