Bonita & Jack Hunter

Things to consider when facing foreclosure

Whether you are in foreclosure or are worried about it in the future, we can help. As a Certified Distressed Property Experts (CDPE), we understand the complex issues of the real estate market. We can provide solutions for homeowners possibly facing foreclosure including helping to execute a successful short sale.

The following are some frequently asked questions:

What is a CDPE?
A Certified Distressed Property Expert^® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners.

What is a Short Sale?
A short sale occurs when a negotiation is entered into with the homeowner's mortgage company (or companies) to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

What is a Foreclosure?
The legal proceedings initiated by a creditor to repossess the collateral for loan that is in default.

Who can help me avoid Foreclosure?
There are very valuable resources to help you avoid foreclosure including foreclosure avoidance counselors, your lender, state and local foreclosure resources, your real estate agent (be sure they are CDPE).

What does a foreclosure do to my credit report?
A foreclosure can decrease your credit score by 200 to 300 points.

How long will my credit history be affected?
A foreclosure can affect your credit report for three years.

How does foreclosure affect obtaining/maintaining security clearance?
A foreclosure could mean immediate loss of security clearance and the position for those employed by police, military, security company, CIA or other governmental agency.

If you have more questions or are facing foreclosure, call us today 757-890-0052 or complete the form below. We can help.

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Notes

Sources include:
http://www.cdpe.com/
http://portal.hud.gov/