Foreclosure Consequences

Thanks for coming to BuyMuHouseGuru.com!  You are probably here because of some life changing event.  You could even be at the end of your rope and hoping for a solution. Foreclosure Consequences

My investors may be able to help.  If the investment criteria work for my investors and works for you and you are good with that then your issue could be solved.  If my investor’s solution does not work for you then I can provide you with other options.  Unlike others that may have approached you with just one goal in mind, to beat you into submission and accept their offer, I am a Realtor®/real estate agent in the state of Florida and therefore I must adhere to high standards/ethics to serve the public.  My approach is to educate the customer so that the customer can be free to choose a solution.

Now onto the consequences of a foreclosure.

  • You will be ineligible for a government insured loan from five to seven years. If you avoid the foreclosure by doing a “short sale” then you would be ineligible for only three to four years.
  • You will have to disclose that you had a foreclosure on any mortgage application. You may even have to disclose your foreclosure on a job application.  A deed in lieu of foreclosure may also need to be disclosed.  If you must disclose that you did a “short sale” to prevent the foreclosure, this will show that you had the initiative and control of the outcome for yourself.  Also, a “short sale” is a win for the lender because it is not as expensive for them to do a “short sale” versus a foreclosure.
  • If you are foreclosed, you face the possibility of a “Deficiency Judgment” against you. In a foreclosure all the costs incurred by your lender from the time they started the foreclosure process to the time they sell the property is added up.  When the lender sells the house the difference between what they net from the sale and what you owed along with all other costs will create a negative balance.  
  • What are the other costs the lender will incur? Here is a partial list: late fees, interest, attorney fees, property insurance, house maintenance, and municipal liens.
  • Many employers run credit checks on job applicants.
  • If your job requires a security clearance you may lose your clearance.
  • In Florida a lender has one year to file a deficiency judgment. The judgment is issued through the county court system. 
  • In a properly executed “short sale” the lender(s) waive the right in writing to pursue a deficiency judgment.

 

Your Buy My House Guru & Friend,

Jack Lara, Broker-Associate
(850) 616-6377

for relief and cash for your house in the Pensacola FL area call Buy My House Guru today

Better Homes & Gardens Real Estate Main Street Properties
1313 Creighton Rd
Pensacola, FL 32504

Jack Lara CDPE Certified Distressed Propoerty Expert

 

 

 


Please seek financial and legal advice from licensed professionals


 

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