Foreclosure Facts
Foreclosure is when a lender takes possession of a property in the event a borrower has failed to make their loan payments and is not actively working on alternative solutions with the lender. The foreclosure process is very time consuming, usually taking several months, and is expensive for the lender. Foreclosure can result in the loss of as much as 40 percent of the home's value.
After Foreclosure
In the event of foreclosure, not only does the borrower have to relocate from their home, foreclosure also results in long-term damage to the borrower’s credit rating. When the borrower recovers from their financial difficulties, a foreclosure can make it difficult to obtain a loan for a future home purchase, for college loan, or to even get a credit card.
Avoiding Foreclosure
If you are experiencing financial difficulties it is very important that you communicate with your lender. Failure to return phone calls and respond to mailed notices only increases the chance of foreclosure. Remember, your lender wants to work with you. Contact your lender as soon as you know you are experiencing financial difficulties and are unable to make your loan payments.
If you receive a call about your past-due mortgage, the best thing to do is take the call and start down the path to resolving the problem.
We can help
Acqura’s Homeowner Solutions Center is comprised of a team of highly trained, expert advisors dedicated to helping you with your mortgage needs. Whether you are currently past due or facing foreclosure, the Homeowner Solutions Center can help.
In the event you are unable to come to a solution that enables you to keep your home, the experts at the Homeowner Solutions Center can even help you sell your home and resolve the situation with the least impact on your credit.
Credit Counseling
If you are facing financial difficulties credit counseling may be able to provide you with budgeting and financial recommendations that could improve your financial situation. Acqura offers free credit counseling through partnerships with a national non-profit organization dedicated to helping consumers manage their debt.
