Foreclosure Woodbury MN is avoidable and consumers can take action through their choice of attorney to accomplish this task. The first thing that he or she should take into consideration is, whether or not they wish to keep the property. Foreclosure is damaging to their credit and could prevent them from acquiring a loan in the future. If they prefer to locate a new property, their best option to avoid foreclosure is a quick sale. Click here for more information.
What is a Quick Sale?
This process allows the homeowners to list the property through a real estate agent at a discounted price. It is an idyllic option if they have a significant amount of equity built up in the property. The sale could allow them to generate enough proceeds to pay off their existing mortgage and begin the buying process for a newer home.
A real estate agent will assist with marketing the property to potential buyers. This includes showcasing it on their company website and placing print ads in popular magazines. The realtor will take all the necessary steps to achieve a quick transition that will afford him or her with ample time to stop the foreclosure process.
Alternately, if the homeowner wishes to sell the property without a real estate agent, they can contact an attorney which is familiar with the quick sale process. Attorneys in the area of real estate and bankruptcy can assist them with this action. The attorney can generate a sales contract that protects the interests of this seller and allows him or her to distribute the funds to the lender after the sale is complete. Any balance that is left over after the mortgage is settled goes directly to the seller.
When facing Foreclosure, this is a viable option that prevents damage to his or her credit history. Once the mortgage is repaid, the attorney can request that the debt be removed from their credit reports since foreclosure did not occur. This will eliminate any negative listings produced by late payments. Homeowners who wish to utilize a quick sale to settle a mortgage-based debt and avoid foreclosure should contact the Lamey Law Firm Woodbury, MN.
