Stop foreclosure by selling your home or ruin your credit for the next 7 years…which option would you take if “push comes to shove?”, i.e. you have to make a decision either way. To stop foreclosure by selling your home may appear to be an extreme option right now, however, there comes a point when to stop foreclosure by selling your home is the most realistic way to stop foreclosure fast. Should you stop foreclosure by selling your home or not? Here’s some more information to help you decide.
Why Homes Enter The Foreclosure Process
When a home enters into the foreclosure process it’s normally due to the fact that you have not made payment on your home for at least a month and sometimes a little more than that. The owner of your mortgage or your lender does not want to drive you out of your home, but they’re also interested in making sure they’re paid for the funds that you borrowed from them in order to buy the home initially. So, when you cease to make payments on your home they get worried and start the foreclosure process to try and get their money back…or at least some of it. One of the ways to help you pay your mortgage loan off in full would be to stop foreclosure by selling your home. “I Don’t Want To Sell My Home to Stop Foreclosure!” – The Reality Check is required if you’re ever faced with this unfortunate situation of having to sell your home to Stopping foreclosure.
The key question you’ll need to answer very honestly is this: “Am I able to make payments on my home?” Let’s imagine that you found some way to get caught back up on your mortgage payments, would you still honestly be in a position to keep making your regular monthly mortgage repayments each month? The Top 3 Reasons Why People Struggle With Monthly Payments And Have To Stop Foreclosure By Selling Their Home Surveys have repeatedly revealed that the top reasons why people fall behind on payments and have to stop foreclosure by selling their home are:
Their monthly mortgage repayment is just way too high
They have recently lost their job
They have suffered an illness
There are of course many other reasons why the funds may have stopped coming – too numerous and varied to mention here. The bottom line is that the funds stopped coming in and they are unable to pay back the money that is owed.
Don’t Be An Optimist – Be Realist And Stop Foreclosure By Selling Your Home If You Have To
A better decision for you if you won’t be able to make the required payments on your home is to stop foreclosure by selling your home. I know of a few families that did this and bought their homes back again when they had the money.
You’ll be able to use the funds you get from selling your home to settle any money you owe on your mortgage. Look at it on the bright side – You could end up with funds in excess that you can turn round and use to purchase another new home, maybe one that requires less in terms of your a monthly payments. Additionally, when you stop foreclosure by selling your home it will help you save your precious credit at the same time.
Sell Your Home To Stop Foreclosure Or Foreclosure Will Ruin Your Credit
Foreclosure will ruin your credit for the simple reason that it shows that you haven’t been able to live up to a key financial obligation you had. This becomes and will remain a black mark on your credit file for at least the next seven years of your life. It’s like a sentence. Here are just some of the consequences you could face if you really need to stop foreclosure by selling your home and you don’t:
You’ll struggle to buy a new home
You’ll struggle to secure any line of credit
You’ll struggle to secure a loan for any reason for those long seven years
It’s Within Your Power to Stop All This Happening When You Stop Foreclosure by Selling Your Home
It’s completely understandable that you probably don’t want to sell your home, however, it sometimes is an essential part of the plan to get you back to where you need to be. You’ll need a different outlook to resolving your situation.