When buying a home you do not expect to lose your job, a hidden bill to emerge, or a lack of money in your bank account, you expect to be able to make the payments just like you did the first few months of owning the real estate.
There are several ways of getting out of foreclosure, not many involve keeping your home. The best way to make sure the foreclosure does not appear on your credit report is to sale your real estate before the foreclosure is processed. If you choose to sell your real estate, the moment that the contract is signed by another individual the process of the foreclosure can be delayed, even if the home is already up for auction.
Foreclosures normally result in the real estate being sold under market value. This makes selling your home during a foreclosure, a better way out. If you sell your home, you can list it for market value and in return make enough money off the sale to pay your mortgage loan off and possibly find another place to live. The protection of your credit record is vital, most United States citizens never recover their excellent credit score after a foreclosure, thus making it important never to have one show up on your credit report.
During the foreclosure auction of real estate, you and your family have already heard the term vacate the premises, but if you choose to sell before the foreclosure, you will be able to stay in the home until the buyer asks you to vacate, which is normally thirty to sixty days after the sales contract was signed. In these thirty to sixty days, it is advised to plan ahead and find another place to live, as well as how you are going to be transporting your personal items and furniture from one place to the next.
No one ever wants to sell their home, especially if they have children and it is hard transferring them while in school, but at some point in your life you have to do what is best for you and your family. Keeping your credit record clean and safely insuring the new real estate that you purchase will be paid for will help your family in the long run when it comes to future foreclosure.
RE/MAX sells more homes than any other real estate company.
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