Understanding Foreclosures ihousesandiego.com 858.869.9404.
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Transcript of Understanding Foreclosures ihousesandiego.com 858.869.9404.
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Understanding Foreclosures
ihousesandiego.com
858.869.9404
![Page 2: Understanding Foreclosures ihousesandiego.com 858.869.9404.](https://reader035.fdocuments.in/reader035/viewer/2022072011/56649e2b5503460f94b19eb6/html5/thumbnails/2.jpg)
What is a Foreclosure?
A legal proceeding whereby a mortgage lender sells or repossesses the home of a borrower who stopped making mortgage payments.Notice of default - 90 daysTaking the propertyRight of redemption
Homeowner’s do not get foreclosed on, their properties do.
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Stages of Foreclosure1. Miss your payments2. Pre foreclosure3. Auction4. Post foreclosure
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How to Avoid Foreclosure
Should you even try? Come to terms with the reality of foreclosure Get the money Modification Refinance Hire us Short sell Reverse mortgage (62+)
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The LenderThey don’t want your home, they want
your money, there interest is your interest payment
They don’t want to rent your home, they want your interest payments
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Beat Them to the Punch
Sell your home before foreclosureDue on sale clauseUse proceeds to pay off the mortgageIf the mortgage is greater than the
value of the home, short sale.
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Stop the Foreclosure Process
Foreclosure Workout - ModificationShort SaleBankruptcyDeed in LieuSell your home
Seller financing, assumable note
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Implications of a Foreclosure
Missed Payments Late payments drops FICO 50 to 100 points
Short Sale will drop your score 100 points. 18 months to rebuild Up to 3 years to get a new house NO default judgment against you You will have to pay tax on debt forgiveness
Foreclosure and Deed in Lieu Credit score will go down by 250 to 280 points. 3 years to rebuild Liable for deficiency
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Buying a Foreclosure Property
Not always cheapElbow grease to fix it up
It will never be ready to go
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ihousesandiego.comCall us for a list of foreclosure/REO
homes858.869.9404
Or if you are facing foreclosure, let us tell you your options