One my best real estate days is when I can save a family from loosing their Raleigh home to foreclosure. Don’t get me wrong I love the natural high of negotiating a sale for one of my sellers or finding the right home for a buyer but, the family facing foreclosure is in crisis and their need for my experience makes 23 years of hard work priceless. This year I have had the opportunity to help a lot of people get out of trouble. One family called me and they had a job loss and a serious health issue that required long hospitalization. The medical bills were so high and they hadn’t made their house payment in three months. When the phone range my heart broke as they shared their struggles. This family like so many others needed help and didn’t know where to begin. It was a great day for all of us when I negotiated a short sale with their bank, with a full release, and saved them from the damage of a foreclosure.
With a short sale your credit report takes a small hit but, it can recover quickly. With a foreclosure it haunts your future for 10 years and makes a hopeless situation so hard to put behind you. When there is a foreclosure on your credit report people have a difficult time getting approved for rentals, credit for auto purchases, student loans, credit cards, insurance and it can even keep you from getting employment. There is nothing that damages your credit more than a foreclosure. Before you go down that ugly route please call a REALTOR like myself with a CDPE Certified Distressed Property Expert designation and discover your many options.
I hope that you stay warm today-
Linda