3 Types of Homeowners in Foreclosure
Foreclosures are happening every day and there is no sign that they will be slowing down any time soon. Foreclosure can be prevented in most cases if certain actions are taken during the foreclosure process. Some people are more proactive than others and are able to stop the foreclosure with no problem. Then there are the homeowners that try an option and give up since the first option they tried didn’t work. Others wait and let the foreclosure process ride its course and then try to take action one day before the foreclosure date.
The “Proactive Homeowner”
The proactive homeowner is a person that understands that the clock is ticking. They know that if they take action immediately, they will have the best outcome and the most favorable results. These homeowners will usually be able to save their home or be in a position to purchase a home again in a couple years. Their credit will be affected the least and they will have minimal stress. If they attempt an option and it doesn’t work, then they will execute another option and be fine since they will have plenty of time before the foreclosure sale date. Read 15 Options
The “I Already Tried To Stop Foreclosure So Nothing Works Homeowner”
These homeowners tried one of the 15 options available when facing foreclosure and it didn’t work out. These homeowners then believe that no other option will work because of their bad experience with the one option. The problem is that they give up and become angry towards anyone and everyone that offers help. They usually think that anyone that offers help is only trying to collect some sort of fee but any reputable real estate solutions company has free options that cost the homeowner absolutely nothing!
Not only that, the option they chose probably didn’t work because:
- They tried it on their own with no help or expertise. They didn’t know who to talk to at the bank, which department, and did not ask the right questions
- They used a company/attorney that charges lots of fees (Stay away from any company that charges you a large up-front fee or any company that strings you along for months. A loan modification with a reputable company should cost you $1000 or less for the entire loan modification. A shortsale should cost you zero dollars! If a shortsale company or Realtor is charging you money, they are a scam or do not believe in your success. If you are working with a bankruptcy attorney, make sure to find out how much the bankruptcy will cost for the entire duration of the foreclosure process upfront.)
- They chose the wrong option for their situation or were advised to choose an option because they were advised to do by a so called “professional”. Read 15 Options
- They didn’t provide the paperwork and information necessary to fully execute the option. All 15 options require cooperation on the homeowner’s part. If the homeowner does not fully cooperate with the bank or who is helping them, they might as well not even try. You cannot expect to stop a foreclosure if critical information and documents are missing.
The “I’m Going to Do Something Last Minute Homeowner”
This homeowner is likely doomed for a foreclosure sale on their home. They typically try an option too late or try nothing at all. The bank and/or judge is not willing to cooperate and extend their sale because they see that nothing was attempted until last minute. Their credit is destroyed since they have months of delinquents payments and the foreclosure follows them for years to come. They have difficulty renting an apartment or buying any type of car.
In Conclusion
If you are in foreclosure or facing foreclosure and are overwhelmed it is understandable, but not doing anything is the worst thing you can do. Get educated on your options available and take action with a reputable real estate solutions company that can help. Read 15 options
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