Monday, October 10 2011
Foreclosure in Columbia South Carolina is on the rise. As with many people facing such a tragedy. Knowing what their options are and what decisions would be best; is not only hard but very stressful.
Foreclosure involves a lawsuit in which the bank, a mortgage company, or other lien holder seeks to take ownership of the property to satisfy a debt. The owner loses whatever rights he or she had in the property. Once the owner has missed a couple of payments the bank will send several notices stating that foreclosure is impending; which of course is the mortgage companies way of trying to get the loan paid up to date. An official foreclosure or notice of default will be filed if all attempts have failed to bring the loan current.
Deed-in-lieu is another form of foreclosure but it allows you to bypass all the paperwork. The owner can sign the deed and/or mail keys back to the lender foregoing all the filing.
Both foreclosure and Deed-in-lieu will effect your credit the same.
A short sale is when the proceeds from selling the property fall short of the balance of debts and the owner cannot afford to repay the full amount, the bank would agree to accept less than the amount owed on the debt.
The advantages to a Short Sale when facing foreclosure
-Your lender may offer financial incentives lenders are known to offer $3,000 for relocation assistance at closing.
-A tremendous burden can be lifted
facing foreclosure alone can be traumatic and stressful. you can successfully short sale your home with the help of a qualified and experience real estate agent. At no cost to you. Having an agent work for you reliefs stress and can speed up the process.
-Once a short sale is approved you credit begins to repair itself.
-The owner maintains rights to the property until closing.