What is Forclosure

• When a homeowner purchases a home; the lender will secure a deed of trust out on the property for the amount of the loan; this action is taken to secure its investment on the property. If the homeowner fails to make the mortgage payment, the bank has the right to auction off the house to regain its interest in the property. If the bank cannot receive all the debt owed to them at the auction, a deficiency judgment could be granted and the bank could hold you personally liable for the debt that was not recovered. Both a foreclosure and a deficiency judgment have serious consequences to a homeowner financially and could disqualify the homeowner for any type of loan in the future.

Our Vision

Vision: If a homeowner is foreclosed on, it has a devastating impact on the homeowner for the next five-to-ten years. Letting a house proceed into foreclosure is never a positive event. Homeowners must do whatever it takes to not let the home go to a public auction. Obtaining a loan: The foreclosure will remain on your credit report for the next five-to-ten years. A notice of foreclosure indicates to all creditors that a person is a high-risk for not paying back debts. The risk is so high, that majority of times it will cause a person not to be able to obtain any sort of loan.

• High interest rates: If a person is able to obtain a loan, the person will be paying the highest interest rates available. For the next five-to-years the person will be paying thousands and thousands to obtain any kind of loan.
• Background checks: Any time a person will be applying for a rental application the foreclosure will be evident. This can make it very hard to even rent a property and provide a family with a place to live. If a person with a foreclosure is approved for a rental agreement, they often will have to provide the landlord with an astronomically high down payment to secure their interests in the property.