The 4 most often asked questions about foreclosures are:

How long can I stay in my house?

What is going to happen to my credit?

Will I owe anybody any money?

Why shouldn't I let my house go into foreclosure?

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How long can I stay in my house?

Right now you are in pre-foreclosure; what that means is that the lender has begun the process to take possession of your home. The lender’s attorneys are advertising in legal newspapers the fact that a sheriff sale will soon occur. The good news is they can not take possession of your home right after the sheriff sale. If you continue to live in the house they have to wait until the mandatory six month redemption period is over to take back your property. This gives you time to sell your house and avoid having a foreclosure on your record for many years to come.

What is going to happen to my credit?

There is good news and there is bad news. The bad news is that the damage has already begun. When house payments are missed this information is reported to the credit bureaus and your credit score starts to decline. The good news is that you can start today to minimize the damage and learn how the credit game is really played. Unfortunately, most people do not understand the credit score game or are sadly misinformed about it. Having a plan to sell your home and get out from under the threat of foreclosure is the best way to minimize further damage to your credit. We can put you in touch with one of the best credit repair companies in the nation to help you get back on your feet as quickly as possible.

Will I owe anybody any money?

Since I don’t know the details of your particular situation I cannot tell you here what your potential liability is. What I can tell you is that there is no cost for you to call us and confidentially discuss what your options are. If we determine that a short sale is in your best interest there will be no out of pocket expenses that you are responsible for. If we are successful in negotiating a short sale the lenders will pay the real estate commission.

I cannot emphasize enough how important it is to work with professionals who know how to negotiate short sales with the lenders and get them to provide a full satisfaction of all mortgages - this is extremely important!

Why shouldn't I let my house go into foreclosure?

There are many reasons to avoid a foreclosure. Here are the top three:

1. As previously stated, the amount you owe on a second mortgage can be greater after a foreclosure than before the foreclosure. You also may end up with a judgment, which in the long term, will make it difficult for you to purchase another property unless the judgment has been taken care of and indicated on your credit report.

2. The legislation has changed for certain loans. It indicates that if you have had a foreclosure on your record it will be seven years before you can get another mortgage. If you had a lender assisted short sale, it will be only two years before you can get another mortgage. Of course, in both instances, it is dependant upon your credit score as well as your credit recovery.

3. When you do go for another home loan the lenders will be paying particular attention to any previous performance issues associated with mortgage loans. While foreclosures should be off of your record in five to seven years that doesn’t always happen and you have to jump through hoops and pay professionals to have it removed. Not to mention the difference of “full satisfaction” vs. “FORECLOSURE” to a lender reading your credit report. At the very least, recovering financially credit wise from a foreclosure will take at a minimum three times as long as it would from a short sale. The negative ramifications of foreclosure are most cruelly revealed in a credit score that causes you to be a sub-prime borrower. This means that big-ticket items that you would normally purchase with credit such as vehicles, furniture and appliances will cost you significantly more money in terms of interest.

At Short Sale Assistance Group we are dedicated to helping homeowners resolve their foreclosure situation quickly and with the best possible outcome given their unique situation.

We are an established Short Sale negotiation company with an excellent reputation and track record for rescuing homeowners from foreclosure by facilitating the rapid sale of the property with a “full satisfaction” of existing mortgages all with NO out of pocket cost to the homeowner. And we also point you in the right direction for repairing any damaged credit so you can get back to financial health as quickly as possible.

For immediate assistance you can go to MnForeclosureSolutions.com and fill out our fast response form and/or call Tom Schwartz at 952-443-0152 to determine if a short sale is right for your situation.