We Buy Houses!

Many people see foreclosure as a final chapter in an unpleasant series of financial events, but the aftermath of foreclosure isn’t what you may hope for. If you no longer have the property, you no longer have the high payments, but there are other consequences that may await you.

Your personal feelings… Foreclosure might be a business decision for your lender, but for you and your family, leaving your home usually means leaving your neighborhood and your lifestyle.  Adults tend to feel depressed, disappointed, and angry.  For kids, this often means being uprooted from school mid-year and having to make friends and catch up in a new academic environment.  If the financial strains leading up to foreclosure have broken up the marriage, both children and adults have an extra layer of hurt and disappointment to deal with.

Your new residence… Maybe your game plan is to move back home with mom and dad after you lose a home, but if you want to rent somewhere, you’ll need to find a place to live where the landlord is sympathetic to your situation.  If you are jobless, this poses an obvious impediment.  Assuming you have enough income to pay the rent, you may have to come up with a larger-than-normal deposit to put the landlord’s concerns to rest.  Getting the deposit together, often a challenge for people anyway, is more difficult when you are cash strapped after a foreclosure.

Credit score implications… You are probably aware that your credit score will take a hit with foreclosure on your record, but be forewarned that other creditors may raise you rates, even if you are up to date with them.  Many people tend to be behind in many accounts, especially if they have let other things go in an attempt to cover the mortgage.  The resulting low credit score may make it hard to buy a car or get reasonable credit down the line.

Future home buying… Buying a home in the future will be more difficult with a foreclosure on your record.  Even if you have an otherwise good credit record, you will probably have to wait five years to be eligible for a Fannie Mae backed loan or three years for an FHA backed one. In either case, you might be able to speed things up if you can prove that there were extenuating circumstances that lead to the foreclosure.  You will still have to prove that you have been on time with things since the foreclosure.

Job consequences… These days, many employers get credit checks on new employees. If you are applying for position where you will be handling money, you might be turned down for the job based on your credit history.  Even for a sales job, the employer might think you’ll be under too much pressure.  You should address the subject in an interview to negate employer concerns. There are laws that limit the types of checks employers can do, but if don’t get the job after you’ve had a foreclosure, it’s hard to prove that the credit report was the reason you didn’t get it.

You may still owe… Once your home has been foreclosed on (or you’ve walked away) the lender may bill you for taxes on the amount they couldn’t recover from the sale, while the IRS may hold you responsible for debt on the property that was forgiven.  Recent laws may give you some relief but make sure to check with a tax adviser to gauge your liability.

When foreclosure looms, the best bet is to assess the situation and determine how to gain control of it.  For some people, this may mean talking to the lender or a financial counselor to negotiate a loan modification. For others, it may mean a short sale, where leaving the property will be more on your terms. There is another way:  you can sell your home outright for cash to a reputable firm.

Express Homebuyers, which has operated in the DC area since 2003, can make you an offer, give you an advance so you can find a new home, and wrap up the sale within a couple weeks. To explore this exciting option, which can limit the impact of financial turmoil, call 1-800-SELL-2-US (1-800-735-5287) or email info@expresshomebuyers.com.  We can answer your questions about a way to leave your troubled financial past behind you and move on to a better life.

The worst thing about being in a position like impending foreclosure is that you are pushed to your limit.  Even in an economy where foreclosure is common, it is hard not to feel angry, frustrated, and depressed, overlaid with a sense of failure when you can’t pay for your home and then see it taken from you. It is even more debilitating to read in the paper that banks don’t even want your home and are currently burdened with a large inventory of foreclosed properties.  If you’re in this situation, you might feel tempted to lash out at the world – at the bank, your spouse, your kids, even your house.

Silver Lining?

Although you have a lot of yourself tied up in your home, this situation affords an opportunity to reevaluate your priorities. When it comes right down to it, is a building worth all the aggravation it is causing you and your family?  Is it worth risking your family for?

Sometimes people hate to let go of things because they don’t think that same chance will ever come their way again.  With a home, that is definitely not true.  Depending on how the situation plays out, you will be able to buy a home within three years (maximum) if you take the time to rebuild your finances.

You may have heard that going to a housing counselor is what you need to do when you’re in trouble.  The purpose is finding a HUD-approved counselor is partly to explore ways to save the home, but these people can also lead you to resources to help you rebuild your credit, find rental housing, and maybe even find a job, if that that is part of the reason your finances have become unglued.  Not every solution to your financial problems will result in your keeping your home, but there are solutions that will help you overcome your current circumstances with dignity and assure a better tomorrow.

Sell Your House, Fast.

One solution you may not know about is selling your home for cash. Admittedly only one of many options, but it is a great way to sell your house fast.  There are some scammers out there who promise to do this, but a legitimate company that can alleviate your obligations by purchasing your home could be a way out for you without having to suffer some of the more drastic consequences.

Express Homebuyers has been buying properties from distressed homeowners in the Washington, DC metropolitan area since 2003.  We are accredited by the Better Business Bureau (BBB) and Members of the Who’s Who Register. Only companies that adhere to the highest standards for ethical business practices can be affiliated with organizations like these. Check us out at the Better Business Bureau.

Regardless of whether you are late a few payments, have no equity, or need a lot of repairs, we can help you.  Wondering how this works?  Check out our Frequently Asked Questions for an overview of program, then call us today at 1-800-SELL-2-US (1-800-735-5287) and get your life back.