Distressed Homes and Foreclosure
Remember the story of Chicken Little and the Sky is Falling? That scene can describe homeowners when they get the news that their home is in foreclosure. A measure of panic is key and a necessary part of the mix. But the fact that there is a mix is important. Panic needs to combine with knowledge, resilience, determination and resources. There are options. The earlier a homeowner acknowledges that they are in the process, the more options they have but they’re most likely to do well with a guide team. The Lighthouse Team can help guide a homeowner through.
In addition to avoiding foreclosure, short sale benefits include:
- Eliminate remaining mortgage debt.
- Assistance for relocation may be available up to $3,000.
- Start repairing your credit sooner than if you went through a foreclosure.
- May be able to get another Fannie Mae mortgage to purchase a home sooner (in as little as 2 years) than if you went through foreclosure (up to 7 years).
- Avoid foreclosure.