Bankruptcy = Debt Relief
Selling Your House = Foreclosure Relief
Filing bankruptcy fills a primary need for debtors by providing relief from the debt; however the house does NOT just go away. You still own the house! You can still make the decision to sell it. And yes, even though you will have a bankruptcy on your credit record, you do not want a foreclosure on top of it.
Why should I sell my house to avoid foreclosure? If you are like most people, you are probably thinking…
……. I owe more than my house is worth, why bother?
……. There are too many liens or taxes against my house.
……. My house needs too many repairs.
……. My credit is bad enough; a foreclosure on my credit won’t make any difference.
……. I’m filing bankruptcy so it doesn’t matter if I just “let the house go,” (get foreclosed upon).
These are some of the most common misunderstandings in the foreclosure process. It may surprise you to know that in all these cases, it is well worth making the effort to sell your house.
We can help you no matter what you owe, no matter how many liens are against your house, and no matter how many repairs the house needs. And YES, even if you file bankruptcy it is a HUGE victory to stop the foreclosure.
Foreclosures are considered by many creditors to be the most detrimental scar on a credit record. It can double the credit score deduction that results from bankruptcy. As an example, the credit score deduction for a Bankruptcy may be 100 points; however if the Foreclosure hits your credit record, you are likely to suffer an additional 100 point deduction!
Everyone needs a place to live after the house is sold. Most homeowners that are in foreclosure desire to move into another house rather than an apartment. As a result, a “Rent to Own” program is a very attractive option because a person can move into a house until their credit is good enough to qualify for another mortgage. However, landlords are less likely to approve you as an applicant if you have a bankruptcy and a foreclosure on your credit record.
If your house is foreclosed upon, can you still recover? Yes, but it will take much longer to obtain credit, your interest rate will likely be higher, and it will be harder to obtain the home of your choice.
Working with homeowners that are facing foreclosure is what we do best. We currently have a success rate of about 50% at saving homeowners from foreclosure. We can help you prior to fling bankruptcy, during bankruptcy (via Abandonment process), or after the bankruptcy has been discharged.
It is sickening to see so many homeowners let their house be taken by foreclosure without realizing that there are things that can be done right now. Don’t wait….your initial consultation is FREE.
If you or someone you know is in this difficult situation, call us. We appreciate the trust and confidence that you place in us, and we pledge to do what is in the best interest of each and every homeowner with whom we work.
