“So, you facing foreclosure on your home?”
You worried about your credit and figuring out a solution to prevent having a foreclosure on your credit report for 7 years.
The bad news is that foreclosure will negatively affect your credit score. This will prevent you from being able to receive favorable interest rates on any type of future loans.
For Sale By Owner Foreclosure Nightmare
Before you run out at full speed and file a bankruptcy, “wait” this could cause more harm than good.
It can take up to 7 to 10 years for a bankruptcy to be removed from your credit report.
Most people facing foreclosure start off filing a Chapter 13, which remains on their credit report for a total of 7 years.
Not able to meet the Chapter 13 bankruptcy payment plan, they find themselves back at square one. The lender moves to lift the automatic stay in Chapter 13 and the homeowner is again in danger of foreclosure.
Typically, needing to buy more time the homeowner then files for Chapter 7 bankruptcy. This causes the most harm to a consumer credit report because Chapter 7 remains in the credit file for 10 years before being removed.
The Chapter 7 doesn’t allow for the homeowner to keep the property.
What To Do?
“All of this could be prevented by selling the property first, oppose to ever filing for any bankruptcy.”
There are many advantages when it comes to selling a property as “For Sale By Owner” in a foreclosure situation.
First off, by selling the property you will avoid having a foreclosure on your credit report for 7 years.
When you sell your property and not file a bankruptcy you prevent having a bankruptcy stain on your credit report for 7 or 10 years.
By selling the property as a “For Sale By Owner” you eliminate paying the expensive 5% to 7% real estate agent commission fees.
Often pre-foreclosure properties have little to no equity and this presents an easy fix solution to sell the property faster.
If you have a property in a foreclosure situation, you will want to contact UREH (Ultisky Real Estate Holdings, LLC) ASAP.
“There are many solutions available to sell your property as a “For Sale By Owner” to UREH!”
Typically, offering more MONEY than standard Cash For Keys and a hefty Moving allowance for a Fresh Start!