Have you just received a notice of default? That’s not a good thing. It means foreclosure is on the horizon, and if you don’t do anything, you’ll be haunted for years. So what you now need to do is look for an exit strategy.
To secure an exit strategy, you first have to reach out to your bank or lender. And yes, talking to your lender is a must because they’re the only people who can help you save all that you’ve built over the years.
By the way, if the notice that you’ve just received is the first notice of non-payment, the bank hasn’t issued foreclosure yet. You still have time to work something out and avoid all the ramifications of foreclosure.
How will foreclosure affect my Houston, Texas life?
- Negative credit reports
You know how it’s not easy ignoring that dark cloud looming over you when you’re having fun outside? That’s the feeling that you’ll have anytime you try to get your life back on track after foreclosure.
You’ll always know it’s about to rain anytime you try to rent a home, secure employment, or even ask for a second mortgage. Nobody will want to be associated with you because they’ll right away assume that you’re not financially disciplined.
- Lost equity
A home is an investment. You’ve obviously heard so many people say this. What you might not know is how it becomes an investment. Therefore, We Buy Fast Houston Houses will explain it to you.
As time goes by, you’ll accumulate equity in the property. Equity is the difference between what you owe the bank, and the home’s value on the current market. Depending on the market trends, this equity can build up to thousands of dollars.
So let’s say the house goes through foreclosure. You’ll have lost everything, including that which you invested over the years.
Do we even have to talk about the emotional toll you’ll experience? It’s almost as if, the world is tell you that you’re a failure, even though you’re trying your best to rectify the mistakes that you made.
The uncertainty of what lies ahead, and the shame of losing my house to foreclosure will make you crack. You’ll feel it and so will your family. And that’s why most couples end up divorcing after foreclosure. Just look at the stats if you think We Buy Fast Houston Houses is exaggerating.
- Deficiency debt
Chances are the property won’t realize the full market value if it goes through foreclosure. And that means you’ll still be on the hook for the remaining debt. Add that to the fact that you’ll be homeless and you’ll see why we’re asking you to get off the couch and start looking for solutions.
- Fannie Mae access
You’ll have to wait for at least 7 years before applying for a second mortgage through the program. Those are the guidelines and no one’s going to change the for you.
We Buy Fast Houston Houses has an easy way out, and we would like to share it with you. So just reach out, and together, we will get through this.