We are one of the top husband and wife Real Estate teams with Coldwell Banker King Thompson. We specialize in helping homeowners who are facing foreclosure on their primary residence.
If your lender has recently filed a notice of foreclosure with the Common Pleas Court, there is still time for you to avoid foreclosure; however, you must take action. Unfortunately, all too often, many homeowners are unaware of all their options and choose to do nothing.
One option available to you is to sell your house before it is sold at the Sheriff’s Auction which is conducted at the courthouse. Your mortgage company will allow you to sell your home using a process called a “Short Sale.” It is called a short sale because your home will be sold for less than your mortgage balance. We negotiate with your lender to accept the “short” amount.
Because of the Mortgage Forgiveness Debt Relief Act, when you sell short, you are forgiven the difference between the price your house sold for and the amount you owe the bank.
Although this process can take several months to accomplish, it stops the house from going into foreclosure. A foreclosure stays on your credit for 7 years and makes it difficult for you to purchase another home. A “short sale” is an alternative. It will show up on your credit report, however, many lenders will allow you to buy another home in as little as two years.
We are discrete and confidential and understand your situation. Please call us to schedule a free, private, no obligation consultation at our office (evening and weekend appointments available). We will discuss all your real estate options regarding a foreclosure. We look forward to meeting with you.