It’s important to know your Kansas City foreclosure options and understand all the potential solutions that may be available to help you avoid foreclosure.
It’s also important to understand what can happen if you fail to take action and foreclosure becomes unavoidable. The process can be stressful, embarrassing, and it can have long-lasting consequences.
What are the consequences of a Foreclosure?
- Eviction from your home—you’ll lose your home and any equity that you may have established
- Stress and uncertainty of not knowing exactly when you will have to leave your home
- Damage to your credit—impacting your ability to get new housing, credit, and maybe even potential employment, for many years
- May owe a deficiency balance after the foreclosure sale
- Lose any relocation assistance or leasing opportunities that may be available with other options
- Forfeit ability to get a Fannie Mae mortgage to purchase another home for at least 7 years
We consult families facing foreclosure almost weekly. It’s critical for families to understand 2 very important points – your have options and just ask!
Too many times when working with families facing a foreclosure we run into the issue of simply getting the homeowner to sit down and discuss options. It comes in many, many forms – denial, embarrassment, depression, anxiety, ignorance, pride, anger, etc. There are so many reasons we don’t see homeowners when all they have to do is ask. Once home owners are open to looking and assessing the foreclosure landscape both through life variances and situations and financial hurdles and objections, we help homeowners see the realities and provide options. Options will be for both home retention and home transitions and many times home owners will have multiple options spread across a time line for their consideration. We help homeowners retain homes as much as we help them transition out with equity in hand. Getting past the emotions of the home whether it be retention emotions or transition emotions, getting over the emotions and seeing logic is sometimes too much to bear. That is when finding a trust worthy consultation can be not only stress reliving, but very educational so you, as the homeowner, can take a more logical and strategic approach to your foreclosure.
Kansas City Homeowner Foreclosure Options
Options, options, options. You do have options. Especially if you consult early in your foreclosure process. The later the foreclosure progresses, the less options you will have so it is highly recommended you reach out to a foreclosure consultant much earlier in the process. However, even if it is late in the process, reach out and ASK so at least you are informed of what options you may have.