Credit repair after a foreclosure is not even on most people’s radar. A foreclosure leaves people emotionally lifeless! They simply don’t have the desire, tools or stamina to face more “BAD.” For a while at least, most people who have gone through HELL just want to withdraw from anything negative (read: BAD). They’ve had enough.
Robert just lost his home to foreclosure.
It didn’t have to end this way.
Robert and his wife have two small children who know something is not right at home.
Two weeks ago, Wells Fargo took this family’s home away from them…Robert, his wife & two children are just four more victims in this economic meltdown.
Robert and his wife and two young children stole away in the middle of the night, fully aware the Sheriff would show up the next day to forcefully remove them from their home.
Into the night they went…
…their small children unaware this would be the last time they would sleep in their own beds…
…unaware this was the last time they would play on the swings in their backyard…
…unaware they’d not see their neighborhood friends again…ever!
Click “read more” to hear the good news about (avoiding) foreclosure and the bad news about Robert & his family’s slipping into the dark.
MAKE LIFE GO ON HAPPILY!
Before I finish this painful story, which is one of many…with many more to come…I have some good news. Yes, some good news:
- Explore your options quickly to determine the best solution. If you want and are able to stay in your home with help from your lender, let’s find out sooner, not later.
- Mortgage lenders do not want to foreclose and kick you out of your home. I’ve been able to help families stay in their homes. For instance, one family owed $382,000. Their property value had dropped to $284,000. I negotiated a loan modification with the lender forgiving $98,000 and dropping their mortgage payment based on the $284,000. Plus, the lender forgave accumulated late fees & removed the LATES dropping their credit scores. This most certainly was a Win-Win!
- Do a short sale over a foreclosure. If you cannot afford the house payment regardless of what the lender allows, do NOT allow the house to go into foreclosure. Instead, find a Realtor who specializes in “short sale settlements.” It will not cost you a penny. The Realtor will find a buyer for your house and allow you to walk away with no debt collector chasing you for years to come.
- Stay in the home as long as you can! Depending on the state in which you live, you might have 9 months or longer before the bank takes the house back. Stay in the house, save your money & make a plan. Please leave the house in good condition.
Robert and his family stayed in their home as long as they could, but that still did not allow them to leave during the day with all their belongings.
Tragically, they ducked out of their home for years without saying goodbye to neighbors…without their furniture…their belongings.
With nothing but the clothes on their back and whatever they could stuff into their 1997 Jeep Cherokee, they walked away…quietly with Robert’s wife clutching family photo albums and her two children.
That was it.
Robert and his wife dreaded this day…this night-time getaway. What Robert and his wife didn’t realize was that they would not be able to scrape together enough money to rent a moving truck for their furniture, clothes & the children’s backyard playset.
Away they went, leaving a house full of furniture…
They could not even afford to rent a moving truck…they had no apartment to go to…or family or friends. They had no plan. In the last 18 months, their watched their lives crumble before their children’s very eyes.
Robert was a finish carpenter; his wife a mortgage broker. The double whammy.
That was it. How much was “bad credit” or “credit repair” on Robert’s and his wife’s minds? ZILCH! Not at all.
Of course not, they had much bigger fish to fry that night.
Robert & his wife foolishly (and I say this with all respect) had held tightly to the belief the government would step in & help them keep their home. Robert never did try to let a Realtor who specializes in short sales sell his house and settle their deficiency with the bank.
They stayed in their home all the way to the bitter end, as they should have. Yet, they had no money…and no plan.
With 2009 rapidly approaching, you absolutely must consider the changes that have occurred in the real estate market.
You absolutely must plan for what we undoubtedly will experience in the coming year. For many, 2009 will be a difficult year for good people who will lose their jobs, their homes, their savings, their credit & their health.
2009 Forecast
- Prices will continue to fall but dramatic price drops such as those we saw between 2006 and 2008 are unlikely. If you are buying a home, negotiate aggressively to factor in further price erosion.
- Affordability will drive an increase in existing-home sales. Proper pricing, as always, is essential. Do not let any talk of increased home sales influence your offer price when buying in the next 18 months.
- More real estate agents will be leaving the business as they fail to adapt to market changes. Read differently: They are not making any money.
- Mortgage defaults will remain elevated at ~285,000 per month as job and economic growth slows and the next significant wave of mortgages reset. Home foreclosures are here for a couple years to come, without solid government intervention.
- Short Sales will increase as loan modification efforts are exhausted and the majority of existing loan modification attempts fail. Sellers will ask themselves if they are better off selling their homes on a short sale, absorbing the hit to their credit reports and becoming renters for a few years.
IMPORTANT: Allow me to repeat, if you or someone you know is in jeopardy of losing a home/house, investigate all your options quickly. Do not put this off until later…when you’re emotionally more equipped to deal with it. Face it NOW. Let a Realtor who specializes in negotiating a settlement to your benefit help you. The Realtor’s work is paid for by the lender, not by you. You will not pay the Realtor one penny. And this Realtor really can help you.
Credit repair after any tragedy is difficult…darn near impossible. Unfortunately, you must consider your credit as bad credit is very expensive…. Bad credit causes people to get rejected for an apartment or house lease agreement or pay higher insurance (or have insurance canceled) or not get a cell phone or have credit cards revoked or….If you are facing foreclosure in the Sarasota, Bradention, North Port or Orlando (FL) areas, please call me to discuss your options. I want to help you stay in your home if possible. If you are not able or wanting to keep your house, do not take a foreclosure. Call or email me now: Mike [at] fixmyuglycredit [dot] com.
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