When Sellers ask us to help with the sale of a property that’s facing a difficult period of transition, we start by explaining the alternative solutions available to them. Then explain the unique procedures, documents and experience these transactions require.
The “Alternatives to Foreclosure” can frequently involve special steps that substantially alter the “normal” sequence of events in a real estate transaction. However, these properties can be sold in a way that can:
- Preserve your credit rating
- Safeguard your remaining assets
- Avoid the exposure of a public auction
- Eliminate years of deficiency judgments against you, and
- Protect you from the emotional stress of a Foreclosure or even a potential bankruptcy
- Extend your right to occupy of the property while you pursue better alternatives
- Receive up to Three Thousand Dollars ($3,000) at Closing
Typically a property like yours is just one of hundreds, perhaps thousands that may eventually be owned by the “foreclosing entity”, unless a better alternative is presented to them. Frequently they are out-of-state mega corporations who simply assign responsibility to a “Repo Management Company” to manage the process. That’s why you rarely get to talk to the person with the authority to agree to your chosen alternative.
If you attempt to deal with them without help, you will likely waste both your time and your money, until you finally “give up” in disgust and fall prey to their process and lose your best alternatives forever.
However if your chosen Real Estate Service Providers are experienced in how to successfully structure alternative solutions to avoid Foreclosure, you may well avoid the worst outcomes. |