What is a Foreclosure?
A foreclosure is considered by banks as an abandonment of a debt, and may be held against you by future creditors and employers for several years. In addition to the negative credit score implications, there is a possibility that your previous lenders will file a deficiency judgment and basically sue you for their losses during the foreclosure process.
Bankruptcy is generally your only protection if it gets to that point.
REO vs. Foreclosure?
A foreclosure or REO (Real Estate Owned) is a property that the bank has already taken back through the foreclosure process. The owner has moved out and the bank holds legal title to the property. A offer on a foreclosure property can take anywhere from one day to two weeks to be accepted by banks and then up to 45 days from acceptance to close.
Are you facing a foreclosure? Call now you have options.
In many instances a Short Sale can be negotiated to where the debt is settled and you can walk away free and clear. This is typically the best option for many Nevada Residence. Not only can you purchase a new property much sooner but your able to save your credit. There are many more benefits please call today we can not wait we need to contact your bank now if you are facing foreclosure.
Look forward to going over all the options with you.
Greg King / The King Group