According to recent statistics, foreclosures have increased by 187% since the prior year. While foreclosures haven’t reached 2008 levels yet, more and more Americans are struggling to pay their mortgages as inflation spikes. Foreclosure can be a tough decision when facing the matter. Sometimes it can be the best feeling to finally be relieved of the situation. Nevertheless, there’s a lot that goes unsaid about foreclosure. They don’t want you to know this when dealing with foreclosure:
There Are Various Types of Foreclosures
There are a few different types of foreclosure, best categorized as judicial or nonjudicial foreclosure. In a judicial foreclosure, the lender starts the foreclosure process by filing a lawsuit against the borrower. The local court system oversees the foreclosure, and a referee manages a foreclosure auction. Nonjudicial foreclosure differs in that it occurs between a deed of trust and a trustee. The deed of trust displays interest in the property and may hold it as a security in exchange for debt repayment.
A Foreclosure Affects Your Credit Score
Most homeowners know that foreclosure hurts their credit scores. However, they may not realize that foreclosure can affect their score and varies depending on many factors. If you have a good credit score, a foreclosure can cause your score to plunge by 100 points or more; You can always work on fixing it; the important thing is to opt-out of a difficult situation.
If you’re facing foreclosure, RHED Key Properties can help. We buy houses in any condition, and there are zero fees to sell your home. Our team will give you a quick cash offer to avoid foreclosure and the damage to your credit score that comes afterward.
The Bank Doesn’t Play Nice
Banks want their money and are quick to act when you don’t pay. If you don’t move out before the foreclosure date, the bank will enter your home and throw all your belongings into the lawn. All your belongings are exposed to the neighbors, the elements – you name it. If you don’t claim your belongings, they will eventually be sold at auction.
Sell Your Home to a Cash Buyer
If you’re facing foreclosure, it’s important to act quickly. You don’t have time to work with a realtor and wait for a buyer to make an offer. The best way to avoid foreclosure is to sell your home to a cash buyer, such as RHED Key. We make it easy to sell your property, including homes with liens or code violations. You don’t have to make any repairs – you can sell your home as is. Please reach out to us to get a fair cash offer and avoid foreclosure.
Sell Your Home to RHED Key
Whether you’re facing foreclosure or dealing with legal issues, RHED Key Properties can help. We have made dozens of cash offers in Alabama and make it easy to sell your home if you’re having trouble making payments. Please get in touch with us today to sell your house in Alabama.
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