So, you´ve probably heard before about foreclosure, but what is it? Foreclosure is a legal action mortgage moneylenders use to take control of a property that is in debt. The mortgage foreclosure agreement states that the bank can reclaim the property through foreclosure if you stop making payments.
For borrowers facing foreclosure, it may be a time of doubts about their legal rights and the long-term consequences of foreclosure.
Most borrowers facing foreclosure with financial difficulties are unaware that lenders are often willing to agree with them by offering them different solutions. One of the worst things homeowners facing foreclosure can do is ignore their lender.
Cause Of Foreclosure
Before diving into the consequences of foreclosure, it is important to know the main cause of it. Foreclosure is the result of breaking the repayment agreement with your lender and failing to make a different arrangement for repayment.
Consequences Of Facing Foreclosure
So, what are the consequences of foreclosure that a homeowner could face? The process can be stressful, and it can have long-term consequences such as:
- You could lose your home and equity that you might’ve established.
- Damage to your credit score by impacting the ability to obtain credit, new housing, and even potential employment for many years.
- Uncertainty about when you will have to leave your home.
- Deficiency balance after the foreclosure sale.
- Lose the ability to buy another home for at least five years.
The Solution For Foreclosure
There are many ways to avoid foreclosure. You can modify or structure your loan, do a short-sale, forbearance, do a repayment plan, etc. That is why it is important to recognize which one works best for you.
Out of all the opportunities available, the most viable option is to contact a home buyer. Finding a homebuyer or home buying company will help you to get your home sold quickly. There are home buying companies everywhere. Some are better than others; however, you need to look for a home buyer that works according to your needs.
Sell Your House To Easy Sale Home Buyers
If you’re facing foreclosure in Raleigh, NC, and want to sell your house fast, look no further than Easy Sale Home Buyers. Based in Raleigh, we are a family-owned real home buyer company. We buy houses in any condition.
As a home buying company, we can solve any problem by creating win-win situations and solutions for homeowners facing all types of situations, including foreclosure. Waste no more time and contact us to get a cash offer.