Understanding pre-foreclosure
Foreclosure is a one-time event where a property is sold at an auction to the highest bidder to pay the bank back for the loan that is on it.
Every point from the mortgage payment is missed until the auction, that is known as pre-foreclosure. This can happen due to many reasons. The important thing is to act quickly because a timer starts to tick.
Contact us immediately at Effortless Home Buyers so we can help you.
To find out more about this, you can visit our website at: https://www.effortlesshomebuyers.com/
Fernando O. Angelucci is Founder and President of Titan Wealth Group. He also leads the firm’s finance and acquisitions departments. Fernando Angelucci and Steven Wear founded Titan Wealth Group in 2015, and under his leadership, the firm’s revenue has grown over 100% year over year. Today,
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So what is Pre-Foreclosure and Foreclosure? Well, Foreclosure is a one-time thing, that is when the property is sold at auction to the highest bidder to pay the bank back for the loan that they made on the property. But every point up and to that, until that, from the second that the mortgage payment was missed to the day that it gets sold at auction, that's what's known as Pre-Foreclosure. This usually comes about for many reasons, usually what we call it as CLE's or Catastrophic Life Events, something ends up happening and you're not able to afford your mortgage anymore. And if you're unable to negotiate with the bank to adjust your payments then you're usually not able to make those payments on a monthly basis. So as soon as you get into Pre-Foreclosure, it's very important to start acting quickly because now a timer has started.
It can be anywhere between three to nine months from the day you stop paying your mortgage to the day that you lose your property. And this as can be catastrophic in multiple ways. You know, the first is you lose your home. That's a very difficult thing to go through, but then there's all these lasting repercussions as well, if you don't act. If you go to Foreclosure that severely impacts your credit it can drop your credit score from anywhere between 200 and 300 points. When that happens now, getting any type of credit in the future, whether it be another home or a car, or maybe even potentially getting a lease to rent a place, these are all things that can affect you and may make it impossible to buy or rent a place or get debt for anywhere between 5, 10 years in the future.
So it's super important that you act fast. Give us a call the second that you know that you're going to be unable to make your payments, and we'll find a way to work with you. We can either buy the property from you. We can somehow do some type of lease agreement where we buy it and then lease the property back to you until you have the ability to buy it back from us. We can get you the cash so you can run and go start a new life, whatever it is. But the most important thing about Pre-Foreclosure and Foreclosure is that you need to start working on your solutions as soon as possible. If you just bury your head in the sand, it's only gonna get worse as time goes on.
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