The possibility of losing a home to foreclosure can feel incredibly overwhelming and emotional. It’s a tough situation—no doubt about it.
But in the midst of financial challenges, choosing to sell your home can be a smart and empowering step that helps protect your financial future.
Let’s take a closer look at why selling your home may be a better option than going through the foreclosure process.
1) Preserving Equity
One of the key advantages of selling your home, rather than facing foreclosure, is the ability to preserve your equity. Foreclosure often results in a forced sale, which is unlikely to fetch the best price for your property.
By proactively listing your home, you have the opportunity to maximize it's value and retain a larger portion of your equity.
During the pandemic, homes rose in value over 46% in the Indianapolis Metro Area, so why let that equity go to waste? The bank has to give you any amount over what they are owed, so put that money in savings and use it however you need. If your home goes to Sheriff's Sale, then you will have to sue the State of Indiana to get back any money you are owed over and above the note. By pro-actively selling the house, any overage goes directly to you--not the State.
2) Maintaining Credit Score
Foreclosure can have a significant negative impact on your credit score, making it impossible--er, "challenging" to secure loans or credit in the future. Selling your home, on the other hand, allows you to manage the process in a way that is less detrimental to your credit. A well executed sale can help you maintain a more favorable credit rating and avoid a credit-killing judgment.
3) Avoiding Legal Consequences
Foreclosure is a legal process that involves complex proceedings. Opting for a home sale can help you avoid the legal complications associated with foreclosure. By selling your property, you can take control of the process and navigate it in a way that minimizes legal fees, court costs and all the mental and emotional stress that goes with it.
4) Timely Resolution
The foreclosure process can be prolonged, adding severe mental, emotional and financial strain on you and your loved ones. Choosing to sell your home provides an opportunity for a more timely resolution.
With the right real estate professional, you can streamline the selling process, allowing you to move forward with your life sooner, rather than later.
5) Market Conditions and Fair Value
Selling your home gives you the flexibility to assess current market conditions and determine the optimal time to sell. This strategic approach can result in a more favorable sale, ensuring that you receive fair value for your property.
Facing foreclosure? You don't have to go it alone.
I mean, preserving your equity and taking control of the process is what we do.
Really. ❤️
Contact me and let's make a plan.
With Let's-Get-After-It Gratitude,
Miriam
