Financial difficulties are a common problem. People find themselves in situations that are beyond their control that affect their lives and financial stability. Divorce, bankruptcy, job loss, illness, and changing economic conditions are only a few examples of life altering situations that affect our finances.
If you are more than 3 payments behind in your mortgage payments, your lender or bank has probably already started foreclosure proceedings against you. Either the lender's attorney records a notice of default in the public records and files a judicial lawsuit against you or the Trustee orders a foreclosure which also goes into the public records. Your credit score gets worse as soon as either of these things happen. If you choose to do nothing, at some point you will be evicted, and all the money you paid toward your property will be lost.
The worst thing that you can do is to do nothing at all. Financial difficulties will not go away. Foreclosure will not just go away.
Don’t wait! If you are facing foreclosure, make the right decision and act now!
The Myth of Bankruptcy
Don’t be fooled by anyone telling you that bankruptcy will save your property. That is only a half truth. Bankruptcy will only buy you some time by putting an automatic stay on lawsuits and foreclosures. But bankruptcy affects your credit score and sends it falling through the basement. Think about what that does to your ability to buy things, and not just houses. You could lose the ability to buy anything on credit such as computers, cars, holiday gifts or anything else you may wish to purchase.
Declaring bankruptcy can make things worse for your property ownership. In almost every case we have seen the automatic bankruptcy stay lifted, usually after a period of six months. The lender then proceeds with foreclosure and eviction. Now you have a foreclosure and a bankruptcy on your credit report and all you got was a little time at the expense of losing your credit for 10 years. Each day that passes means more penalties and late payment fees. You are also responsible for the legal fees.
Bad move. We see this happen to people every day.
Believe it or not, there are several options available to you. With Dominion, you do not need to file bankruptcy and there will be no foreclosure on your credit report due to real estate debt.
Learn how we can help you by reviewing your financial situation with care and accuracy. We can help you select an option that is best for you.
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