Sometimes individuals find themselves about to fall behind on house payments.
Individuals reach out to lenders to discuss the situation only to find out nothing can be done until payments are missed. Then they exhaust every source of cash until the bank begins legal action to recover the property. Typically, there is no help, and they are embarrassed to discuss the situation with family or friends. Worst of all, later in the process, the lender assigns an attorney (a foreclosure specialist representing the lender) to the matter, who will not discuss the case. If distressed borrowers try to seek legal representation without cash to pay for a defense, most attorneys will listen, but then refuse to sign a representation agreement.
If you find yourself struggling with house payments,
consider a foreclosure or short sale.
In a short sale, a lender works with you to sell the property for less than is owed.
People think that lenders are willing to execute short sales and the process is simple. This is not true. Lenders do not want short sales to become popular, otherwise they lose money as the number of short sales increases. Each lender has its own rules and a custom property recovery system. There are no standard short sale recovery systems. Individuals executing short sales might experience either a simple, or a very difficult process.
In the case of foreclosure, the bank takes legal action to recover its interest in the property.
The process is set by state statute and gives the borrower some rights. Usually, individuals in foreclosure never research their rights and then miss opportunities that help them recover cash. Foreclosing lenders do not volunteer this information which is typically buried in the fine print of the original mortgage papers. Recently, TrueLife Real Estate helped an individual in foreclosure secure $50,000, instead of walking away from the property with nothing. This is realtor representation at the highest level, and most realtors believe this is impossible.
A foreclosure or short sale involves a property sale.
TrueLife Real Estate Solutions helps people do a Foreclosure or Short Sale Analysis by comparing net sheets to determine the options. The best time to analyze options is before payments are missed. In either case, the costs for marketing expense, buyer closing costs, and seller closing costs are included in the sale transaction. It costs the individual in foreclosure nothing.
The goal is to eliminate stress and establish a point to begin credit repair and create a “buy again” timeline.