WHY USE FORECLOSURE SPECIALISTS
Our organization has helped thousands of homeowners on a nationwide level since 2003. We consult with all of the major lenders for your primary homes, secondary vacation residences, investment/rental properties, business, commercial / retail buildings and vacant land.
NO UPFRONT FEES
LET THE BANKS HAVE THE PROPERTY!!!
Are you upside down or underwater with your mortgage? Are you frustrated with the banks and feel like giving up and say let the bank have my house and WALK AWAY. If you do this, you need to understand there can be tax consequences and credit damage.
HOW IS MY CREDIT RATED?
If you WALK AWAY from your home and your property goes to sale, you will end up with a mortgage foreclosure on your credit for 7-10 years. Plus the banks can send you a 1099, which is taxable income and attach a deficiency judgement to your credit report.
You may of faced a hardship for the first time in your life!! It does not mean you will not be able to buy a house again. If you do not walk away from your home, new lenders look at this. It is when you do not do anything to let your home go to Sheriff Sale, then you will have to wait for the foreclosure guidelines to expire to be able to buy a house again.
The banks will work with you to stay in your home. You can pay an attorney to do this or you can contact our services, we do not charge any upfront money. If you do not understand how to get approved, do not attempt to fill out the bank application by yourself, as they use DTI ratios.
If you are upside down, best thing is to do a short sale where the bank will take the loss and pay all of your closing costs. On top of that, if you are living in your home, they will pay you money at closing for relocation. Plus the 1099 income can be exempt and the balance you owed the bank, will be wiped out to $0 on your credit report.
BEWARE OF BANKS !!!
DEED IN LIEU
If the banks say this is the best for you…it’s not, it is best for them because they do not have to continue paying legal fees to their attorney. The banks will not approve if you have any liens on your home. This will show up on your credit report as a voluntary repossession and the banks can put a Judgment for the difference and issue you 1099, which is taxable income.
If you let your home go to Sheriff Sale, you will end up with a mortgage foreclosure on your credit report for 7-10 years. The balance you owe the bank can remain on your credit report. Also, the Federal Government has the right to send you 1099 for any loss they took, which is taxable income.