Mortgage Relief, Protecting Your Credit, Your Home and Your Future
The hard truth is real estate prices took a plunge in 2006, and now homeowners, like you, have been struggling with mortgage payments to cover debt that may be greater than your current home value. It’s a sticky situation that many homeowners face and while prices have increased from record lows, millions still continue to fall behind on mortgages that are simply overwhelming. You may have considered selling your home but with a heavy mortgage in place, this can create difficulties in the sale. So, what do you do from here?
Homeowners must look to new sources of relief when it comes to easing the burden of mortgage debt.
‘Subject to Agreement’ contracts enable homeowners to work with real estate investment firms to get their mortgage payments caught up and protect their credit. The relief is immediate because the real estate investment firm pays any past due mortgage payments as their contribution to the agreement.
Ultimately, ‘Subject to Agreement’ contracts outline terms where the deed to your home is signed over to the investor and in return they assist you with your mortgage payments. Once your mortgage is up-to-date, you can focus on repairing your credit, develop a working budget, and finding a solution for your housing situation.
If you feel you are too far behind on mortgage payments and believe that foreclosure is your only way out, consider another option.
Though they have become more common than ever before, foreclosures should not be used as a way out of your debt. When a mortgage company has to foreclose on your property, you lose more than your home. The damage to your credit is far-reaching and long lasting. It may seem like the easy way out of an over mortgaged house, but recovering from a foreclosure is far from painless.
When you foreclosure, your foreclosure remains as a major black mark on your credit report for seven years. Over the seven years, you can take other steps to reduce the effect of this detrimental decision, but the fact is your foreclosure will affect every financial step you attempt to take.
If you find a lender who is willing to lend to you, you can expect to pay high credit card and loan interest rates, making it even more difficult to remain debt free. Some activities you may not have even considered, such as applying for college or employment, can include a credit check and allowing your mortgage company to foreclose on your home can severely alter your future plans.
Instead of causing long-term damage to your credit, learn more about a ‘Subject to Agreement’ arrangement. Enjoy debt relief without limiting your prospects.
We invite you to contact us at Rachel Frazier Johnson Law and discover how we can help you overcome your debt and look forward to a better future.