Facing foreclosure is an all-too-familiar situation in this day and age. If you are in this situation it is important that you act quickly — do not become paralyzed by guilt or debt!
Here are some tips from John Schaub about why you should act TODAY to better your situation:
1) Your credit is further damaged every day that you wait. When you get further behind on your payments, your borrowing options become very limited. Any lender can check your credit instantly. If you are late paying all of your bills, obtaining a debt consolidation loan or refinancing other loans will become more difficult.
2) The longer you wait, the less you are likely to receive when you sell. Waiting longer will result in fewer buyers and lower offers. In addition, once a Notice of Foreclosure sale is published, the whole world knows you are under pressure to sell and the offers will be even lower. Often the first offer you get is the best offer.
3) It often takes several days to contact the lender and negotiate a deal. If you wait until the day before your foreclosure sale to call your lender, chances are they will not be able to help you. If you call when only a month behind you will have several weeks to renegotiate your loan.
4) If your loan is being foreclosed through a judicial process (using the courts), then once a lawyer becomes involved, you will be responsible for paying his expenses. (Note that Alabama foreclosures are not typically a judicial process).
5) The faster you solve your house problem, the faster you can get back on track to financials solvency and then on to financial independence. The day that you renegotiate or shed the debt that you cannot repay is the day your credit will begin to improve.
As a reminder, we specialize in buying houses in all different kinds of ways, including those facing foreclosure or needing a short sale. Call us right away at 205-390-1050 so that we may offer you a free consultation concerning your situation. You may also tell us about your house at www.WeBuyBham.com. We buy houses in Birmingham and the surrounding areas, so if you have a need to sell your house fast please contact us ASAP.