What Happens After Foreclosure?
As our website explains, there are many options often available to avoid a foreclosure. The first avenue most homeowners choose is to submit for a loan modification. Unfortunately, when a modification is rejected by the bank altogether, or is simply not enough of a decrease in monthly payment, homeowners can feel defeated and too tired to explore another way out so they simply walk away.
So, what happens next? On most websites you can learn the financial implications of a foreclosure, but not many websites talk about the emotional side of a foreclosure. Here’s a short video that is one example of what a seller who goes through when they get foreclosed on:
As you can see, the process can be very emotional and can create a true feeling of loss. Our mission is to help as many Arcadia homeowners as possible avoid this devastating experience. That is why we want to educate people about exploring a short sale.
A short sale can be an excellent solution for Arcadia and Pasadena homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions. Recent changes in corporate policy and the Obama administration have also improved the chances of getting a short sale approved. There are many programs available that we can explore to see if you qualify with your bank.
Call Bill Lee today to learn more about your options to avoid this foreclosure process. We are here to help you, with no obligation. Call 626-578-9881.