How to avoid foreclosure and navigate the process

This week I am joined by Steve Greaves with Tithe lending and Chris Dreger with Search2close title. We have all been working on a short sale together and learned a lot we wanted to share with everyone.

Being in a financial crisis is never fun for anyone, but there are ways to make it impact your credit less. First of all, if you find yourself in the position of having to decide on paying your cc bill or your mortgage- always choose your mortgage! Missing a mortgage payment will impact your credit score more than a cc and will potentially signal the bank to start foreclosure proceedings. The best thing to do if you are going to miss a payment is to call you mortgage company and ask for a modification or a refinance to see if either thing can help you. You have to call before you miss the payment though because 1 missed payment can disqualify you from some of these options. If this will not be a route that works for you and you still can't make a payment, then talk to a great real estate agent who can give you the value of your home and help you figure out the best plan to sell your home so you can get out of this situation.

You typically have to miss 3-6 mortgage payments before they will start the foreclosure process, but you want to be proactive during this time to help you make money off your asset. If you sell before the foreclosure process starts it a normal sale and you can keep the proceeds and start over fresh. If you don't then you have to do a short sale which will get you out from under the home, but will impact your credit and you make nothing off the sale. If you do nothing still and it goes to foreclosure, then your house will go to sheriffs auction and you will be out of the house within a week after the sale goes through and again you get nothing from your investment. Shortsales impact your credit less so it would only be 2 years instead of 7 before it falls off your credit.

We cover so much more in this podcast and gives some real life examples so please:
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Chris Dreger-
Search2close
  / search2close  
  / chris.dreger.3  
[email protected]
614-619-9252

Steve Greaves-
Tithe Lending
  / tithelending  
https://www.facebook.com/profile.php?...
[email protected]
314-221-8252

Sarah Thress
614-893-5885
Instagram   / sarah_thress_realtor  
Facebook   / sarahthressrealtor  
YouTube   / @sarahthressrealtor  
email [email protected]