Call (877) 804-5252 now for a fair offer in minutes!

Life After a Foreclosure

debt prison, credit, man in debt When you buy a home, you don’t plan on losing it through foreclosure or having to sell your home through a short sale. Ending your home ownership experience this way is emotionally painful, plus hard on your credit. On a positive note, though, you have a chance to start fresh to rebuild your life. There are several major challenges presented by foreclosure.

Dealing with a sense of loss.  Losing your home can lead to a feeling of failure and cause stresses in your family. You may feel that life is out of control, especially if you stay until the sheriff comes to evict you.  A housing counselor may be able to help through some of feelings, while helping you forge a concrete plan for your future.

Finding a new place to live. You may qualify for relocation assistance to help you put a deposit on a new place or pay for some moving expenses, but without help, relocating can be costly.  Some landlords may be reluctant to rent to you after foreclosure or may want a larger security deposit. Depending on were you live, the rent may not be much less than the mortgage, although your overall expenses will probably be less.

Owing a balance and taxes. If you default on your mortgage, and your home is sold for less than the mortgage balance, your lender can come after you for the remaining balance in many states.  Even if you win that battle, the IRS might send you a 1099c because it considers your forgiven balance as taxable income. You will have to prove that you are insolvent in order to take advantage of recent laws to absorb homeowners of tax liability.

Coping with your finances. If the mortgage was the main financial obligation you had that put your finances out of whack, you have a chance to live within your income when that is gone. If you have many other financial obligations you cannot pay, you may need to take further action like declaring bankruptcy, although that is a last resort. In any case, you will have a lower credit score as a result of the foreclosure.

While being in financial trouble with your home is not fun, one way to lessen the blow, if you have equity, is to sell your home to a reputable company which buys houses. This process will relieve you of your mortgage debt within a week and perhaps even offer you some upfront cash to help you get settled. You will still have to leave your home, but you will be able to move on our own terms.


Question for Comments:

What do you regard as the worst aftermath of foreclosure?

Are you ready to sell a home fast? Call us today at 1-[dynamic_phone] or have your client contact us to get an offer in hours from Express Homebuyers.

Crucial Questions

Make sure you're dealing with a reputable company that keeps their word, so you don't end up in a lose-lose situation.

If somone cannot answer yes to all of these questions, how can you trust them to do what they say?

Work with Express Homebuyers and you'll have both Peace of Mind and Cash In Your Pockets.

  • Do they have proof of $$ in the bank that shows they are making an honest offer?
  • Do they have an A+ rating by the Better Business Bureau?
  • Do they have video testimonials from actual customers that they can show you?
  • Will they provide up to a $10,000 cash advance to help with expenses when moving?
  • Do they have a physical office and staff to help you through the entire process, or are they just working out of their car?

Get Your No-Obligation, All-Cash Offer

What is the address of the property you need to sell? *
Please select your property from the options in the dropdown list.
First Name*
Last Name*

or Call us at (877) 804-5252