Foreclosure Report

If you are facing Foreclosure you DO have options. Which option is best for you will depend on your situation. 8 Point Property Solutions will walk you through the available options and help you choose the one that is best for your unique situation.

1. Hire a realtor. This option may be viable under certain circumstances. If you have time to market the property, negotiate contracts, and go to closing, this may work for you. Many Realtors will say they can sell your house quickly, but the average DOM (days on market) for houses in the Nashville area is over 90 days. It could take longer. The closer you get to the foreclosure date, the more desperate a seller becomes and the lower the price they will accept. When you tack on a 6-7% commission, many sellers with low/no equity will actually have to PAY money at closing! Should you decide that a hiring a Realtor is the way to go, we can refer you to a professional effective agent that gets results. Though we have a licensed agent on staff, we prefer to refer clients to qualified professional Realtors to avoid any conflict of interest.
   
2. Refinance. The reality is that most homeowners are NOT in the situation where refinancing will benefit them. They do not have enough equity in their home to put them in a position where a new lender will want to risk lending them money. Furthermore, if you have reached 60 day late status, your credit will likely be negatively affected making it more difficult and MORE EXPENSIVE to refinance. Borrowers with dents in their credit have to borrow money from B and C lenders at increased rates which make your payments higher. BEWARE the lender who tells you to Borrow your way out of debt. Mortgage brokers get paid commission on the loans they write the day you close, with no repercussions to them if you later default on that loan or pay thousands of extra in financing costs. In fact they are often paid a bonus for selling you a loan with higher interest rates.
   
3. File a Bankruptcy. Bankruptcy may be your only option if you wait too long to stop the foreclosure, but you will eventually still loose your home if you can’t make regular past and future payments. The resulting credit problems will follow you for 8 to 10 years. That’s 120 months! By the time you finish the bankruptcy payment plan, you could owe tens of thousands on top of the original balance on your home. Please visit the Facts about bankruptcy page to learn more.
   
4. Using a Foreclosure Specialist. BEWARE. Foreclosure specialists who offer to make the foreclosure go away for a fee often are scammers. There are many ways these unscrupulous companies prey on people in distress. In reality there is only one way to prevent a foreclosure and that is to PAY the bank/lender what you owe or sell your house. Please see the Foreclosure Scams page to learn more.
   
5. Do Nothing. Walking away from the home or signing the deed back to the bank is like sleeping on the rail road tracks. Sooner or later, you will get squashed. When a lender forecloses on a home and it goes to the foreclosure auction, the lender will typically bid what is owed on the house to prevent a huge loss. Their bid will equal the loan amount PLUS outstanding payments, interest, fees, attorney fees, expenses, etc… You will be responsible for all these costs as well as the balance of the loan since you defaulted on your obligation. Next they will hire a Realtor to handle marketing, repairs and selling the home. After all the accounting is done, the difference in what was owed (including all those fees and expenses) and what it sold for will now be held against you in a “Deficiency Judgment” This amount will likely be in the tens of thousands of dollars and could be garnished against your bank account, future wages and possibly force you into bankruptcy.
   
6. Call 8 Point Property Solutions Today at 615-347-9198. We may even be able to structure a creative solution that would allow you to stay in your home. The clock is ticking and the sooner we get started the more options we can offer, and the sooner you will have some peace of mind. Please complete our OWNERS QUESTIONAIRE and someone will respond within 24-48 hours. There is NO obligation and NO fee so you have nothing to loose.