Simply put, foreclosure is the process by which a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. If you are facing a pending foreclosure notice, time is of the essence so the time to act is right NOW before your property goes into foreclosure auction.
A real estate lawyer may advise you to file for bankruptcy. This may seem like prudent legal advice, and may indeed halt the foreclosure process for a short time. But unless you bring your payments current this will still end in your house being auctioned off.
So you still might lose your house but now you will have a bankruptcy and a foreclosure on your credit report too. The best way to avoid this regrettable situation is to sell your house before foreclosure proceedings actually begin. Avoiding this financial fiasco and keeping your credit report clean allows you to get on with your life and perhaps purchase another home again much earlier than you thought possible.
Upstate Property Investors may be able to purchase your home quickly, or work with your lending institution to stop foreclosure proceedings . Our goal is to help you even if you have little or no equity in your property, let Dave Savage and his team of professionals get your life back on track.