If you are a homeowner facing financial difficulty, you will hear all sorts of things about why or why not you should let your home go back to the bank. Some are true and some are not…some depend on your circumtances…while some are just crazy.
Yesterday, I actually talked to a couple that was told by an attorney to stop making their mortgage payments and he would try to do a loan modification for them but if that didn’t work they were better off letting the bank foreclose on the home than selling them home on a short sale. I was appalled that he has been charging them money for this advice. They now have 30, 60, 90, and 120 day lates on their credit and the attorney cannot get the bank to talk to him about a loan modification, so they are just walking away from the house and letting the bank have it through a foreclosure.
Before making any decision to let the bank foreclose on the house, consider these reasons to avoid foreclosure -
1. A foreclosure is the one credit report item that is almost impossible to have “repaired” on your credit.
2. Your credit scores will be lowered by hundreds of points, possibly over 300 points.
3. A foreclosure is the most devastating credit issue you can have.
4. Current employers are starting to run credit checks on their employees. This could put your current employment position in jeopardy. Most employers are now running credit checks on prospective employees – this could really hurt your potential for a new job.
5. A life time hit on every mortgage application you fill out…you will always have to disclose the foreclosure on future loan applications. This can have an adverse affect on future mortgage rates.
6. Government employees, as well as military and law enforcement positions can be jeopardized by a foreclosure.
7. Emotional impact and broken families due to the stress of a foreclosure.
I know that when you are facing financial difficulty, it is very hard to believe that your current financial difficulties will pass, but if you avoid foreclosure, things will get better faster. You will feel better knowing that you did everything you could do.
For more information on Short Sales
If you are a seller and wish to contact us for a FREE consultation regarding a possible short sale on your home, please call us at (916) 230-0371 or send email to Lori@ModeandDurhaM.com.
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Lori Mode and Bruce Durham, Keller Williams Realty in Elk Grove, CA
www.AllElkGroveHomes.com
About Lori Mode
About Lori Mode
Lori Mode and Bruce Durham of
Keller Williams offer unsurpassed service to buyers and sellers of real estate
in the greater Sacramento area. Lori and Bruce have a combined 45
years of experience in the real estate industry and their team is both
experienced and energetic in helping buyers and sellers with new and resale
residential single family and investment properties.
Lori is a native of
Sacramento, CA and has lived and worked in the Elk Grove area for over
30 years. Prior to real estate she worked as Branch Manager/Escrow Officer
for area title companies for 20 years. She is a life time member of the
Sacramento Association of Realtors Master's Club, serves on her Market Center's
Agent Leadership Council and is Chairperson of the MC's Technology
Committee. Lori is an active community member including serving
as a Board Member on both the Elk Grove Piranha's Swim Team and the Elk
Grove United Soccer Club and participaing in several other community
organizations.
Bruce started in the
real estate industry as General Manager for a property management
company. This position steered him toward obtaining his real
estate license and when the company was sold, on the advise of a friend, moved
to Sacramento. Locally, he has worked for Great Western Real Estate in the
early 1980's, then Coldwell Banker for over 12 years and currently Bruce is with
Keller Williams Realty. Bruce is also a member of Sacramento Association
of Realtor's Master's Club and has previously served on Keller Williams Realty's
Agent Leadership Council.Outside of work, Aaron enjoys spending time with his
family, reading business, philosophical, and historical biography books, playing
recreational sports of all kinds, and serving in his church.
Buyers and Sellers need lots
of information, whether buying or selling a personal home or investing in
real estate. A big part of our job as a real estate
professional is to make sure they get what they
need so intelligent informed decisions can be made. We
provide a variety of information through our website at www.AllElkGroveHomes.com, through
our Market Analysis, our Free Reports for buyers and sellers, our market
updates, and area statistics. We have weathered the ups and downs of the
real estate market in the Sacramento area for over 20 years and know how to
consult with our clients to get them what they want in the time they
want.
Direct: 916.405.5765
Cell: 916.230.0371
http://modeanddurham.yourkwagent.com
lori@modeanddurham.com
Read Lori's HousingStorm.com
Blog for Elk Grove and the Surrounding
Communities
If you are a homeowner facing financial difficulty, you will hear all sorts of things about why or why not you should let your home go back to the bank. Some are true and some are not…some depend on your circumtances…while some are just crazy.