What’s the better option when push comes to shove- stop foreclosure by putting your house on sale or destroys your credit for the coming 7 years… and you surely have to make a decision anyhow! Though you can stop foreclosure by keeping your home on sale look as an extreme option, but there is a saturating point when selling your house to stop foreclosure is the only realistic way to stop foreclosure fast. But should you do this or not… check out some of the info to help you decide.
When a house enters the foreclosure procedure, it is mainly because you haven’t made payment of the house for over a month. The mortgage owner or the lender doesn’t want to throw you out of the house, but they’re surely interested in getting back their funds which you’ve borrowed to purchase the house primarily. So when you stop making home payments, they commence the foreclosure procedure to get their funds back.
The major reasons why people struggle with their monthly budget and stop foreclosure fast by putting their house on sale:
- Monthly mortgage payouts are extremely high
- They have lost their job
- They are suffering from an illness or disease
Sell your house to stop foreclosure or it will damage your credit. Check out some of the consequences which you have to face if you are stopping foreclosure by selling the house and you don’t:
- You strive to purchase a new house
- You strive to get a new line of credit
- You strive to get a loan for at least a period of 7 years